Stock Market Update

[BRIEFING.COM] The S&P 500 (+0.6%), Nasdaq Composite (+0.2%), and DJIA (+1.2%) are off to another solid start this morning, buoyed by earnings strength in select names, an early reversal across semiconductor stocks, and stable oil prices. The S&P 500 and DJIA are charting fresh record highs as a result.

Strength is relatively broad, with seven S&P 500 sectors moving higher. The materials sector (+1.7%) is once again near the top of the leaderboard as Newmont Corporation (NEM 103.93, +6.20, +6.34%) and Freeport-McMoRan (FCX 69.73, +2.43, +3.61%) continue to benefit from rising precious metals prices.

The health care sector (+1.5%) is another top mover as its largest component, Eli Lilly (LLY 1186.82, +71.14, +6.38%), receives a boost from its latest earnings report. 

The information technology sector (+0.6%) also trades higher as the PHLX Semiconductor Index (+0.6%) quickly turned a lower open into a decent gain. Advanced Micro Devices (AMD 490.30, -28.28, -5.45%) trades lower after earnings but is off its worst overnight levels.

Meanwhile, the utilities (-0.4%), real estate (-0.4%), and health care (-0.1%) sectors all continue to struggle this week amid strength in more growth-oriented sectors. The energy sector (-0.6%) lags as crude oil retreats again, with AP News reporting that Negotiators have finalized the draft of a deal to reopen the Strait of Hormuz, but it needs to be approved by Iran's Supreme Leader.

On the economic data front, the final reading of the July S&P Global U.S. Services PMI registered at 54.6, up from the prior reading of 53.6.

The ISM Services PMI slightly increased to 54.1% in July (Briefing.com consensus: 54.7%) from 54.0% in June.