Stock Market Update

[BRIEFING.COM] The market is in a holding pattern, which is okay because it is holding at a higher altitude. The Nasdaq Composite, for its part, sits near its highs for the day, as does the S&P 500, both of which have been underpinned by leadership from the mega-cap stocks.

Sector performance is more mixed now. The bulk of today's gains are emanating from the information technology (+2.0%), energy (+1.2%), and communication services (+1.1%) sectors.

Separately, oil prices ($93.00, +3.33, +3.7%) are also near their highs for the session. Earlier, there was an X post from Iran's speaker, who said, "Reopening the Strait of Hormuz is impossible with such a flagrant breach of the ceasefire." The Washington Post, meanwhile, is reporting that Pentagon officials have told Congress that clearing mines from the Strait of Hormuz could take six months.