[BRIEFING.COM] All three major averages now show gains on Monday afternoon, the S&P 500 (+0.20%) up about 14 points.

Briefly, S&P 500 constituents TE Connectivity (TEL 212.80, -17.35, -7.54%), Elevance Health (ELV 298.83, -21.17, -6.62%), and Seagate Tech (STX 383.91, -23.93, -5.87%) dot the bottom of the standings. ELV slides after the Centers for Medicare & Medicaid Services moved to suspend new Medicare Advantage-Prescription Drug enrollments over prior risk-adjustment data concerns, raising growth and regulatory risk fears, while STX is down in tandem with storage peer Western Digital (WDC).

Meanwhile, Corning (GLW 157.24, +6.86, +4.56%) is one of today's better performers.

[BRIEFING.COM] The tech-heavy Nasdaq Composite (+0.11%) is now the only major average in the green, up about 25 points.

Gold futures settled $63.70 higher (+1.2%) at $5,311.60/oz, as a weekend offensive by the U.S. and Israel in the Middle East tensions sparked a flight to safety, lifting demand for traditional hedges. The move was further supported by rising oil prices, inflation concerns, and ongoing expectations for easier U.S. monetary policy amid broader market volatility.

Meanwhile, the U.S. Dollar Index is up almost +1.0% to $98.54.

[BRIEFING.COM] The Dow Jones Industrial Average (-0.10%) is in last place on Monday afternoon, down about 47 points.

A look inside the DJIA shows that Walt Disney (DIS 103.36, -2.68, -2.53%), Home Depot (HD 372.28, -8.44, -2.22%), and Sherwin-Williams (SHW 354.33, -7.46, -2.06%) are underperforming.

Meanwhile, NVIDIA (NVDA 182.42, +5.23, +2.95%) is the top gain getter.

The DJIA is higher by about +1.81% YTD.

[BRIEFING.COM] Stocks are having an eventful start to the week in their first session of March, with strong tech gains helping the S&P 500 (+0.1%), Nasdaq Composite (flat), and DJIA (flat) overcome broader weakness that resulted from the U.S.-Iran conflict. 

The major averages opened considerably lower this morning following the weekend's geopolitical developments, which saw the U.S. and Israel launch strikes against Iran, killing many of its top government and military officials. Iran launched attacks of its own on bases in several nearby nations and declared the Strait of Hormuz closed. Oil prices rose sharply, and while crude is now off of its earlier highs, it remains $3.56 (+5.3%) higher at $70.58 per barrel. 

The energy sector (+1.3%) is unsurprisingly the top mover today amid the spike in oil prices. Though the higher prices and disrupted international travel weigh on airline names such as United Airlines (UAL 103.41, -2.89, -2.72%), the weakness is offset by solid gains across defense names such as Axon (AXON 571.89, +29.49, +5.44%) and Northrop Grumman (NOC 753.05, +28.67, +3.96%), helping the industrials sector (+0.8%) trade higher. 

While the top-weighted information technology sector (+1.0%) is the only other S&P 500 sector to hold a gain, it is wide enough to push the major averages to a mostly higher standing. 

Palantir Technologies (PLTR 146.50, +9.31, +6.79%) is a standout amid the conflict in Iran, while the broader software space also seems to be garnering some buying interest today, pushing the iShares GS Software ETF 1.6% higher. 

Investors are also stepping in to buy recent weakness from NVIDIA (NVDA 182.78, +5.59, +3.16%) after the stock rolled over following its earnings report last week. 

Though weakness elsewhere remains relatively broad, most sectors have seen at least modest improvements throughout the session. The financials sector (-0.1%) has shed nearly all of its losses that exceeded 1.0%, with a 5% rebound in Bitcoin boosting Coinbase Global (COIN 183.48, +7.62, +4.34%) and Robinhood Markets (HOOD 79.27, +3.42, +4.51%). 

