Stock Market Update

[BRIEFING.COM] The S&P 500 (+0.8%), Nasdaq Composite (+1.1%), and DJIA (+0.6%) have given back some of their early strength, though they remain firmly seated in positive territory. 

The materials sector (+0.1%) is defending its baseline, with particular weakness in fertilizer names such as CF Industries (CF 121.91, -7.66, -5.91%) and Mosaic (MOS 27.90, -1.42, -4.83%), ceding some of their recent gains that followed supply disruptions pertaining to shipping traffic through the Strait of Hormuz. 

Reuters reported that the U.S. and China are aiming to make agreements on agricultural and critical minerals ahead of the upcoming presidential summit.