Stock Market Update

[BRIEFING.COM] The S&P 500 (+1.0%), Nasdaq Composite (+1.3%), and DJIA (+0.5%) hold solid gains this morning, enthused by lower oil prices and Treasury yields, while semiconductor stocks continue to provide solid leadership.

Crude oil is currently down $2.66 (-3.5%) to $73.34 per barrel after President Trump signed a 60-day memorandum of understanding with Iran that includes an immediate reopening of the Strait of Hormuz. The retreat in oil prices has helped Treasuries take back a chunk of yesterday's losses that followed a "hawkish pause" from the FOMC.

Air lines, cruise lines, homebuilders, and other oil-and-rate-sensitive names are outperforming, contributing to relatively broad strength across stocks today. The iShares U.S. Home Construction ETF is up 4.5%.

Semiconductor stocks are also sharply higher today, with the PHLX Semiconductor Index surging 6.5%, keeping the top-weighted information technology sector (+2.5%) seated with the widest gain.

Today's strength extend past the major averages, with the Russell 2000 (+1.6%) and S&P Mid Cap 400 (+1.1%) benefiting from the improved macro and geopolitical backdrop.