Stock Market Update

[BRIEFING.COM] The major averages are little changed from previous levels as rising oil prices, rising treasury yields, and pronounced tech weakness continue to weigh on equities.

Treasury yields are up across the curve, with the 2-year note yield up four basis points to 3.99%, and the 10-year note yield up four basis points to 4.45%.

Sector strength has improved to include five S&P 500 sectors, though that has had little effect on the major averages as semiconductors and other tech names continue to chart session lows.

The financials sector (+0.3%) has surfaced above its flat line just before midday. Major banking names are mostly lower, but payment card and insurance broker names are offsetting the weakness.

The communication services sector (+0.3%) is also slightly higher for the day as Netflix (NFLX 88.82, +3.38, +3.95%) puts together a solid showing after the stock lagged yesterday.