Stock Market Update

[BRIEFING.COM] The S&P 500 (-0.5%), Nasdaq Composite (-1.2%), and DJIA (-0.1%) are now lower across the board following President Trump's announcement that the U.S. will reimpose a naval blockade on Iranian ports. The president said on Truth Social that the U.S. "will be reimbursed, at the rate of 20% on all cargo shipped, for any and all costs necessary to do the job of providing safety and security to this very volatile section of the World."

Crude oil is currently up $3.28 (+4.6%) to $74.70 per barrel.

There are some laggards across oil- and rate-sensitive stocks such as United Airlines (UAL 122.81, -3.19, -2.53%), but overall the immediate reaction to the surge in oil prices has been relatively tempered. Several cruise lines such as Royal Caribbean (RCL 295.60, +10.23, +3.58%)hold solid gains, while the iShares U.S. Home Construction ETF (-0.4%) is down just modestly.