Stock Market Update

[BRIEFING.COM] The stock market has started today's session with some impressive resolve following the U.S.-led bombing of three Iranian nuclear facilities over the weekend. The major indices are mostly higher, comforted by the sight of oil prices remaining in check.

WTI crude futures flirted with $77.00/bbl in overnight action but have since retreated to $73.82/bbl. The S&P 500 energy sector (+0.1%) is up but is underperforming the market in the early going, which is being led by the utilities (+1.3%), consumer discretionary (+1.2%), and real estate (+1.2%) sectors.

Stocks have also been aided by the preliminary S&P Global US Manufacturing PMI and Services PMI reports for June, which remained in expansion territory with readings of 52.0 and 53.1, respectively, better-than-expected existing home sales in May, which rose 0.8% month-over-month to a seasonally adjusted annual rate of 4.03 million units, and Fed Governor Bowman's view that she would support lowering the policy rate at the July meeting if certain conditions are met.