The stock market posted broad gains today amid lingering optimism surrounding reports of a U.S. peace proposal to Iran, though stocks finished off their best levels as Iranian officials continued to deny that negotiations are taking place. The S&P 500 (+0.5%), Nasdaq Composite (+0.8%), and DJIA (+0.7%) finished with over half of their gains from session highs, though even at their best levels, their 200-day moving averages acted as resistance. 

Despite Iranian officials denying claims that talks are occurring between the U.S. and Iran, the market was supported by a retreat in oil prices, with crude oil futures settling today's session $1.96 lower (-2.1%) at $90.33 per barrel after moving below the $87 per barrel mark earlier in the session. 

The energy sector (-0.5%) was the only S&P 500 sector to finish lower (the real estate sector finished flat). Despite the major averages closing below their best levels of the session, strength remained broad, with nine S&P 500 sectors finishing higher. 

The materials sector (+2.0%) led the advance, supported by broad strength and another solid day from chemical names. Newmont Corporation (NEM 101.54, +2.52, +2.54%) also outperformed amid a rebound in precious metal prices, with gold futures settling $150.30 higher (+3.4%) at $4,552.30 per ounce. 

A solid rebound effort from mega-cap stocks helped lead the consumer discretionary sector (+1.2%) to a higher finish, with Amazon (AMZN 211.71, +4.47, +2.16%) leading the "magnificent seven" today. 

Elsewhere in the sector, Carvana (CVNA 308.58, +7.61, +2.53%) posted a nice gain as Treasury yields retreated today, while cruise lines outperformed amid the retreat in oil prices. 

NVIDIA (NVDA 178.71, +3.51, +2.00%) was another mega-cap standout, and strength across chipmakers helped the top-weighted information technology sector (+0.6%) chart a nice gain. Advanced Micro Devices (AMD 220.27, +14.90, +7.26%) and Intel (INTC 47.18, +3.12, +7.08%) finished even higher, boosting the PHLX Semiconductor Index (+1.2%). Gains were somewhat tempered by losses across memory storage names such as Sandisk (SNDK 677.86, -24.62, -3.50%) and Micron (MU 382.09, -13.44, -3.40%) after Google Research introduced TurboQuant, which it claims to dramatically reduce AI memory requirements.

The technology sector also saw a strong continuation of yesterday's rally across hardware names such as Hewlett Packard Enterprise (HPE 25.80, +1.90, +7.93%). 

Notably, the communication services sector (+0.2%) finished only slightly higher despite housing several mega-cap components of its own. Alphabet (GOOG 289.59, +0.39, +0.13%) and Meta Platforms (META 594.89, +1.97, +0.33%) both ceded nearly all of their early gains after a jury found the companies liable in a landmark social media addiction trial over platform design, according to Bloomberg.

Elsewhere, the health care sector (+1.0%) outperformed due to solid gains across biotechnology and pharmaceutical names that sent the iShares Nasdaq Biotech ETF 2.5% higher. 

Ultimately, stocks benefited from broad buying interest after a mostly lower showing yesterday and a modest retreat in oil prices, but even at session highs, the major averages remained pinned below their 200-day moving averages. Additionally, today's geopolitical headlines did little to clarify the state of negotiations between the U.S. and Iran, leaving the market vulnerable to volatility as investors continue to react to incoming headlines and shifts in oil prices.

U.S. Treasuries enjoyed a solid midweek bounce that pressured yields from their highest levels of 2026. Treasuries added to their starting gains in mid-morning trade, staying just below their highs into the close even though today's $70 billion 5-year note auction met weak demand, making for the second disappointing auction in a row ahead of tomorrow's $44 billion 7-year note offering. The 2-year note yield settled down five basis points to 3.88%, and the 10-year note yield settled down six basis points to 4.33%. 

• S&P Mid Cap 400: +3.3% YTD
• Russell 2000: +2.2% YTD
• DJIA: -3.4% YTD
• S&P 500: -3.7% YTD
• Nasdaq Composite: -5.7% YTD

Reviewing today's data:

• Weekly MBA Mortgage Applications Index -10.5%; Prior -10.9%
• Q4 Current Account Balance -$190.7 bln (Briefing.com consensus -$242.3 bln); Prior was revised to -$239.1 bln from -$226.4 bln
• February Import Prices 1.3%; Prior was revised to 0.6% from 0.2%
• February Import Prices ex-oil 1.1%; Prior was revised to 0.8% from 0.5%
• February Export Prices 1.5%; Prior 0.6%
• February Export Prices ex-ag. 1.7%; Prior 0.7%