The market is seeing impressive action, recovering from its opening loss, after Iran offered a new deal to open Strait of Hormuz, while seeking an end of US blockade.

Semiconductors and mega-cap names are cooling off a bit from last week’s rally.

Eight sectors remain in the red with Consumer Discretionary (XLY) near the bottom of the leaderboard following weakness in the top components, Amazon (AMZN) and Tesla (TSLA). Strong results from Verizon (VZ) are giving a boost to the Communication Services (XLC) sector. Alphabet (GOOG/L) is also contributing to the sector gains with the stock pushing to fresh record highs.

The Dallas Fed Manufacturing Index fell to -2.3 in April from -0.2. Although the Outlook Index rebounded into positive territory, moving to 3 from -3.5.

As we start the third week of earnings season, the Street has rewarded beats, while misses are getting punished more than usual.