Stock Market Update
08-Jul-26 11:30 ET
Broad weakness as oil surges, tech gives back early gains
Dow -844.00
at 52081.15,
Nasdaq -274.59
at 25565.10,
S&P -78.75
at 7425.10
[BRIEFING.COM] The S&P 500 (-1.0%), Nasdaq Composite (-1.0%), and DJIA (-1.5%) are under pressure this morning, trading at session lows just before midday. Weakness is broad today as a resumption in the U.S.-Iran conflict has sent oil prices, and in turn, Treasury yields, considerably higher. Crude oil is currently up $4.96 (+7.0%) to $75.40 per barrel, while the 10-year note yield is up six basis points to 4.59%.
Eight S&P 500 sectors trade lower, with oil-sensitive and rate-sensitive stocks among the worst performers. The materials sector (-3.1%) holds the widest loss, with particular weakness across its container and packaging names, while the consumer discretionary sector (-2.3%) lags as homebuilders, couriers, and cruise lines face outsized losses.
The top-weighted information technology sector (-0.8%) spent much of the morning with a modest gain but has since reversed course. The PHLX Semiconductor Index was up over 1.5%, but is now down 0.5% for the day.
Meanwhile, the energy sector (+2.1%) outperforms amid the surge in oil prices, while the defensive consumer staples sector (+0.2%) also shows resilience.
Outside the S&P 500, the Russell 2000 (-1.4%) and S&P Mid Cap 400 (-1.5%) hold losses similar to those across the major averages.
