Stock Market Update

[BRIEFING.COM] The S&P 500 (+0.1%), Nasdaq Composite (-0.3%), and DJIA (+0.3%) sit mixed shortly before midday, steadily improving from their opening lows as participation broadens. The Russell 200 (+0.6%) and S&P Mid Cap 400 (+0.9%) have also shaken off their early losses and now outperform the major averages. 

The major averages saw the bulk of yesterday's gains ceded at the open as Iran continues to deny that ceasefire negotiations occurred with the U.S., leaving investors to question if yesterday's rebound rally was premature. After closing 10% lower yesterday, crude oil is up $3.10 (+3.5%) to $91.23 per barrel. 

Still, stocks have shown resilience and steadily risen off of their early lows amid solid participation. Seven S&P 500 sectors now trade higher, led by the energy sector (+2.8%) amid the rebound in oil prices. 

The materials sector (+1.8%) also holds a nice gain as tensions around the Strait of Hormuz continue to drive volatility across fertilizer names, while the defensive utilities (+1.6%) and consumer staples (+1.2%) sectors hold solid gains. 

Meanwhile, mega-cap and tech stocks are a point of weakness after outperforming in yesterday's advance. The communication services sector is a laggard due to losses in Alphabet (GOOG 292.09, -6.93, -2.32%) and Meta Platforms (META 594.84, -9.22, -1.53%), while the information technology sector (-0.4%) has pared its losses. The PHLX Semiconductor Index is up 1.5%, which helps outweigh weakness across software names that send the iShares GS Software ETF 3.8% lower.