Stock Market Update

[BRIEFING.COM] Opening buying interest is broad-based, as expected, with a relief trade kicking in on the understanding that President Trump extended the ceasefire with Iran to allow its fractured leadership more time to come up with a unified proposal. He said they will have a short time to do so or the ceasefire will end.

In the meantime, the blockade of Iran continues, and concerns fester about the Strait of Hormuz remaining a chokepoint for energy supplies and other goods. WTI crude futures are up 2.3%, or $2.05, to $91.72/bbl.

The latter has put some extra pep in the step of the energy sector (+1.3%), which has company with the utilities sector (+1.1%) at the top of the sector leaderboard. The information technology sector (+0.7%) is also keeping pace with the market and is the biggest influence on the upside action to begin the day.

Separately, Boeing (BA 223.91, +4.75, +2.17%) and GE Vernova (GEV 1116.83, +125.53, +12.66%), which posted better-than-expected Q1 results, are helping to prop up an industrials sector (+0.5%) that is showing some early underperformance.