Stock Market Update

[BRIEFING.COM] The S&P 500 (+1.6%), Nasdaq Composite (+2.6%), and DJIA (+1.1%) are sharply higher this morning, with the DJIA notching a fresh all-time high.

Yesterday's announcement from President Trump that a peace agreement between the U.S. and Iran has been reached has paved the way for broad strength this morning as crude oil slides toward the $80-per-barrel mark.

Mega-cap tech stocks such as Meta Platforms (META 592.42, +25.44, +4.49%) and Amazon (AMZN 246.51, +7.96, +3.34%) are providing solid leadership, pushing the information technology (+2.9%), consumer discretionary (+2.4%), and communication services (+2.2%) sectors to the top of the standings. The Vanguard Mega Cap Growth ETF is up 2.2%.

Elsewhere, the usual cohort of airlines, cruise lines, couriers, and other oil-sensitive stocks outperforms as oil retreats.

At the sector level, weakness is limited to the energy sector (-4.0%), while the health care (-0.7%), consumer staples (-0.7%), and utilities (-0.2%) sectors also underperform.

Just released, the NAHB Housing Market Index contracted to 35 in June (Briefing.com consensus 37), from the prior level of 37.