Meanwhile, the consumer discretionary sector (-1.1%) remains a laggard, with particular weakness across travel-related names. Norwegian Cruise Line (NCLH 22.67, -2.12, -8.56%) is one of the worst-performing S&P 500 names after a revenue miss and cautious guidance. 

Outside of the S&P 500, the Russell 2000 (+0.6%) and S&P Mid Cap 400 (+0.6%) now outperform after shedding early losses of their own. 

So far the market has shown resilience despite a sharp escalation in geopolitical conflict over the weekend. President Trump told reporters that U.S. operations, which were initially expected to last four to five weeks, are ahead of projected timelines. Any indications that the conflict could drag out longer than expected could weigh negatively on the market, but for now, a solid rebound in tech sentiment helps outweigh the consequences of rising oil prices at the index level. 

Reviewing today's data:

• February S&P Global U.S. Manufacturing PMI - Final 51.6; Prior 51.2
• February ISM Manufacturing Index 52.4% (Briefing.com consensus 52.1%); Prior 52.6%
  • The key takeaway from the report is the faster pace of growth in the Prices Index, as that will fuel concerns about sticky inflation pressure (and the Fed sticking with its current policy rate for longer).

[BRIEFING.COM] The major averages now sit mostly higher shortly after midday. 

While gains are still contained to the information technology (+1.2%), energy (+0.9%), and industrials (+0.6%) sectors, losses have generally narrowed across the other eight S&P 500 sectors. 

The financials sector (-0.2%) now trades just modestly lower after holding a loss wider than 1.0% earlier in the session. Coinbase Global (COIN 182.78, +6.94, +3.94%) and Robinhood Markets (HOOD 78.69, +2.84, +3.74%) are among the outperformers as Bitcoin rallies 5.7% past the $69,000 mark today. 

[BRIEFING.COM] The S&P 500 (flat), Nasdaq Composite (+0.4%), and DJIA (-0.1%) continue to improve to their best levels of the session as gains across the information technology sector (+0.9%) widen. 

NVIDIA (NVDA 182.72, +5.53, +3.12%) is a mega-cap standout as investors step in on last week's retreat that followed a solid earnings report from the company, while Microsoft (MSFT 400.92, +8.18, +2.08%) also holds a nice gain amid strength across software names today. 

The Vanguard Mega Cap Growth ETF is now up 0.5%, with several other "magnificent seven" names now trading higher, including Meta Platforms (META 658.97, +10.79, +1.66%) and Tesla (TSLA 403.05, +0.54, +0.13%). 

[BRIEFING.COM] The S&P 500 (-0.4%), Nasdaq Composite (-0.3%), and DJIA (-0.5%) are now modestly improved from their opening levels this morning. 

Stocks opened lower as the market was rattled by this weekend's conflict between the U.S. and Iran, which has sent oil prices sharply higher and disrupted global travel.

Oil remains above $70 per barrel, though it has come down from its morning highs, currently trading up $3.81 (+5.6%) to $70.83 per barrel. Unsurprisingly, the energy sector (+1.4%) is today's top mover, while the industrials sector (+0.4%) also trades higher amid solid gains across aerospace and defense names. 

More importantly to the major averages, the top-weighted information technology sector (+0.2%) now trades modestly higher. Palantir Technologies (PLTR 144.77, +7.58, +5.52%) is a standout amid the conflict in Iran, while the broader software space sees a rebound today, with the iShares GS Software ETF up 0.9%. 

While semiconductor stocks are mostly lower today, NVIDIA (NVDA 181.55, +4.36, +2.46%) is garnering some buying interest after several lower finishes that followed the company's earnings report. 

Elsewhere, the other eight S&P 500 sectors trade lower, with particular weakness across travel-related names sending the consumer discretionary sector (-1.5%) to the bottom of the leaderboard.

Outside of the S&P 500, the Russell 2000 (+0.4%) and S&P Mid Cap 400 (+0.3%) have shed their early losses. 

