[BRIEFING.COM] 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%

[BRIEFING.COM] The S&P 500 (+0.5%), Nasdaq Composite (+0.7%), and DJIA (+0.6%) continue to trade with similar gains as the midweek session draws to a close. 

Geopolitical headlines continue to drive a muddy narrative, with White House Press Secretary Karoline Leavitt affirming to reporters that negotiations with Iran are ongoing, while Iran's foreign minister states that there are no talks going on with the U.S., according to CNBC. 

[BRIEFING.COM] The S&P 500 (+0.4%), Nasdaq Composite (+0.6%), and DJIA (+0.6%) are moving off their session highs as the market enters the final hour of the session. 

The top-weighted information technology sector (+0.3%) has ceded over half its previous strength as losses begin to accumulate across software names, sending the iShares GS Software ETF 0.7% lower. 

Meanwhile, the communication services sector now sits flat for the day, with Alphabet (GOOG 287.97, -1.23, -0.43%) moving into negative territory after a jury found the company and Meta Platforms (META 594.27, +1.35, +0.23%) liable in a landmark social media addiction trial over platform design, according to Bloomberg.

[BRIEFING.COM] The S&P 500 (+0.74%) is in last place among the major averages, up about 48 points.

Briefly, S&P 500 constituents EchoStar (SATS 120.50, +9.66, +8.72%), Robinhood (HOOD 72.93, +3.85, +5.57%), and Interactive Brokers (IBKR 68.92, +2.80, +4.23%) pepper the top of the standings. SATS rallies as investors rally on reports that SpaceX plans to file its IPO prospectus soon, boosting sentiment across space-related stocks, while HOOD gains on investor enthusiasm over its newly approved $1.5 bln share buyback program, with IBKR gaining on a positive response to the company's new feature allowing crypto portfolio transfers, enabling lower-cost trading and seamless integration with its broader investment platform.

Meanwhile, Verisk Analytics (VRSK 186.25, -8.48, -4.35%) is underperforming after filing a mixed shelf offering last night.

[BRIEFING.COM] The Nasdaq Composite (+0.95%) is in first place this afternoon, up about 206 points.

Gold futures settled $150.30 higher (+3.4%) at $4,552.30/oz, boosted by easing inflation fears, a softer dollar, and lower Treasury yields amid renewed Iran ceasefire talks. The rally also reflects unwinding of recent bearish positioning and growing expectations for potential Fed rate cuts.

Meanwhile, the U.S. Dollar Index is up about +0.3% to $99.49.

[BRIEFING.COM] The Dow Jones Industrial Average (+0.80%) is in second place on Wednesday afternoon, up about 369 points.

A look inside the DJIA shows that Merck (MRK 119.64, +3.27, +2.81%), Amazon (AMZN 212.69, +5.45, +2.63%), and Honeywell (HON 226.97, +5.40, +2.44%) are outperforming.

Meanwhile, Salesforce (CRM 181.18, -1.84, -1.01%) is today's top laggard.

The DJIA is now +2.01% higher week-to-date.

Elsewhere, U.S. Treasuries trade near their best levels of the day, looking to sustain a bounce that is pressuring yields off levels not seen since mid-2025. The belly has shown some relative strength since the start, though the 5-yr note has narrowed its lead after today's $70 bln 5-yr note auction, which met weak demand. The sale drew a high yield of 3.980%, which tailed the when-issued yield by nearly 1.5 basis points while the bid-to-cover ratio (2.29x vs 2.39x average) and indirect takedown (61.9% vs 64.6% average) were below average, making for the second poor auction of the week.

[BRIEFING.COM] The S&P 500 (+0.8%), Nasdaq Composite (+1.0%), and DJIA (+0.8%) are higher across the board amid a retreat in oil prices and broad participation. 

There is a geopolitical component to today's rebound, with some lingering optimism stemming from reports that the U.S. sent Iran a 15-point peace plan to end the war. Reports suggest that Iran has rejected the proposal and issued its own demands for ending the conflict, though that has done little to temper today's gains across the stock market or the retreat in oil prices. 

Currently, crude oil is down $2.13 (-2.3%) to $90.22 per barrel. The energy sector (-0.2%) trades lower, but strength is broad elsewhere, with the other ten S&P 500 sectors sporting gains. 

