Stock Market Update

[BRIEFING.COM] The stock market is rebounding from broad opening losses this morning after reports that the U.S. and Iran failed to reach a more lasting ceasefire agreement over the weekend, which sent oil prices sharply higher. The S&P 500 (flat), Nasdaq Composite (+0.2%), and DJIA (-0.4%) now sit mixed, while crude oil is off its early highs, currently up $4.85 (+5.0%) to $101.42 per barrel.

The underperformance of the DJIA is somewhat attributed to shares of Goldman Sachs (GS 871.65, -36.15, -3.98%) trading considerably lower this morning. The company topped earnings estimates, but its fixed income division missed expectations. The stock is one of the worst-performing S&P 500 names this morning, though the broader financials sector (-0.1%) sits near the middle of the pack.

Losses across the seven S&P 500 sectors that trade lower are limited to 0.6% or narrower, while the energy sector (+0.2%) trades higher amid the higher price of oil, and the health care sector (+0.2%) and communication services (+0.2%) also hold modest gains.

The top-weighted information technology sector (+0.2%) also moved into positive territory as software names recover some of last week's pronounced weakness.

Just released, existing home sales decreased 3.6% month-over-month in March to a seasonally adjusted annual rate of 3.98million (Briefing.com consensus 4.01 million) from a revised 4.13 million (from 4.09 million) in February.