Stock Market Update

[BRIEFING.COM] The S&P 500 (+0.5%), Nasdaq Composite (+0.6%), and DJIA (flat) are mostly higher just before midday, with the S&P 500 capturing a fresh all-time high.

Stocks opened under pressure after reports that the U.S. and Iran exchanged strikes sent oil prices and Treasury yields higher. Less than an hour after the open, however, Axios reported that U.S. and Iranian negotiators reached an agreement on a 60-day memorandum of understanding to extend the ceasefire and begin negotiations over Iran's nuclear program, though the deal still awaits President Trump's approval. Oil prices moved lower in response, and Treasury yields are now modestly lower across the curve.

As a result, losses across the broader market, particularly in cyclical sectors, have narrowed considerably from their earlier levels.

Meanwhile, the top-weighted information technology sector (+1.2%) has made a decisive move higher. The sector had been little changed earlier in the session as strong gains across software names following the latest batch of earnings reports offset weakness in semiconductors, but the PHLX Semiconductor Index has since turned higher and now sports a 1.2% gain.

Outside of the S&P 500, the Russell 2000 (+0.4%) and S&P Mid Cap 400 (+0.1%) hold modest gains.