Stock Market Update

[BRIEFING.COM] The S&P 500 (+1.0%), Nasdaq Composite (+1.4%), and DJIA (+0.8%) are charting session highs just after midday as stocks enjoy a solid rebound from yesterday's intraday slide. The move is underpinned by a sharp rally across semiconductor names, while the broader market looks past another rise in oil prices.

After surrendering most of yesterday's advance, the PHLX Semiconductor Index (+5.4%) has traded in a relatively stable range today. While the move comes without a clear catalyst, memory names such as Sandisk (SNDK 1574.47, +183.52, +13.19%) and Micron (MU 976.61, +111.15, +12.84%) are among today's top performers after a strong session for related names in the Asian markets overnight. Teradyne (TER 376.00, +42.24, +12.66%) is outperforming for a second consecutive day, while Intel (INTC 104.62, +7.56, +7.79%) and Advanced Micro Devices (AMD 541.50, +37.93, +7.53%) add support from large chipmakers.

The information technology sector (+2.2%) leads the eight S&P 500 sectors trading higher.

Outside of tech, the latest batch of earnings reports is generating some notable moves. 3M (MMM 172.38, +13.27, +8.34%) is a top performer after a beat-and-raise earnings report, contributing to strength in both the industrials sector (+0.9%) and the DJIA. Hasbro (HAS 87.59, +6.00, +7.35%) and General Motors (GM 79.78, +3.98, +5.25%) also outperform after earnings, while Danaher (DHR 174.06, -27.04, -13.45%), Genuine Parts (GPC 117.88, -4.52, -3.69%), and Halliburton (HAL 33.11, -2.00, -5.70%) all lag as investors focus on cautious guidance despite each company topping earnings expectations.

In other corporate news, Coinbase Global (COIN 179.49, +19.06, +11.88%) and Robinhood Markets (HOOD 107.45, +8.17, +8.23%) lead the financials sector (+0.5%) amid growing optimism that Congress is nearing passage of the Clarity Act, a bill aimed at establishing a clearer regulatory framework for digital assets.

The energy sector (+0.7%) trades higher amid another rise in oil prices, with WTI crude currently up $2.00 (+2.4%) to $84.48 per barrel. President Trump said during a press conference with Lebanese President Joseph Aoun that until Iran wants to meet in a "meaningful way," he has no interest in ending the conflict. Higher oil prices have contributed to another modest rise in Treasury yields, though broad strength across equities suggests investors are largely overlooking the geopolitical tensions.

Weakness is limited to the defensive consumer staples (-1.0%) and utilities (-0.2%) sectors amid the strength in semiconductor names today, while the communication services sector (-0.5%) also trails as Alphabet (GOOG 348.79, -2.58, -0.73%) gives back a chunk of yesterday's advance.

Outside the S&P 500, the Russell 2000 (+1.3%) and S&P Mid Cap 400 (+1.0%) are also rebounding nicely from Monday's retreat.

Though yesterday's rally unraveled into the close, today's rebound has been notably more stable through midday, with semiconductor strength continuing to support index-level growth despite higher oil prices and Treasury yields.

There is no economic data of note today.