Stock Market Update

[BRIEFING.COM] Stocks are off to a strong start today, with the S&P 500 (+0.9%), Nasdaq Composite (+1.4%), and DJIA (+0.6%) extending yesterday's rally as oil prices retreat sharply and mega-cap tech continues to provide leadership. After reclaiming all the losses it incurred since the start of the Iran war yesterday, the S&P 500 now sits just 0.8% below its all-time high from January 28.

Crude oil is currently down $5.12 (-5.2%) to $93.95 per barrel, as the U.S.-Iran ceasefire and naval blockade appear to be holding. The energy sector (-2.1%) is sharply lower, but losses elsewhere are modest, and eight S&P 500 sectors now trade higher.

The communication services sector (+2.7%) holds the widest gain as Meta Platforms (META 659.62, +25.09, +3.95%) and Alphabet (GOOG 327.94, +8.73, +2.73%) are moving sharply higher. Mega-caps are reasserting their leadership again today, which supports growth in the consumer discretionary (+2.3%) and information technology (+0.9%) sectors as well. The Vanguard Mega Cap Growth ETF is up 1.5%.

Outside of the S&P 500, the Russell 2000 (+1.3%) is outperforming again today as the slide in oil prices supports a risk-on tone, while the S&P Mid Cap 400 (+0.6%) holds a more modest gain.