Stock Market Update

[BRIEFING.COM] Stocks are off to a firmly higher start to the holiday-abbreviated week, with the S&P 500 (+1.7%), Nasdaq Composite (+2.6%), and DJIA (+1.3%) holding on to their opening gains just before midday. Crude oil is down $4.25 (-5.0%) to $80.63 per barrel following the announcement of a peace agreement between the U.S. and Iran, set to be signed on Friday.

Stocks are broadly higher, with oil-and rate-sensitive names among the outperformers, while tech and mega-cap names provide solid leadership after a somewhat choppy previous week. The Vanguard Mega Cap Growth ETF is up 2.7%, and the PHLX Semiconductor Index is up 4.5%. As a result, the market-weighted S&P 500 (+1.7%) outperforms the S&P 500 Equal Weighted Index (+0.8%), though it too trades firmly higher amid a solid showing from the broader market.

The Russell 2000 (+0.9%) and S&P Mid Cap 400 (+0.7%) hold similar gains.

Meanwhile, the CBOE Volatility Index is down 7.8% to 16.31, reflecting an improvement in sentiment as the U.S.-Iran war seems to have its most tangible off-ramp yet.