Stock Market Update

[BRIEFING.COM] The S&P 500 (+1.1%) remains near its best level of the session, extending its June gain to 2.3%.

Nine sectors trade in the green with four showing bigger gains than the benchmark index while energy (-0.8%) is today's worst performer after being the lone advancer on Friday. Despite today's loss, the sector is still this month's leader, having climbed 7.2% since the end of May.

Today's loss is owed to weakness in most components, though top component Exxon Mobil (XOM 112.03, -0.09, -0.1%) is little changed, preventing the sector from showing a wider loss. However, the sector is being influenced by a sharp drop in the price of oil, which is down $2.65, or 3.6%, at $70.33/bbl. Oil approached its high from Friday in overnight trade, but reports about Iran's desire for de-escalation of tensions with Israel have contributed to today's reversal.