Stock Market Update

[BRIEFING.COM] The S&P 500 (-0.1%), Nasdaq Composite (-0.1%), and DJIA (-0.3%) are modestly lower across the board shortly after the open. 

The early action is, in some respects, a modest inverse to yesterday's trade, as tech and growth stocks lag while the defensive consumer staples (+0.5%) and utilities (+0.7%) sectors take back a chunk of their previous weakness. Despite trading lower in the premarket due to a slight EPS beat and disappointing guidance, Walmart (WMT 129.40, +2.78, +2.20%) now moves higher. 

What is similar to yesterday's action is that oil prices are once again on the rise, currently up $1.38 (+2.1%) to $66.43 per barrel. Reports indicate that the U.S. could strike Iran as soon as this weekend as tensions escalate. 

Elsewhere, losses are relatively modest, with the financials sector (-0.8%) holding the widest loss as a majority of its components trade lower. 

Just released, pending home sales decreased 0.8% in January (Briefing.com consensus 1.4%) from an upwardly revised prior decrease of 7.4% (from -9.3%).