Stock Market Update

[BRIEFING.COM] The S&P 500 (-0.4%), Nasdaq Composite (-0.7%), and DJIA (-0.7%) are lower just after the open as rising oil prices and Treasury yields create a more hostile environment for stocks after yesterday's gains.

WTI crude oil is up $2.02 (+2.4%) to $86.41, pushing the energy sector (+1.4%) higher while weighing on oil-sensitive pockets of the market. Cruise lines are unsurprisingly among this cohort, while rising Treasury yields also put pressure on homebuilder names, with both groups pressuring the consumer discretionary sector (-1.2%).

Meanwhile, the consumer staples sector (-1.6%) holds the widest loss as Walmart (WMT 104.01, -10.29, -9.00%) moves sharply lower after issuing a disappointing Q3 outlook with its earnings release this morning.

Moderna (MRNA 143.23, -31.15, -17.86%) is making the largest single-stock move today, though the double-digit retreat pales in comparison to yesterday's over 100% surge.

Just released, the Leading Economic Index increased 0.2% in July (Briefing.com consensus -0.1%), from an upwardly revised 0.1% decrease (from -0.2%).