Stock Market Update
29-Jul-26 10:00 ET
Stocks move lower as oil surges, semiconductors extend losses
Dow -610.38
at 52136.94,
Nasdaq -120.42
at 24777.50,
S&P -29.55
at 7399.23
[BRIEFING.COM] The S&P 500 (-0.4%), Nasdaq Composite (-0.6%), and DJIA (-1.1%) are lower shortly after the open as rising oil prices and continued weakness across semiconductor names drag the market lower.
Strength is mixed at the sector level, with five S&P 500 sectors trading higher. The energy sector (+2.5%) is a standout as the price of oil continues to surge, with WTI crude now up $5.60 (+7.1%) to $84.97 per barrel, a development which weighs on the broader market.
The defensive consumer staples (+0.6%), health care (+0.4%), and utilities (+0.4%) sectors are also out in front as the market anxiously awaits this afternoon's FOMC decision.
Meanwhile, the industrials sector (-1.6%) sits at the bottom of the leaderboard, pressured by post-earnings weakness in Lennox Int'l (LII 449.81, -94.30, -17.33%) and Vertiv (VRT 231.14, -38.42, -14.25%), while weakness in the semiconductor space continues to weigh on electrical product names. Currently, the PHLX Semiconductor Index (-2.5%) is retreating from a flattish open, weighing on both the information technology sector (-0.9%) and the major averages.
