Stock Market Update

[BRIEFING.COM] The stock market opened to solid gains to start the midweek session, with the S&P 500 (+0.7%) and DJIA (+0.7%) now sitting less than 0.5% below their respective 50-day moving averages. The Nasdaq composite (+0.9%) slightly outperforms, though it remains further below its own 200-day moving average. 

Strength is broad, as talks of a peace proposal between the U.S. and Iran have lowered oil prices and provided some optimism that a near-term deescalation of the conflict could arise. 

Crude oil is currently down $3.94 (-4.3%) to $88.41 per barrel. The energy sector (-0.2%) trades modestly lower as a result, while the consumer staples (-0.3%) and real estate (-0.1%) sectors also hold early losses. 

Meanwhile, the other eight S&P 500 sectors trade higher, led by the consumer discretionary sector (+1.6%). Tesla (TSLA 392.40, +9.37, +2.45%) and Amazon (AMZN 212.24, +5.00, +2.42%) are mega-cap standouts amid a solid start for the market's weightiest components that currently seats all of the "magnificent seven" stocks with early gains. 

Cruise lines and other travel-related names also outperform as oil retreats this morning. 

Elsewhere, the information technology sector (+0.4%) is off of its opening high but is supported by a continuation of yesterday's strength across hardware names such as Hewlett Packard Enterprise (HPE 25.83, +1.93, +8.08%).