Stock Market Update

[BRIEFING.COM] The S&P 500 (-0.3%) and Nasdaq Composite (-1.1%) trade near session lows.

Earlier, the weekly EIA Crude Oil Inventories showed a draw of 3.34 million barrels following last week's build of 1.75 million barrels. WTI crude oil futures didn't react much, trading 1.4% higher for the day at $69.94/bbl. 

This price action has contributed to the outperformance of the S&P 500 energy sector (+1.5%), which leads the eight sectors trading higher. Upside action in natural gas prices ($3.89/mmbtu, +0.01, +0.3%) has also helped sector performance, along with gains in its most influential components. Exxon Mobil (XOM 118.72, +2.12, +1.8%) and Chevron (CVX 168.35, +2.41, +1.4%), which reached a 52-week high today, are standouts in that respect.