The Materials Select Sector SPDR ETF (XLB) is up 1.68% in the current session, largely driven by a broader market rally. Investor sentiment has been boosted by hopes of a diplomatic resolution to reopen the Strait of Hormuz and strong earnings from major technology companies. While some individual materials companies have reported positive earnings, there is no single, overriding sector-specific news to explain the magnitude of the move, suggesting it is primarily participating in the wider market uptrend.