Stock Market Update

[BRIEFING.COM] Stocks are moving higher in broad fashion, which has helped the S&P 500 (+1.2%), Nasdaq Composite (+1.5%), and DJIA (+1.1%) reclaim much of last week's losses. The previous weakness was largely driven by a sustained increase in oil prices as the war in Iran continues to disrupt global supply, with tanker traffic through the Strait of Hormuz remaining severely constrained.

The Wall Street Journal reported that the Trump administration plans to announce a multi-country coalition that will escort ships through the Strait of Hormuz, with the announcement to come as soon as this week. That development has helped drive a pullback in oil prices today, which has provided some upward momentum for stocks. Currently, crude oil is down $3.16 (-3.2%) to $95.55 per barrel.

All eleven S&P 500 sectors trade higher, with four sectors holding gains of 1.0% or higher. 

The information technology sector (+1.8%) leads the advance amid an outperformance across its semiconductor names, with the PHLX Semiconductor Index up 3.0%. 

Other notable movers include the consumer discretionary (+1.3%), financials (+1.1%), and industrials (+1.0%) sectors as mega-cap and cyclical stocks outperform. Meta Platforms (META 629.41, +15.70, +2.56%), NVIDIA (NVDA 184.70, +4.44, +2.47%), and Tesla (TSLA 399.81, +8.61, +2.20%) are among the mega-cap standouts that are pushing the Vanguard Mega Cap Growth ETF 1.4% higher.

Outside of the S&P 500, the Russell 2000 (+1.3%) and S&P Mid Cap 400 (+1.2%) hold gains comparable to those of the major averages.