Stock Market Update

[BRIEFING.COM] The S&P 500 briefly dipped below its prior closing level before returning to positive territory, showing a 0.1% gain.

The energy sector outperforms the S&P 500 today, showing a 1.5% gain amid rising oil prices ($67.58/bbl, +0.40, +0.6%). The move in oil relates to increased geopolitical tensions in the Middle East after President Trump warned Iran after Houthi attacks on US vessels that any further attacks by Houthi rebels will be looked upon as "a shot fired from the weapons and leadership of Iran." Uncertainty in the Middle East translates to higher prices on concerns about supply disruptions. 

The energy sector is still the worst performer month-to-date, down 6.0%, and year-to-date, down 8.3%. 

Increased geopolitical tensions have also translated into lower Treasury yields on safe-haven buying. The 10-yr note yield is down five basis points to 4.26%.