Stock Market Update

[BRIEFING.COM] The S&P 500 (+2.3%), Nasdaq Composite (+2.8%), and DJIA (+2.8%) are sharply higher this morning amid a risk-on rally that follows the announcement of a two-week ceasefire between the U.S. and Iran. However, stocks are a touch off their opening highs after reports that Iran is considering strikes against Israel because Israel did not agree to a ceasefire in Lebanon.

The major averages each reclaimed their respective 200-day moving averages at the open, with the S&P 500 also eclipsing its 50-day moving average (6,765).

Nine S&P 500 sectors trade higher, led by the industrials (+3.8%) and consumer discretionary (+3.5%) sectors as airlines and cruise lines trade sharply higher amid retreating oil prices.

Crude oil is currently down $19.82 (-17.5%) to $93.13 per barrel. Unsurprisingly, the energy sector (-5.4%) is at the bottom of the sector leaderboard.

Meanwhile, the top-weighted information technology sector (+3.1%) springs higher, supported by a 5.5% gain in the PHLX Semiconductor Index.