With weakness remaining relatively broad, it is tough to say that the market is entirely shaking off the conflict in Iran, though steady improvement throughout the session suggests that sentiment may be stabilizing. 

[BRIEFING.COM] The S&P 500 (-0.4%), Nasdaq Composite (-0.3%), and DJIA (-0.5%) remain modestly lower this morning. 

The industrial sector (+0.3%) is one of just three S&P 500 sectors to hold a gain this morning. Aerospace and defense names such as Axon (AXON 571.57, +29.17, +5.38%), Northrop Grumman (NOC 755.46, +31.08, +4.29%), and RTX (RTX 210.81, +8.19, +4.04%) are among the outperformers, sending the iShares DJ Aerospace ETF 2.6% higher. 

Meanwhile, airline names such as United Airlines (UAL 102.43, -3.87, -3.64%) and Delta Air Lines (DAL 63.95, -1.75, -2.66%) are among the laggards as the conflict in Iran stalls global travel. 

[BRIEFING.COM] The S&P 500 (-0.3%), Nasdaq Composite (-0.2%), and DJIA (-0.3%) face some resistance at their baselines that keeps them in modestly negative territory this morning. 

The ISM Manufacturing Index checked in at 52.4% for February (Briefing.com consensus: 52.1%), down from 52.6% in January. The dividing line between expansion and contraction is 50.0%, so the February figure suggests manufacturing activity in February expanded but at a slower pace than the prior month.

The key takeaway from the report is the faster pace of growth in the Prices Index, as that will fuel concerns about sticky inflation pressure (and the Fed sticking with its current policy rate for longer).

[BRIEFING.COM] The S&P 500 (-0.3%), Nasdaq Composite (-0.4%), and DJIA (-0.3%) are lower across the board, though they have steadily improved from their opening levels this morning.

The conflict between the U.S. and Iran is at the forefront of the market's attention today, as crude oil prices surge while international travel is disrupted. Crude oil is currently up $3.91 (+5.8%) to $70.93 per barrel. Unsurprisingly, the energy sector (-1.5%) is out in front this morning, as it is one of just three S&P 500 sectors to hold a gain. 

Losses are the widest in the consumer discretionary sector (-2.1%), with particular weakness in Norwegian Cruise Line (NCLH 21.67, -3.12, -12.59%) as a revenue miss compounds with the broader weakness in travel-related names today. 

Meanwhile, the top-weighted information technology sector (+0.2%) has made a move into positive territory. Palantir Technologies (PLTR 143.41, +6.22, +4.53%) is up nicely amid the conflict in Iran, and software stocks as a whole have a positive tilt today, with the iShares GS Software ETF up 0.7%. Though there is some broader weakness across semiconductor and mega-cap stocks today, NVIDIA (NVDA 179.26, +2.07, +1.17%) also holds a solid early gain. 

The final S&P Global U.S. Manufacturing PMI registered at 51.5 from a preliminary reading of 51.2. 

Just released, the February ISM Manufacturing Index came in at 52.4% (Briefing.com consensus 52.1%), from a prior level of 52.6%. 

Equity futures continue to move lower this morning as conflict in the Middle East rattles markets. 

While the major averages are poised for a considerably lower opening, there are a few pockets of outperformance, including defense stocks and oil producers, while gold prices also climb this morning. 

CNBC reports that Central Command has confirmed that a fourth U.S. service member has died in the conflict. 

The S&P 500 futures currently trade 80 points below fair value.

Equity indices in the Asia-Pacific region had a mostly lower start to the week amid focus on a weekend joint Israel-U.S. operation against Iran, which resulted in killing of Supreme Leader Khameni. Bank of Japan Deputy Governor Himino said that rate hikes will continue, but he did not specify the planned timing of the next increase. Japan's Manufacturing PMI (53.0) expanded for the second consecutive month in February.

