Stock Market Update

[BRIEFING.COM] Stocks are mostly higher just before midday, with the early strength culminating in record highs for the S&P 500 (+0.7%) and Nasdaq Composite (+1.1%). The DJIA (+0.1%) also trades higher, but holds a more modest gain, as several of its components, such as Amgen (AMGN 326.47, -19.78, -5.71%) and Chevron (CVX 191.32, -1.99, -1.03%), trade lower after earnings.

Meanwhile, Apple (AAPL 283.62, +12.27, +4.52%) is extending the recent earnings momentum across mega-cap tech names after the company beat earnings expectations and issued upside guidance. Apple's gain helps the information technology sector (+1.5%) rebound from a lower finish yesterday to the top of the leaderboard this morning, with Microsoft (MSFT 414.72, +6.94, +1.70%) and other software names reclaiming some of yesterday's losses.

Elsewhere, Tesla (TSLA 393.39, +11.76, +3.08%) and Amazon (AMZN 269.80, +4.74, +1.79%) help the consumer discretionary sector rise to a similar gain, while a host of oil-sensitive stocks trade higher amid a pullback in oil prices this morning.

Crude oil is currently down $3.38 (-3.2%) to $101.69 per barrel amid reports that Iran has sent a revised peace proposal to Pakistani mediators, according to CNBC. The pullback in oil prices weighs on the energy sector (-1.3%), but continues to provide a tailwind for the broader market.