Stock Market Update

[BRIEFING.COM] The major averages are trading higher after recovering from a mixed opening, although they have slipped from their session highs. The S&P 500 (+0.4%), Nasdaq Composite (+0.3%), and DJIA (+1.0%) are all in positive territory, with buying interest remaining relatively broad as eight S&P 500 sectors trade higher.

Technology stocks have also recovered from sharper opening losses, though the information technology sector (-0.1%) has slipped back below its flat line despite a modest gain in the PHLX Semiconductor Index (+0.3%). The relative underperformance is notable after technology stocks led yesterday's rebound, which lost considerable momentum in the afternoon.

The broader market has benefited from easing Treasury yields and a sharp reversal in crude oil prices. The 10-year note yield is down four basis points to 5.10%, while WTI crude has retreated to around $102 per barrel after topping $110 earlier this morning, aided by unconfirmed reports of progress toward a diplomatic agreement between the U.S. and Iran. These developments have been particularly supportive of smaller-cap stocks, with the Russell 2000 (+2.0%) and S&P Mid Cap 400 (+1.3%) comfortably outperforming the major averages.