Live Markets-Higher oil, higher yields: Double trouble for stocks

The broader market is also approaching an important technical test. With the S&P 500 now hovering around 7,590, the index is threatening to close below its 50-day moving average, near 7,604, for the first time since July 30. The Nasdaq Composite is also testing this closely watched intermediate-term trend gauge, while the Dow is on track for a third consecutive close below its own 50-day moving average.

Here is a snapshot of where markets stood around 10:11 a.m. EDT:

(Terence Gabriel)

Most S&P 500 sectors are trading lower. Materials and technology are leading the declines, both down more than 1%. On the defensive side, consumer staples is the standout performer with gains of around 0.7%, while utilities and real estate are also managing to stay in positive territory.

Some of the market's more rate-sensitive groups are feeling the pressure. The Philadelphia Semiconductor Index is sharply lower, while gold and silver miners are also taking a hit. Despite the geopolitical backdrop, higher Treasury yields appear to be outweighing gold's traditional safe-haven appeal, leaving spot gold in the red.

Regional banks and small caps are also on the weak side.

Transports are edging green.

Wall Street's major indexes are under pressure early Thursday as rising tensions in the Middle East continue to dampen risk appetite.

Oil is once again at the center of investor attention. NYMEX crude futures briefly pushed above $100 a barrel for the first time since May, while Brent crude climbed to $105 after a surge in attacks on shipping tied to the conflict involving Iran fueled concerns about potential supply disruptions.