[BRIEFING.COM] The major averages have extended their gains to session highs amid renewed optimism surrounding a potential diplomatic solution to the U.S.-Iran conflict. The S&P 500 (+0.5%), Nasdaq Composite (+0.5%), and DJIA (+0.9%) are all at their best levels of the day as crude oil and Treasury yields retreat.
The move coincides with reports that U.S.-Iran discussions have entered a technical phase with a potential Strait of Hormuz agreement in focus, according to CBS News, while Axios reported that Qatar and Iran are awaiting a U.S. response to Iran's Hormuz proposal. President Trump has also urged Chinese President Xi to reduce China's support for Iran.
WTI crude has fallen $2.87 (-3.0%) to $91.74 per barrel, while the 10-year note yield has dropped to 5.17% after reaching 5.21% earlier. The simultaneous retreat in oil and yields has provided a boost to equities, helping the major averages build on their earlier gains.