A rebound in mega-cap and tech names contributes to the index-level gains after a weak showing yesterday.

The Vanguard Mega Cap Growth ETF (+1.0%) has reclaimed yesterday's loss, with Amazon (AMZN 212.32, +5.08, +2.45%) and Tesla (TSLA 389.70, +6.67, +1.74%) providing solid leadership for the consumer discretionary sector (+1.4%). 

Elsewhere in the sector, cruise lines outperform amid the lower price of oil, while homebuilders lag after KB Home (KBH 50.63, -2.31, -4.36%) missed earnings estimates. 

NVIDIA (NVDA 179.06, +3.86, +2.20%) is another mega-cap standout and one of several large chipmakers that trade higher today. Advanced Micro Devices (AMD 218.42, +13.05, +6.35%) and Intel (INTC 47.52, +3.46, +7.85%) trade even higher, and the PHLX Semiconductor Index is up 1.4%. 

The gain would likely be wider if not for pressure across memory storage names such as Sandisk (SNDK 673.50, -28.98, -4.13%) and Micron (MU 378.54, -16.99, -4.30%) after Google Research introduced TurboQuant, which it claims to dramatically reduce AI memory requirements.

Meanwhile, the materials sector (+1.7%) posts the widest gain, with strong gains across container and packaging names and a rebound in gold prices sending Newmont Corporation (NEM 102.27, +3.25, +3.28%) higher. 

The health care sector (+1.2%) is also charting session highs, boosted by solid gains across Moderna (MRNA 54.13, +2.79, +5.43%) and other biotechnology names. 

Outside of the S&P 500, the Russell 2000 (+1.3%) outperforms, while the S&P Mid Cap 400 (+0.6%) performs in line with the major averages. 

All told, the market is off to a strong start today, supported by easing oil prices and broad-based buying interest. That said, the major averages remain pinned below their respective 200-day moving averages, suggesting a degree of underlying caution as investors continue to monitor developments surrounding Iran.

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%

[BRIEFING.COM] The S&P 500 (+0.7%), Nasdaq Composite (+1.0%), and DJIA (+0.7%) remain little changed from previous levels. 

Homebuilders are lower today despite a solid showing from Treasuries after KB Home (KBH 50.46, -2.48, -4.68%) missed earnings estimates. D.R. Horton (DHI 135.72, -2.61, -1.89%) is the worst-performing stock in the consumer discretionary sector (+1.3%), and the iShares Dow Jones US Home ETF (-0.4%) is down modestly. 

[BRIEFING.COM] The major averages continue to trade in a relatively stable range at midday, sporting solid gains but not yet challenging their 200-day moving averages. 

The health care sector (+1.0%) sits near the top of today's leaderboard, supported by strength in its biotechnology and pharmaceutical names that send the iShares Nasdaq Biotech ETF 2.8% higher. 

Merck (MRK 119.58, +3.21, +2.76%) trades higher after confirming plans to acquire Terns Pharmaceuticals (TERN 52.76, +2.76, +5.51%) for $35.00 per share in cash. 

[BRIEFING.COM] The stock market is sporting broad gains shortly before midday amid optimism surrounding a peace proposal between the U.S. and Iran. The S&P 500 (+0.7%) and DJIA (+0.8%) are hovering less than 0.5% below their respective 200-day moving averages, while the Nasdaq Composite (+1.0%) outperforms amid solid tech and mega-cap leadership, though recent weakness keeps it further below its own 200-day moving average. 

It is worth noting that Iran rejected the 15-point peace proposal set forth by the U.S. and issued its own set of demands necessary for ending the conflict. While the situation remains fluid and the market remains vulnerable to near-term geopolitical volatility, stocks have rebounded today after a weaker showing in the previous session. 

Part of the optimism is likely due to a retreat in oil prices, with crude oil currently down $2.56 (-2.8%) to $89.79 per barrel. The energy sector (+0.1%) is off of its morning lows as oil reclaims some of its early losses, though strength remains broad, with only the financials (-0.3%) and real estate (-0.2%) sectors failing to chart gains. 

Meanwhile, the materials sector (+1.3%) leads the advance, with Newmont Corporation (NEM 102.60, +3.58, +3.61%) out in front as gold prices rebound from yesterday's slide. 

