Stock Market Update

[BRIEFING.COM] The S&P 500 (-0.5%), Nasdaq Composite (-0.4%), and DJIA (-0.6%) are moving lower this morning as the increase in oil prices puts broad pressure on the market.

Crude oil is currently up $2.19 (+2.6%) to $86.51 per barrel following the latest hostilities between the U.S. and Iran, even as President Trump also said the U.S. has secured majority control of more than 65 billion barrels of proven oil reserves in Venezuela. The energy sector (+2.0%) is a standout as a result, while the information technology sector (flat) is the only other S&P 500 sector to avoid negative territory, supported by a decent early showing from Semiconductor stocks.

Meanwhile, several sectors trade sharply lower. The utilities sector (-1.7%) holds the widest loss as Edison (EIX 56.35, -13.82, -19.70%) and PG&E (PCG 13.44, -3.16, -19.07%) face outsized declines following negative analyst commentary related to last week's developments surrounding California wildfire legislation, which is expected to result in return-on-equity cuts for power companies. The communication service sector (-1.6%) is down similarly, as Alphabet (GOOG 335.64, -7.24, -2.11%) is a mega-cap laggard amid a weak start for the market's largest names.