Stock Market Update
28-May-26 10:05 ET
Oil spike pressures cyclicals
Dow -106.91
at 50537.37,
Nasdaq -7.70
at 26688.03,
S&P +1.99
at 7522.35
[BRIEFING.COM] The S&P 500 (flat), Nasdaq Composite (flat), and DJIA (-0.2%) are flattish this morning as a spike in oil prices puts relatively broad pressure on the market.
Losses are widest in cyclical pockets of the market, such as the industrials (-1.1%), materials (-1.0%), and consumer discretionary (-0.6%) sectors, with homebuilders, railroad, and metals names among the underperformers.
Meanwhile, the top-weighted information technology sector (+0.1%) holds a modest gain. Semiconductor names are extending yesterday's pullback, but several strong earnings reports from software companies have the iShares GS Software ETF up 2.1%.
The energy sector (+0.6%) outperforms amid the increase in oil prices, while the health care sector (+0.9%) holds the widest gain, supported by broad strength and a sharp gain in A after the company topped earnings estimates.
Just released, new home sales decreased 6.2% month-over-month in April to a seasonally adjusted annual rate of 622,000.
