Stock Market Update

[BRIEFING.COM] The stock market is extending its advance this morning as solid earnings growth, a flurry of announcements related to the AI buildout, and falling oil prices culminate in broad gains.

The S&P 500 (+1.2%) and Nasdaq Composite (+1.5%) are pushing further into record territory, while the DJIA (+1.3%) is back within striking distance of the 50,000 mark.

Advanced Micro Devices (AMD 415.88, +60.62, +17.06%) and Super Micro Computer (SMCI 32.60, +4.77, +17.13%) are among the high-profile semiconductor names that are rocketing higher in the top-weighted information technology sector (+1.6%).

Meanwhile, Walt Disney (DIS 107.75, +7.27, +7.24%), Uber (UBER 78.95, +6.00, +8.22%), and Intl Flavors (IFF 80.68, +9.91, +14.00%) are among the other earnings standouts that push the communication services (+1.7%), Industrials (+2.4%), and materials (+2.3%) even higher.

Eight total S&P 500 sectors hold gains, though there is some weakness across the defensive utilities (-1.0%) and consumer staples (-0.2%) sectors as growth stocks outperform.

The energy sector (-3.8%) is sharply lower as the price of oil falls $6.77 (-6.6%) to $95.60 per barrel amid reports that the U.S. and Iran could be nearing a deal to end the war. The retreat in oil has helped U.S. Treasury yields come down from recent highs, providing a constructive backdrop for equities.