Stock Market Update

[BRIEFING.COM] The S&P 500 (+1.0%), Nasdaq Composite (+1.1%), and DJIA (+0.9%) have reclaimed roughly half of yesterday's losses as the market rebounds in broad fashion. The S&P 500 has reclaimed its 50-day moving average (6,832), while the Nasdaq Composite sits just below its own 50-day moving average that it also closed beneath yesterday. 

President Trump's affirmation that the U.S. will not use force to acquire Greenland in his address at the World Economic Forum provided some reprieve to the market that moved sharply lower amid fears of escalating trade tensions between the U.S. and Europe. 

Nine S&P 500 sectors trade in positive territory, and seven of those hold gains of 1.0% or wider. 

The information technology (+1.3%) and consumer discretionary (+1.2%) sectors are among that group after both sectors shed nearly 3.0% yesterday.  Intel (INTC 53.79, +5.23, +10.77%) is once again the top-performing S&P 500 name today, fueling a 3.5% gain in the PHLX Semiconductor Index.

Meanwhile, the energy sector (+2.2%) is the top mover, supported by a jump in natural gas futures and positive commentary from President Trump regarding the prospect of oil production in Venezuela. 

Only the defensive consumer staples (-0.6%) and utilities (-0.1%) sectors trade lower. 

Outside of the S&P 500, the Russell 2000 (+1.6%) and S&P Mid Cap 400 (+1.5%) are back on the trend of posting impressive gains and outperforming the major averages. 

Additionally, solid breadth figures (advancers outpace decliners by a roughly 3-to-1 margin on the NYSE and Nasdaq) and a 12.4% slide in the CBOE Volatility Index to 17.6 underscore a renewed risk-on tone as investor confidence returns.