Stock Market Update

[BRIEFING.COM] The S&P 500 (+0.8%), Nasdaq Composite (+1.1%), and DJIA (+0.6%) are higher across the board this morning, with the early gains pushing the S&P 500 and Nasdaq Composite to fresh record highs.

At the sector level, strength is mostly higher, led by a solid gain in the top-weighted information technology sector (+1.6%). The sector was the only S&P 500 sector to finish lower yesterday, weighed down by post-earnings weakness from Microsoft (MSFT 412.55, +4.77, +1.17%) and poor performances across the software space. Those losses are being pared this morning, with the iShares GS Software ETF up 1.9%.

Elsewhere in the sector, Apple (AAPL 284.80, +13.46, +4.96%) is a notable standout after topping earnings estimates yesterday after the close.

Gains and losses are relatively modest elsewhere, though the energy sector (-1.2%) is a laggard as oil prices move lower amid renewed optimism that the U.S. and Iran are speaking through Pakistani mediators to potentially end the war. Crude oil is currently down $4.24 (-4.0%) to $100.83 per barrel.

On the data front, the final April S&P Global U.S. Manufacturing PMI increased to 54.5, from the prior reading of 54.0.

The April ISM Manufacturing Index checked in at 52.7% (Briefing.com consensus 53.1%) from a prior reading of 52.7%.