Stock Market Update

[BRIEFING.COM] The S&P 500 (-1.2%) has faced steady pressure into the afternoon, and is now down 2.1% for the week while the Nasdaq's (-2.2%) underperformance has the tech-heavy index down 4.5% since last Friday's settlement.

Unlike yesterday, the market has not been able to stage a recovery effort even though seven sectors continue holding gains, but their strength has been outweighed by losses in some of the largest sectors by weight, led by technology (-2.4%, and followed by consumer discretionary (-1.5%), and communication services (-2.7%).

Adding insult to injury, crude oil accelerated this week's rally in morning trade, pushing past $101/bbl amid supply concerns, which in turn will invite speculation about inflation remaining at an elevated level. With today's rally, oil is now up $8.60/bbl for the week, nearing its mid-September high (106.75).