Stock Market Update

[BRIEFING.COM] The S&P 500 (-2.1%) has faced continued pressure, which has had the index slipping to fresh session lows through the day while the Nasdaq (-3.3%) has followed the same path. As a result, the two indices are now down a respective 1.2% and 5.8% for the month.

In addition to losses in the technology sector (-4.9%), the market has had to contend with a relentless grind higher in the price of oil, which is up $2.63, or 2.6%, at $104.63/bbl today. This has offered continued support to the energy sector (+1.4%), which has extended its October gain to 13.3% with help from fresh record highs being set in heavyweights Exxon Mobil (XOM 186.40, +3.11, +1.70%) and Chevron (CVX 234.97, +3.51, +1.52%) today.

A rising price of oil has been synonymous with rising Treasury yields in recent months, but today that influence is meeting a counter from a bit of a flight to safety given the volatility in AI-related stocks. This has helped the 10-yr note defend the bulk of today's starting gain with its yield down six basis points at 4.93%, tracking its lowest settlement since the second week of September.