Stock Market Update

[BRIEFING.COM] The S&P 500 (-0.4%), Nasdaq Composite (-0.8%), and DJIA (-0.2%) are lower just before midday as the market navigates a sharp swing lower across semiconductor stocks, while oil prices surge.

The PHLX Semiconductor Index is down 3.1%, which keeps the information technology sector (-1.0%) as the worst-performing S&P 500 sector, weighing on the major averages. In addition to the usual back-and-forth action across semiconductor stocks, today's weakness is also being attributed in part to SK hynix Inc. (SKHY 156.70, -11.32, -6.73%), which is pulling back after making its U.S. debut on Friday and following a weak overnight session in South Korea.

Shortly after the open, it looked as if the losses across semiconductor stocks were being reinvested into other pockets of the market as nine S&P 500 sectors traded higher while the DJIA held a modest gain. However, that trend has weakened throughout the session as six S&P 500 sectors now hold losses.

The energy sector (+2.4%) remains a standout as oil prices move firmly higher today in reaction to U.S.-Iran hostilities, though the broader market has seen its gains considerably thinned since the open. Decliners now outpace advancers by a slim 13-to-12 margin on the NYSE after advancers held an advantage for most of the morning, while decliners continue to outpace advancers by a roughly 5-to-3 clip on the Nasdaq.