Mega-cap and tech stocks are also on the rebound after a weaker showing yesterday, supporting gains in the consumer discretionary (+1.2%) and information technology (+0.8%) sectors. 

NVIDIA (NVDA 180.02, +4.82, +2.75%) and Tesla (TSLA 391.89, +8.86, +2.31%) are the best-performing "magnificent seven" names that support a 0.8% gain in the Vanguard Mega Cap Growth ETF. Other chipmakers such as Intel (INTC 47.46, +3.40, +7.73%) and Advanced Micro Devices (AMD 219.07, +13.70, +6.67%) trade even higher, boosting the PHLX Semiconductor Index (+1.2%). 

Outside of the S&P 500, the Russell 2000 (+0.9%) posts a similar gain to those of the major averages, while the S&P Mid Cap 400 (+0.3%) holds a more modest gain. 

So far, stocks have rebounded nicely from a lower showing yesterday, though the major averages remain hesitant to reclaim their 200-day moving averages, reflecting a degree of caution.

[BRIEFING.COM] The major averages are maintaining their early gains as strength remains broad this morning, with only the energy sector (-0.3%) trading lower. 

On the earnings front, Cintas (CTAS 176.92, -1.21, -0.68%) is modestly lower after reporting its Q2 (Feb) results this morning. The RV manufacturer beat EPS expectations, although the upside was more modest than in the prior two quarters, while revenue came in nicely above expectations, increasing 6% year-over-year to $657.4 million. The company also reaffirmed its FY26 guidance, continuing to expect EPS of $2.10-2.80 and revenue of $2.8-3.0 billion.

Meanwhile, Arm Holdings plc (ARM 158.36, +23.40, +17.33%) is soaring higher following its landmark Analyst Day presentation, as the company unveiled a transformative strategic pivot from a chip licensor to a direct silicon provider and issued aggressive long-term guidance that significantly exceeds previous market expectations. The company reaffirmed its Q4 guidance while projecting a massive leap in earnings power, targeting over $9 of non-GAAP EPS by FY31. This bullish outlook is underpinned by the debut of ARM's first in-house silicon, the AGI CPU, a specialized data center processor designed for the burgeoning "Agentic AI" market, with Meta Platforms (META 599.14, +6.22, +1.05%) serving as a flagship partner for the new hardware-software stack.

ARM's evolution from a background IP provider to a front-line silicon powerhouse marks a fundamental shift in the semiconductor landscape. By introducing the AGI CPU, ARM is no longer just enabling the AI revolution-it is competing directly for the high-value "head node" in the data center. The "compounder" effect of maintaining a high-margin IP business while layering on a high-growth silicon business creates a unique financial profile with massive earnings leverage.

[BRIEFING.COM] The S&P 500 (+0.8%), Nasdaq Composite (+1.2%), and DJIA (+0.7%) are maintaining their early gains despite Iranian officials announcing on state television that the war will only end on their terms, rejecting the demands of the U.S. to halt attacks. 

The information technology sector (+1.2%) is charting session highs, with semiconductor names joining in on the gains early gains enjoyed by hardware names. Intel (INTC 47.13, +3.07, +6.98%) and Advanced Micro Devices (AMD 219.35, +13.98, +6.81%) are among the outperformers that push the PHLX Semiconductor Index 1.6% higher. 

However, memory storage names including Sandisk (SNDK 678.84, -23.64, -3.37%) and Micron (MU 383.29, -12.24, -3.09%) are seeing a continuation of recent weakness after Google Research introduces TurboQuant, which it claims to dramatically reduce AI memory requirements.

[BRIEFING.COM] The stock market opened to solid gains to start the midweek session, with the S&P 500 (+0.7%) and DJIA (+0.7%) now sitting less than 0.5% below their respective 50-day moving averages. The Nasdaq composite (+0.9%) slightly outperforms, though it remains further below its own 200-day moving average. 

Strength is broad, as talks of a peace proposal between the U.S. and Iran have lowered oil prices and provided some optimism that a near-term deescalation of the conflict could arise. 

Crude oil is currently down $3.94 (-4.3%) to $88.41 per barrel. The energy sector (-0.2%) trades modestly lower as a result, while the consumer staples (-0.3%) and real estate (-0.1%) sectors also hold early losses. 

