Stock Market Update

[BRIEFING.COM] The S&P 500 (-0.8%), Nasdaq Composite (-1.0%), and DJIA (-0.7%) sit a touch above their session lows just before midday as rising oil prices and Treasury yields renew pressure on equities. WTI crude is approaching its overnight high, up $3.00 (+3.3%) to $95.41 per barrel following President Trump's rejection of Iran's conditional approval to reopen the Strait of Hormuz. Meanwhile, the 10-year note yield is up 10 basis points to 5.26%.

The resulting weakness is broad, with decliners outpacing advancers by roughly 4-to-1 on the NYSE and 3-to-1 on the Nasdaq. Eight S&P 500 sectors trade lower, while pressure on mega-cap stocks has left the communication services (-1.8%) and consumer discretionary (-1.4%) sectors among the weakest performers. Meta Platforms (META 719.96, -31.70, -4.22%) is a notable laggard, giving back a portion of last week's double-digit advance.

NVIDIA (NVDA 230.14, +5.07, +2.25%) is helping limit the decline in the information technology sector (-0.8%) after announcing a $150 billion increase to its share repurchase authorization and an AI-safety platform. Semiconductor stocks are otherwise under pronounced pressure, with the PHLX Semiconductor Index down 2.6%.

The Russell 2000 (-1.0%) and S&P Mid Cap 400 (-1.1%) are also firmly lower, reinforcing the broad nature of today's retreat.