Stock Market Update

[BRIEFING.COM] The S&P 500 (-0.1%), Nasdaq Composite (-0.2%), and DJIA (-0.1%) sit a touch lower as the market monitors the seemingly shaky ceasefire agreement between the U.S. and Iran.

The Strait of Hormuz remains closed for the time being, and crude oil is currently up $5.89 (+6.2%) to $100.30 per barrel.

After yesterday's rally saw the major averages notch gains wider than 2%, the sluggish start this morning is not altogether surprising. Strength in the broader market has a positive tilt, with seven S&P 500 sectors trading higher.

The energy sector (+1.4%) holds a solid gain amid the rebound in oil prices, while the defensive utilities sector (+1.7%) also outperforms after going relatively overlooked in yesterday's rally.

Meanwhile, the information technology sector (-0.6%) holds the widest loss as mega-cap stocks lag this morning (the Vanguard Mega Cap Growth ETF is down 0.6%), while software names such as Palantir Technologies (PLTR 131.10, -9.66, -6.86%) see a sharp continuation of recent pressure.

Just released, wholesale inventories increased 0.8% in February (Briefing.com consensus -0.2%) from a previous decrease of 0.3%.