Meanwhile, the other eight S&P 500 sectors trade higher, led by the consumer discretionary sector (+1.6%). Tesla (TSLA 392.40, +9.37, +2.45%) and Amazon (AMZN 212.24, +5.00, +2.42%) are mega-cap standouts amid a solid start for the market's weightiest components that currently seats all of the "magnificent seven" stocks with early gains. 

Cruise lines and other travel-related names also outperform as oil retreats this morning. 

Elsewhere, the information technology sector (+0.4%) is off of its opening high but is supported by a continuation of yesterday's strength across hardware names such as Hewlett Packard Enterprise (HPE 25.83, +1.93, +8.08%). 

The stock market is on track for a higher opening as a peace proposal between the U.S. and Iran has lowered oil prices and furthered the off-ramp narrative. It remains to be seen whether Iran accepts the proposal and how soon it could end the conflict, but the change in rhetoric has provided some cautious optimism after a mostly lower finish yesterday. 

On the data front, import prices were up 1.3% month-over-month in February (prior 0.6%), and nonfuel import prices were up 1.1% (prior 0.8%). Export prices jumped 1.5% month-over-month (prior: 0.6%), and non-agricultural export prices surged 1.7% (prior: 0.7%).

The key takeaway from the report is that import and export prices were up sharply before the start of the war with Iran, which will lead to concerns about inflation rates accelerating in March to account for the spike in energy costs.

The S&P 500 futures currently trade 56 points above fair value. 

Equity indices in the Asia-Pacific region ended the midweek session on a broadly higher note. There was some speculation that China's sovereign wealth fund will be allocating new money to U.S.-based managers like Blackstone and TPG. Japan's Diplomatic Blue Book for 2026 downgraded the view of relations with China to strategic and mutually beneficial from "one of its most important." SK Hynix is reportedly seeking to list its shares in the U.S.

• In economic data:
  • South Korea's March Consumer Confidence 107.0 (last 112.1)
  • Australia's February Monthly CPI Indicator 3.7% (expected 3.8%; last 3.8%)

---Equity Markets---

• Japan's Nikkei: +2.9%
• Hong Kong's Hang Seng: +1.1%
• China's Shanghai Composite: +1.3%
• India's Sensex: +1.6%
• South Korea's Kospi: +1.6%
• Australia's ASX All Ordinaries: +2.0%

Major European indices trade on a firmly higher note amid some hopes for a deescalation in the conflict with Iran. European Central Bank President Lagarde said that the bank will not act before it has sufficient information while policymaker Lane said that the market is expecting two big inflation readings in March and April before normalizing in the following months.

• In economic data:
  • Germany's March ifo Business Climate Index 86.4 (expected 86.2; last 88.4). March Current Assessment 86.7 (expected 86.0; last 86.7) and Business Expectations 86.0, as expected (last 90.2)
  • U.K.'s February CPI 0.4% m/m, as expected (last -0.5%); 3.0% yr/yr, as expected (last 3.0%). February Core CPI 0.6% m/m (expected 0.5%; last -0.6%); 3.2% yr/yr (expected 3.1%; last 3.1%). February Input PPI 0.8% m/m (expected 0.5%; last 0.3%) and Output PPI -0.5% m/m (expected 0.3%; last 0.0%). February House Price Index 1.3% yr/yr (expected 1.7%; last 1.9%) o Spain's February PPI -7.0% yr/yr (last -2.9%)
  • Swiss March ZEW Expectations -35.0 (last 9.8)

---Equity Markets---

• STOXX Europe 600: +1.4%
• Germany's DAX: +1.7%
• U.K.'s FTSE 100: +1.3%
• France's CAC 40: +1.6%
• Italy's FTSE MIB: +1.7%
• Spain's IBEX 35: +1.6%

The S&P 500 futures currently trade 47 points above fair value.

Just released, the Q4 account deficit narrowed to -$190.7 billion (Briefing.com consensus -$242.3 billion) from a downwardly revised prior level of -$239.1 billion (from -$226.4 billion). 

Import prices rose 1.3% in February after a revised increase of 0.6% (up from 0.2%) in January.

Excluding oil, import prices increased 1.1% after an upwardly revised increase of 0.8% (from 0.5%) in January. 

Export prices increased 1.5% in February after increasing 0.6% in January. 

