Stock Market Update

[BRIEFING.COM] The S&P 500 (+0.7%), Nasdaq Composite (+1.0%), and DJIA (+0.7%) are seeing a nice extension of yesterday’s geopolitical-driven rally.

While the market awaits an address from President Trump at 9:00 p.m. ET for further clarity on a potential off-ramp to the conflict with Iran, oil prices are moving lower again today, which boosts sentiment. Currently, WTI crude is down $2.33 (-2.3%) to $99.05 per barrel.

Financial Times reported that the UK will hold talks with 35 other nations regarding a coalition to reopen the Strait of Hormuz. The energy sector (-2.3%) is an early laggard again today, though strength is relatively broad elsewhere, with only the consumer staples sector (-1.0%) also facing pressure. 

Meanwhile, mega-cap and tech stocks are off to another solid start, pushing the communication services (+1.6%) and information technology (+1.2%) sectors near the top of the leaderboard. Semiconductor stocks in particular are mounting another solid advance, with the PHLX Semiconductor Index up 2.7%.

Elsewhere, the industrials sector (+2.1%) outperforms, with the lower price of oil supporting gains across airline names.

On the data front, the final reading of the March S&P Global U.S. Manufacturing PMI contracted slightly to 52.3% from a previous reading of 52.4%.

The ISM Manufacturing Index checked in at 52.7% for March (Briefing.com consensus: 52.3%), up from 52.4% in February.