Stock Market Update

[BRIEFING.COM] The S&P 500 (+0.4%), Nasdaq Composite (+0.6%), and DJIA (+0.5%) have once again swapped their opening losses for modest gains amid another busy day of geopolitical and energy headlines. 

Oil moved sharply lower yesterday following commentary from President Trump that the war in Iran could be drawing to a close, along with a comment that he is considering "taking over" the Strait of Hormuz. 

While the retreat in oil prices continued into this morning, the relief rally in stocks met some initial resistance as investors questioned the feasibility of a quick end to the conflict. Reuters reported that Iran stated the blockade will continue until strikes from the U.S. and Israel cease. 

Stocks moved higher in broad fashion about an hour into the session following reports that the International Energy Agency convened an emergency meeting of its member governments to evaluate global supply conditions and determine whether strategic petroleum reserves should be released to the market if needed.

Nine S&P 500 sectors trade higher, leaving just the energy (-0.2%) and health care (-0.1%) sectors in negative territory. Crude oil is currently down $11.32 (-11.9%) to $83.45 per barrel.

Gains across the other sectors are relatively modest, though they are led by the top-weighted information technology sector (+0.7%) as semiconductor names put together another strong performance.

Outside of the S&P 500, the Russell 2000 (+0.9%) and S&P Mid Cap 400 (+0.7%) hold slightly wider gains.