Excluding agriculture, export prices increased 1.7% in February after increasing an upwardly revised 0.8% (from 0.7%) in January. 

Equity futures point to a higher opening this morning after the major averages gave back a chunk of Monday's advance in yesterday's session, though the losses were relatively modest. The market continues to react to developments on the geopolitical front, with The New York Times reporting yesterday evening that the U.S. has sent Iran a 15-point peace plan that includes a month-long ceasefire. 

Peace talks could begin as soon as Thursday, though the U.S. and Iran are reportedly still far apart on some issues. Additionally, The Telegraph reports that Vice President J.D. Vance will lead the negotiations. 

Crude oil is currently down $5.08 (-5.5%) to $87.27 per barrel, adding to the upbeat tone this morning. 

The market is currently receiving a modest batch of earnings reports this morning, though corporate news flow continues to be light. 

On the data front, investors will receive the Q4 current account balance (Breifing.com consensus -$242.3 billion) as well as February import and export prices at 8:30 a.m. ET. The weekly MBA MOrtgage Applications Index for the week ended March 21 decreased 10.5%, from a prior decrease of 10.9%. 

In corporate news:

• California is at risk of a fuel crisis, according to Bloomberg. 
• SpaceX IPO prospectus is expected soon, according to The Information. 
• Arm (ARM 150.70, +15.74, +11.7%) expects chip sales to reach $15 billion in five years, according to CNBC. 
• Meta Platforms (META 599.95, +6.33, +1.1%) is reportedly targeting a $9 trillion valuation, according to The Wall Street Journal. 
• NVIDIA's (NVDA 177.98, +2.78, +1.6%) exports to China are in jeopardy of being blocked, according to Financial Times.

Reviewing overnight developments:

Equity indices in the Asia-Pacific region ended the midweek session on a broadly higher note. Japan's Nikkei: +2.9%, Hong Kong's Hang Seng: +1.1%, China's Shanghai Composite: +1.3%, India's Sensex: +1.6%, South Korea's Kospi: +1.6%, Australia's ASX All Ordinaries: +2.0%.

In news:

• There was some speculation that China's sovereign wealth fund will be allocating new money to U.S.-based managers like Blackstone and TPG.
• Japan's Diplomatic Blue Book for 2026 downgraded the view of relations with China to strategic and mutually beneficial from "one of its most important."
• SK Hynix is reportedly seeking to list its shares in the U.S.

In economic data:

• South Korea's March Consumer Confidence 107.0 (last 112.1)
• Australia's February Monthly CPI Indicator 3.7% (expected 3.8%; last 3.8%)

Major European indices trade on a firmly higher note amid some hopes for a deescalation in the conflict with Iran. STOXX Europe 600: +1.5%, Germany's DAX: +1.7%, U.K.'s FTSE 100: +1.4%, France's CAC 40: +1.6%, Italy's FTSE MIB: +1.7%, Spain's IBEX 35: +1.6%.

In news:

• European Central Bank President Lagarde said that the bank will not act before it has sufficient information while policymaker Lane said that the market is expecting two big inflation readings in March and April before normalizing in the following months.

In economic data:

• Germany's March ifo Business Climate Index 86.4 (expected 86.2; last 88.4). March Current Assessment 86.7 (expected 86.0; last 86.7) and Business Expectations 86.0, as expected (last 90.2)
• U.K.'s February CPI 0.4% m/m, as expected (last -0.5%); 3.0% yr/yr, as expected (last 3.0%). February Core CPI 0.6% m/m (expected 0.5%; last -0.6%); 3.2% yr/yr (expected 3.1%; last 3.1%). February Input PPI 0.8% m/m (expected 0.5%; last 0.3%) and Output PPI -0.5% m/m (expected 0.3%; last 0.0%). February House Price Index 1.3% yr/yr (expected 1.7%; last 1.9%) o Spain's February PPI -7.0% yr/yr (last -2.9%)
• Swiss March ZEW Expectations -35.0 (last 9.8)

[BRIEFING.COM] The S&P 500 (-0.4%), Nasdaq Composite (-0.8%), and DJIA (-0.2%) finished lower as investors weighed geopolitical developments, rising yields, and a rebound in oil prices. Despite solid participation across the broader market that helped the major averages recover much of their early losses, weakness in mega-cap names prevented a sustained move above flatline levels.

