Stock Market Update

[BRIEFING.COM] The S&P 500 (-0.3%), Nasdaq Composite (-0.9%), and DJIA (+0.3%) are mixed this morning as lingering weakness across semiconductor stocks weighs against a broader market that is supported by lower oil prices and Treasury yields.

Eight S&P 500 sectors trade higher as crude oil gives back some of last week's gains, with investors eagerly awaiting Treasury Secretary Scott Bessent's 2:00 p.m. ET press conference at which he will announce new sanctions on Iran.

Currently, the consumer staples (+1.5%) and financials (+1.4%) sectors are vying for the top spot on the early leaderboard, with Walmart (WMT 104.66, +0.96, +0.92%), Coca-Cola (KO 92.16, +1.06, +1.17%), JPMorgan Chase (JPM 356.90, +5.32, +1.51%), and American Express (AXP 342.36, +6.36, +1.89%) all contributing to the DJIA's outperformance.

Steel names Nucor (NUE 252.07, +8.44, +3.46%) and Steel Dynamics (STLD 236.93, +8.25, +3.61%) are currently the best-performing S&P 500 components after trade negotiations between the U.S. and Canada fell through, and the materials sector (+0.9%) also outperforms.

Meanwhile, a host of oil-sensitive and rate-sensitive stocks also move higher in tandem with easing crude prices.

However, semiconductor weakness continues to be a notable overhang for the market, with the PHLX Semiconductor Index (-3.5%) down sharply this morning. The information technology sector (-1.7%) is the early laggard as memory names and semiconductor equipment names, both of which experienced elevated volatility last week, move firmly lower.