Stock Market Update

[BRIEFING.COM] The S&P 500 (+0.5%), Nasdaq Composite (+0.3%), and DJIA (+0.7%) are higher this morning, supported by broad early strength.

Nine S&P 500 sectors hold gains, led by the health care sector (+1.3%). Merck (MRK 121.17, +5.29, +4.57%) trades higher after positive partnered Phase III results showed a substantial reduction in disease progression in non-small cell lung cancer.

The top-weighted information technology sector (+0.7%) also holds a solid gain, with hardware names such as Dell (DELL 290.65, +37.85, +14.97%) and HP Inc. (HPQ 24.52, +2.62, +11.96%) trading sharply higher. Chipmakers are off to a good start as well, with the PHLX Semiconductor Index up 1.6%, though NVIDIA (NVDA 216.70, -2.81, -1.28%) extends yesterday's post-earnings weakness.

On the geopolitical front, Secretary of State Marco Rubio says there has been "slight progress" with Iran, but he doesn't want to exaggerate things. Crude oil is higher for the day, but remains below the $98 per barrel mark.

Just released, the final reading for the May University of Michigan Consumer Sentiment Index came in at 44.8 (Briefing.com consensus 48.2), from the preliminary reading of 48.2.

The April leading Economic Index checked in at 0.1% (Briefing.com consensus -0.3%), from the prior reading of -0.6%.