Stock Market Update

[BRIEFING.COM] The Russell 2000 is flat, the equal-weighted S&P 500 is flat, and the S&P Mid Cap 400 is up 0.1%. That is a good tell for broad market action today. There isn't a lot of conviction at the index level.

Beneath the surface, there are plenty of outsized movers, but they have been largely offsets to one another. For instance, Honeywell (HON 213.57, -6.40, -2.91%) is down nearly 3.0%, but Caterpillar (CAT 838.75, +29.88, +3.69%) is up nearly 4.0%.

There haven't been a lot of headlines about Iran since the open, which is probably a good thing. There were some attention grabbers before the open. The president said he had ordered the navy to shoot and kill any boat putting mines in the Strait of Hormuz, and he reiterated that no ship can enter or leave the Strait of Hormuz without the approval of the U.S. Navy.

WTI crude futures are up 1.7% to $94.54/bbl.