Today's developments in the Middle East offered little clarity on how close an off-ramp to the Iran conflict may be. Early headlines focused on Iran's continued denial of involvement in ceasefire negotiations with the U.S., alongside reports of neighboring Gulf states supporting stricter measures against Tehran. However, Axios reported that the U.S. has at least made contact with Iran through mediators and is awaiting a response on peace talks. President Trump also reiterated to reporters that both the U.S. and Iran are eager to strike a deal. 

Oil rebounded amid the ongoing uncertainty after retreating 10% in yesterday's session, settling today's session $4.10 higher (+4.7%) at $92.29 per barrel. The energy sector (+2.1%) finished as the top-performing S&P 500 sector. 

After recovering from relatively broad opening losses, the market ultimately finished mixed despite leaning higher for most of the session. 

The materials sector (+1.7%) was another outperformer, with chemical names leading the advance. Fertilizer names such as CF Industries (CF 126.92, +6.74, +5.61%) and Mosaic (MOS 25.22, +1.14, +4.73%) were among some of the top performers as hostilities near the Strait of Hormuz continue to drive volatility. 

Elsewhere, the utilities sector (+0.7%) also posted a nice gain. Other defensive sectors, such as the consumer staples sector (+0.1%), sported gains wider than 1.0% today, though they ceded most of their strength in the afternoon. Estee Lauder (EL 71.47, -7.82, -9.86%) was one of the worst-performing S&P 500 names after the company confirmed it is in discussions about a potential business combination with Spain's Puig. 

Meanwhile, the communication services sector (-2.5%) was a laggard for the entirety of today's session. It was a tough session for mega-cap stocks, and Alphabet (GOOG 289.20, -9.82, -3.28%) bore the brunt of the weakness, with Meta Platforms (META 592.92, -11.14, -1.84%) also finishing lower. 

The Vanguard Mega Cap Growth ETF finished 1.3% lower, which contributed to the underperformance of the market-weighted S&P 500 (-0.4%) relative to the S&P 500 Equal Weighted Index (+0.1%). 

Microsoft (MSFT 372.74, -10.26, -2.68%) was another "Magnificent Seven" laggard as software names came under renewed pressure today. The iShares GS Software ETF shed 4.2%, and the broader information technology sector finished 0.7% lower. 

Losses were somewhat pared by a 1.3% gain in the PHLX Semiconductor Index and strong performances across hardware and electrical component manufacturers such as Lumentum (LITE 801.99, +73.04, +10.02%), Corning (GLW 142.09, +11.12, +8.49%), and Dell (DELL 176.98, +12.39, +7.53%). 

Outside of the S&P 500, the Russell 2000 (+0.5%) and S&P Mid Cap 400 (+0.8%) outperformed the major averages.

Overall, the market showed some resilience despite higher oil prices and ongoing geopolitical uncertainty, with strength outside mega-cap tech helping to offset losses. Still, the major averages remain capped below their 200-day moving averages, reflecting a cautious tone as the Iran situation continues to evolve.

U.S. Treasuries gave back Monday's gains during a Tuesday reversal that also produced fresh 2026 intraday highs for yields across all tenors. The U.S. Treasury started this week's note auction slate with a poor 2-year note offering that tailed by nearly two basis points. The 2-year note yield settled up 10 basis points to 3.93% and the 10-year note yield settled up six basis points to 4.39%. 

• S&P Mid Cap 400: +2.4% YTD
• Russell 2000: +1.0% YTD 
• DJIA: -4.0% YTD
• S&P 500: -4.2% YTD 
• Nasdaq Composite: -6.4% YTD

Reviewing today's data:

• Q4 Productivity - Revised 1.8% (Briefing.com consensus 2.5%); Prior revised to 4.9% from 2.8%, Q4 Unit Labor Costs - Revised 4.4% (Briefing.com consensus 3.1%); Prior revised to -1.9%% from 2.8%
  • The key takeaway from the report is the dichotomy of lower productivity and higher unit labor costs, the latter of which will contribute to the Fed's reticence to cut rates soon (even though this is a dated report).
• March S&P Global U.S. Manufacturing PMI - Prelim 52.4; Prior 51.6
• March S&P Global U.S. Services PMI - Prelim 51.1; Prior 51.7