Stock Market Update

[BRIEFING.COM] The S&P 500 (+0.5%), Nasdaq Composite (+0.6%), and DJIA (+0.2%) trade higher just before midday as investors continue to buy the recent dip across semiconductor names while the broader market has improved since the open.

The PHLX Semiconductor Index is up 4.4%, buoyed by bullish commentary from Applied Materials' (AMAT 608.02, +37.52, +6.58%)CEO and enthusiasm across memory names after reports that SK Hynix's (SKHY) ADS debut is more than seven times oversubscribed. The information technology sector (+1.6%) holds the widest gain so far.

Despite the enthusiasm across semiconductor stocks today, the S&P 500 Equal Weighted Index (+0.9%) is outperforming the market-weighted S&P 500 (+0.5%). Seven S&P 500 sectors trade higher, with solid gains across cyclical sectors, including financials (+0.9%) and industrials (+0.7%), after yesterday's oil-driven retreat. Crude oil is currently down $1.40 (-1.9%) to $72.12 per barrel despite the U.S. and Iran continuing to exchange fire. The energy sector (-1.1%) is giving back some of yesterday's advance as a result.

The Russell 2000 (+1.2%) and S&P Mid Cap 400 (+0.7%) are benefiting from the retreat in oil prices, which has also pushed Treasury yields lower across the curve.