Stock Market Update

[BRIEFING.COM] The S&P 500 (-0.9%), Nasdaq Composite (-1.2%), and DJIA (-1.0%) opened to a continuation of recent weakness as rising oil prices continue to pressure stocks in broad fashion. The war in Iran remains devoid of a clear de-escalation path, and crude oil is currently up $3.02 (+3.2%) to $97.50 per barrel.

Eight S&P 500 sectors trade lower, with particular weakness across tech and cyclical stocks. Similar to yesterday's action, mega-cap stocks are under considerable early pressure, which weighs on the major averages. The Vanguard Meg Cap Growth ETF is down 1.5%. 

Amazon (AMZN 201.67, -5.87, -2.83%) and Tesla (TSLA 362.51, -9.60, -2.58%) are among the early laggards, pushing the consumer discretionary sector (-2.1%) lower. The financials (-1.5%), information technolgoy (-1.2%), and communication services (-1.2%) sectors are also off to poor starts. 

Meanwhile, the energy sector (+1.2%) outperforms amid the rising price of oil, while the defensive consumer staples (+1.1%) and utilities (+0.9%) sectors garner some buying interest. 

Just released, the final reading of the University of Michigan Consumer Sentiment for March fell to 53.3 (Briefing.com consensus 55.5) from the preliminary reading of 55.5.