Stock Market Update

[BRIEFING.COM] The stock market has seen muted action so far this morning on the heels of last week's record highs, with the S&P 500 (+0.1%), Nasdaq Composite (-0.2%), and DJIA (+0.1%) near their unchanged levels.

Stocks opened mostly lower amid a surge in oil prices, with crude oil currently up $2.77 (+3.5%) to $80.92 per barrel. President Trump said that the U.S. is willing to wait for Iran to start feeling economic pressures, while Iran reiterates that the U.S. must permanently end the conflict and pay reparations to reopen the Strait of Hormuz.

The broader market has since shown resilience and recovered from its modest opening losses, though there are still several pockets of weakness. Notably, the information technology sector (-0.6%) is a laggard as the PHLX Semiconductor Index (-1.7%) gives back some of last week's gains, outweighing strength in Microsoft (MSFT 508.59, +8.60, +1.72%) and the iShares GS Software ETF (IGV 104.96, +2.27, +2.21%).

Elsewhere, the real estate (-1.4%) and utilities (-0.9%) sectors also underperform as Treasury yields rise alongside oil prices, which also weighs on the Russell 2000 (-0.4%) and S&P Mid Cap 400 (-0.2%).