Stock Market Update

[BRIEFING.COM] The stock market opened to sharp gains after Iran's foreign minister announced that the Strait of Hormuz will reopen to all tanker traffic for the remainder of the ceasefire period, which ends on Tuesday. The S&P 500 (+1.1%) and Nasdaq Composite (+1.2%) quickly notched fresh all-time intraday highs for the third consecutive session, while strength on the broader market has the DJIA (+1.7%) seated with an even wider gain.

Eight S&P 500 sectors trade higher, with the consumer discretionary sector (+2.2%) leading the advance as gains across cruise line names near double-digits and mega-cap names are off to a solid start.

The top-weighted information technology sector (+1.4%) is also higher, with particular strength across software names, sending the iShares GS Software ETF 2.0% higher.

Meanwhile, the energy sector (-4.8%) is sharply lower as the price of oil plummets, with crude oil down $9.45 (-10.4%) to $81.79 per barrel.

The defensive utilities sector (-1.1%) is also lower amid the risk-on rally, while the communication services sector (-0.1%) faces pressure in Netflix (NFLX 97.76, -10.02, -9.30%)after its earnings report.