Stock Market Update

[BRIEFING.COM] The S&P 500 (-0.5%), Nasdaq Composite (-0.8%), and DJIA (-0.9%) sit at session lows just before midday as rising oil prices and elevated Treasury yields continue to exert broad pressure across stocks. Currently, WTI crude is back near its overnight highs, up $3.35 (+3.3%) to $104.74 per barrel. The ten-year note yield is up four basis points to 4.99%.

Participation is poor so far, with decliners outpacing advancers by a roughly 2-to-1 ratio on the NYSE and a nearly 3-to-1 clip on the Nasdaq.

Additionally, mega-cap stocks trend mostly lower, with the Vanguard Mega Cap Growth ETF down 0.6%. The consumer discretionary (-1.4%) and communication services (-1.2%) sectors are among the worst-performing S&P 500 sectors as a result, while the information technology while the information technology sector (-0.2%) holds a more modest loss amid a modest rebound in semiconductor names.

The energy sector (+1.9%) is the only S&P 500 sector that trades higher as oil prices continue to rise this morning.