Stock Market Update

[BRIEFING.COM] Stocks are off to a solid start to the midweek session, with strong tech leadership and broad gains keeping the S&P 500 (+0.9%), Nasdaq Composite (+1.3%), and DJIA (+0.9%) on a higher course.

NVIDIA's (NVDA 225.58, +4.97, +2.25%) earnings release after the close today has rekindled some enthusiasm across semiconductor names, which have struggled in recent sessions. The PHLX Semiconductor Index is up 4.2%, marking a nearly 8% increase from yesterday's session lows. The information technology sector (+1.7%) is a top mover as a result.

The consumer discretionary sector (+2.0%) holds a similar gain, supported by some momentum returning to mega-cap stocks including Tesla (TSLA 412.62, +8.51, +2.11%) and Amazon (AMZN 264.69, +5.35, +2.06%). The Vanguard Mega Cap Growth ETF is up 1.2%.

Meanwhile, TJX (TJX 159.88, +9.20, +6.11%) moves sharply higher after beating earnings expectations, while homebuilder names boast gains as oil prices and Treasury yields move lower.

The improved macro backdrop supports gains across airlines and other oil-sensitive pockets of the market, while the retreat in Treasury yields bodes well for the Russell 2000 (+2.0%) and S&P Mid Cap 400 (+1.5%).

Crude oil is currently down $5.54 (-5.3%) to $98.61 per barrel, and the 10-year note yield is down nine basis points to 4.58%, both extending their retreats after President Trump recently told reporters on Air Force One that the U.S. is in the "final stages" of talks on Iran.