Stock Market Update

[BRIEFING.COM] The S&P 500 (-0.5%), Nasdaq Composite (-0.8%), and DJIA (-0.5%) have given up a chunk of yesterday's gains as oil volatility and geopolitical tensions continue to drive choppy action. 

After retreating 10% yesterday, oil is back up $4.04 (+4.6%) to $92.12 per barrel. The New York Times reported that the Crown Prince of Saudi Arabia has urged President Trump to further escalate the war in Iran, citing regional security risks and strategic opportunity. Iran continues to deny President Trump's claims that negotiations have occurred, leaving the market to question if an off-ramp is really a near-term possibility. 

Seven S&P 500 sectors trade lower, with early weakness in mega-cap stocks sending the information technology (-0.9%) and communication services (-0.9%) sectors to the bottom of the leaderboard. Growth stocks outperformed in yesterday's rally, but the Vanguard Mega Cap Growth ETF (-1.0%) is under pressure this morning. 

Meanwhile, the energy sector (+2.0%) surges higher amid the increase in oil prices, while the utilities sector (+1.1%) also outperforms as the market displays a more risk-off tone this morning. 

The preliminary S&P Global U.S. Manufacturing PMI checked in at 52.4, up from a prior level of 51.6. 

The preliminary S&P Global U.S. Services PMI came in at 51.1, from a prior reading of 51.7.