Stock Market Update

[BRIEFING.COM] The S&P 500 (-0.5%), Nasdaq Composite (-0.8%), and DJIA (-0.7%) are charting session lows just before midday.

Rising oil prices and elevated Treasury yields continue to weigh on the market this week, resulting in broad weakness across equities. Crude oil is currently up $4.25 (+4.6%) to $96.41 per barrel as progress between the U.S. and Iran remains elusive, while Treasury yields are at multi-year highs. The 10-year note yield is currently up five basis points to 5.16%.

Eight S&P 500 sectors hold losses for the day, with tech and mega-cap names under pressure again today. The information technology sector (-1.2%) holds the widest loss, as the PHLX Semiconductor Index (-1.8%) retreats while Oracle (ORCL 137.57, -6.99, -4.84%) is a mega-cap software laggard after Bloomberg reported that it sent a "force majeure" notice to the developer of its New Mexico data center project.

Meanwhile, Meta Platforms (META 766.69, +22.59, +3.04%) continues to buck the trend of mega-cap weakness as enthusiasm around its Muse AI agent remains strong, keeping the communication services sector (+0.8%) in positive territory.

The energy sector (+1.6%) also trades higher amid the increase in oil prices, while there is some defensive strength in the health care (+0.6%) sector.

Outside of the S&P 500, the Russell 2000 (-0.8%) and S&P Mid Cap 400 (-0.8%) hold losses similar to those of the major averages.