Stock Market Update

[BRIEFING.COM] After some opening choppiness, the S&P 500 (+0.7%), Nasdaq Composite (+0.8%), and DJIA (+0.8%) sit near their session highs just before midday.

Some of the early volatility was driven by swings across semiconductor stocks, which were expected by some to rebound after a sharp retreat yesterday. The PHLX Semiconductor Index (-0.3%) has oscillated between positive and negative territory, currently modestly lower ahead of Micron's (MU 1035.78, -15.99, -1.52%) earnings release after the close.

While semiconductor stocks are not providing much of a boost, the market is supported by solid gains across many of its other largest names, with all of the "magnificent seven" cohort trading higher.

The Vanguard Mega Cap Growth ETF is up 0.9%, but even still, the S&P 500 Equal Weighted Index (+1.2%) outperforms the market-weighted S&P 500 (+0.7%) amid exceptional participation in the broader market.

Nine S&P 500 sectors trade higher, with the the consumer discretionary (+2.8%) and industrials (+1.9%) sectors posting the widest gains as a host of oil-and-rate-sensitive stocks surge in reaction to crude oil moving below $70 per barrel, which in turn sends treasury yields lower across the curve.

Similarily, the Russell 2000 (+1.2%) and S&P Mid Cap 400 (+1.2%) are outperforming.