Stock Market Update

[BRIEFING.COM] The S&P 500 (+1.9%), Nasdaq Composite (+2.1%), and DJIA (+2.2%) opened to solid gains after President Trump's commentary around a potential end to the conflict in Iran sent equity futures sharply higher and oil prices sharply lower. With the early strength, the S&P 500 trades a few points above its 200-day moving average of 6,624.

Strength is broad, with all eleven S&P 500 sectors holding gains. 

The consumer discretionary sector (+3.2%) leads the advance after higher oil prices and inlfation concerns saw the sector shed 2.7% last week. Norwegian Cruise Line (NCLH 20.25, +1.30, +6.86%) is one of the best-performing S&P 500 names today amid the falling price of oil, while Tesla (TSLA 381.02, +13.06, +3.55%) and Amazon (AMZN 211.94, +6.57, +3.20%) are mega-cap standouts. 

There is also a sense of enthusiasm in the information technology sector (+2.3%), which is supported by broad strength and general outperformance across semiconductor names, sending the PHLX Semiconductor Index 3.1% higher.

Meanwhile, the energy sector (-0.3%) is one of just three S&P 500 sectors to hold a gain narrower than as crude oil slips $9.05 (-9.2%) to $89.18 per barrel.

Just released, construction spending decreased 0.3% in January (Briefing.com consensus 0.1%) from an upwardly revised prior increase of 0.8% (from 0.3%).