Major indices are moving higher as Iran shows signs of coming to the negotiating table.

As a result, oil is moving lower on the prospect of de-escalation.

There is lots of green on the screen as stocks recover from fears on Friday. Notably, Magnificent Seven and semiconductor names are moving higher.

Only three sectors are moving lower, with Energy (XLE) as the worst performing sector.

Meanwhile, Technology (XLK) is the frontrunner and getting a boost from semiconductors.

The Fear & Greed Index stayed put in the greed zone, despite the current event, showing market resilience.

Economic Data

The Empire Manufacturing index declined to -16 in June from -9.2 in May and missed consensus of -5.5. The composition was mixed-to-weak.

• New orders -14.2 vs. +7 prior
• Shipments -7.2 vs. +3.5 prior
• Prices paid +46.8 vs. +59 prior
• Employment +4.7 vs. -5.1 prior.

It’s a busy week ahead with key retail data tomorrow and the Fed rate decision on Wednesday.