Stock Market Update

[BRIEFING.COM] The S&P 500 (-0.3%), Nasdaq Composite (-0.1%), and DJIA (-0.6%) sit modestly after the open, with the S&P 500 running into some early resistance at yesterday's all-time high level and turning lower.  

This morning's release of the December CPI (0.3%; Briefing.com consensus: 0.3%) and Core CPI (0.2%; Briefing.com consensus: 0.3%) offered little in the way of surprises, which adds to the muted undertone this morning. 

Sector strength is a nearly even split, with five S&P 500 sectors trading higher. The energy sector (+1.8%) is the early standout as the price of oil climbs $1.74 (+2.9%) to $61.24 per barrel. President Trump announced last evening through a social media post that a 25% tariff will be imposed on countries that continue doing business with Iran. Notably, China is the largest buyer of oil from Iran. 

Elsewhere, the communication services sector (+0.4%) is another top mover, as Alphabet (GOOG 339.36, +6.63, +1.99%) is a "magnificent seven" standout. 

Losses are relatively modest with the exception of the financial sector (-1.4%), which is seeing a continuation of yesterday's weakness in its credit card and banking names. JPMorgan Chase (JPM 317.29, -7.20, -2.22%) lags after missing GAAP EPS expectations by $0.22 but topping estimates with its adjusted earnings. 

Just released, new home sales increased to 738K in September after the August level was revised down to 711K (from 800K). New home sales then decreased slightly to 737K in October.