Stock Market Update

[BRIEFING.COM] The major averages have spent the afternoon in a sideways drift after a late morning sell-off reversed earlier gains.

The uneventful session comes as the market awaits further trade developments and tomorrow's FOMC meeting and earnings reports.

Though a Chinese official told the press that a 90-day tariff truce extension was agreed upon, Treasury Secretary Scott Bessent said in a press conference that nothing is official until President Trump signs off, though the President is set to be briefed on the matter tomorrow. 

Crude oil futures settled today's session $2.47 higher (+3.7%) at $69.22 per barrel, with the increase following comments from President Trump on Air Force One that Russia will face secondary sanctions if it does not stop the Ukraine war by the deadline, which is 10 days from now.

As a result, the energy sector (+0.7%) is among today's top-performing S&P 500 sectors.