Stock market today: Dow jumps 600 points, S&P 500 and Nasdaq rally as oil falls in countdown to Nvidia earnings

Travel stocks are ripping as oil drops on optimism around US-Iran talks, with the rally strongest in the names most exposed to fuel costs.

Airlines and cruise lines are doing the heavy lifting. Alaska Air (ALK), Frontier parent Frontier Group (ULCC), United Airlines (UAL), Carnival (CCL), Delta Air Lines (DAL), and Norwegian Cruise Line (NCLH) are all about 10% intraday.

Meanwhile, American Airlines (AAL), JetBlue (JBLU), Southwest Airlines (LUV), and Hyatt (H) are all up more than 5%.

United is on pace for its best day in nine months, as is the US Global Jets ETF (JETS). Delta is nearing its first record closing high in three months.

Lower fuel costs is the biggest catalyst.

Oil is falling on hopes for progress in US-Iran talks, and the same move pressuring energy stocks is lifting airlines, cruise operators, and other travel names.

The rally also comes off a weak base, with several travel stocks still down year to date or negative since the March 30 market low.

If oil keeps falling, travel bulls finally have a catalyst that might last beyond a one-day bounce.