Recent headlines of a ceasefire proposal in Israel/Gaza have sparked enthusiasm in the market. The major indices are extending gains with the S&P 500 and Nasdaq up 1%.

*QATAR SAYS ISRAEL AGREES TO CEASEFIRE PROPOSAL: AL JAZEERA

*QATAR SAYS HAMAS GAVE 'POSITIVE CONFIRMATION': AL JAZEERA

All major indices are higher, led by Consumer Staples, while Financials are the worst performer with regional banks crashing again today.

Lots of data came out this morning.

January ISM Manufacturing at 49.1, surpassing consensus of 47.2, and last month’s number of 47.1. Increases in inventories, supplier deliveries and new orders are driving the change.

December construction spending came in at 0.9%.  The numbers came in much more than the expected +0.5%. Spending on construction increased every single month last year.

Atlanta Fed GDPNow has increased to 4.2% from 3.0%. Strength is attributed to consumption and business investments, with change in inventories being the only negative component, so far.