Stock Market Update

[BRIEFING.COM] The S&P 500 (-1.2%), Nasdaq Composite (-1.4%), and DJIA (-1.2%) face a broad retreat as the market navigates escalating trade tensions between the U.S. and EU. 

President Trump's call for tariffs against eight NATO members that oppose the U.S. acquisition of Greenland has the EU contemplating retaliatory tariffs, prompting fears of a trade war. 

The market opened sharply lower, though stocks sit modestly improved from their worst levels this morning. 

Ten S&P 500 sectors trade lower, with particular weakness across mega-cap names keeping the consumer discretionary (-1.9%) and information technology (-1.9%) sectors at the bottom of the leaderboard. The Vanguard Mega Cap Growth ETF is down 1.5% as all of the "magnificent seven" stocks trade firmly lower. 

Only the energy sector (+0.5%) trades higher as the price of oil increases $0.90 (+1.5%) to $60.24 per barrel. 

Outside of the S&P 500, the Russell 2000 (-0.6%) and S&P Mid Cap 400 (-0.8%) once again outperform the major averages, though they too face pressure. 

Meanwhile, precious metals prices are surging, while U.S. Treasury yields are rising, with particular weakness in longer tenors.