• In economic data:
  • China's January FDI -5.7% YTD (last -9.5%)
  • Japan's February Manufacturing PMI 53.0 (expected 52.8; last 51.5)
  • South Korea's February trade surplus $15.51 bln (expected surplus of $10.00 bln; last surplus of $8.72 bln). February Imports 7.5% yr/yr (expected 13.0%; last 11.6%) and Exports 29.0% yr/yr (expected 24.0%; last 33.8%)
  • Australia's February Manufacturing PMI 51.0 (expected 51.5; last 52.3). February MI Inflation Gauge -0.2% m/m (last 0.2%), and February Commodity Prices 2.7% yr/yr (last 2.7%). Q4 Company Gross Operating Profits 5.8% qtr/qtr (expected 1.8%; last 1.5%) and Q4 Company Pre-tax profits 1.6% qtr/qtr (last 0.4%)
  • India's February Manufacturing PMI 56.9 (expected 57.5; last 55.4). January Industrial Production 4.8% yr/yr (expected 6.5%; last 7.8%) and January Manufacturing Output 4.8% (last 8.1%)

---Equity Markets---

• Japan's Nikkei: -1.4%
• Hong Kong's Hang Seng: -2.1%
• China's Shanghai Composite: +0.5%
• India's Sensex: -1.3%
• South Korea's Kospi: CLOSED
• Australia's ASX All Ordinaries: -0.1%

Major European indices trade in the red amid some pressure on sentiment stemming from the weekend joint Israel-U.S. military action against Iran. Travel-related names are among the worst performers while shipping, energy, and military contractor names have shown relative strength. Germany reported weak Retail Sales for January (-0.9%; expected 0.0%) while final February Manufacturing PMI readings from the region pointed to slight growth.

• In economic data:
  • Eurozone's February Manufacturing PMI 50.8, as expected (last 49.5)
  • Germany's January Retail Sales -0.9% m/m (expected 0.0%; last 1.2%); 1.2% yr/yr (last 4.3%). February Manufacturing PMI 50.9 (expected 50.7; last 49.1)
  • U.K.'s February Nationwide HPI 0.3% m/m (expected 0.2%; last 0.3%); 1.0% yr/yr (expected 0.7%; last 1.0%). February Manufacturing PMI 51.7 (expected 52.0; last 52.0). January Mortgage Approvals 60,000 (expected 62,000; last 61,010) and January Net Lending to Individuals GBP5.90 bln (expected GBP6.20 bln; last GBP6.10 bln)
  • France's February Manufacturing PMI 50.1 (expected 49.9; last 51.2)
  • Italy's February Manufacturing PMI 50.6 (expected 49.1; last 48.1)
  • Spain's February Manufacturing PMI 50.0 (expected 49.9; last 49.2)
  • Swiss January Retail Sales -1.1% yr/yr (expected 2.7%; last 2.8%) and February Manufacturing PMI 47.4 (expected 49.8; last 48.8)

---Equity Markets---

• STOXX Europe 600: -1.9%
• Germany's DAX: -2.8%
• U.K.'s FTSE 100: -1.6%
• France's CAC 40: -2.2%
• Italy's FTSE MIB: -2.5%
• Spain's IBEX 35: -3.1%

The S&P 500 futures currently trade 67 points below fair value. 

Norwegian Cruise Line Holdings (NCLH 23.00, -1.79, -7.2%) is sharply lower after reporting its Q4 earnings this morning. The company beat EPS by $0.01 and missed revenue expectations. 

Cruiselines, airlines, booking agencies, and other travel-related names are indicated to open sharply lower this morning amid the conflict in the Middle East. 

Equity futures point to a lower opening this morning following attacks by the U.S. and Israel on Iran over the weekend, with Iran launching its own strikes against several countries in the region as a response. The conflict has now entered its third day, sending oil prices sharply higher. Crude oil is currently up $5.42 (+8.1%) to $72.44 per barrel, with The New York Times reporting that tanker traffic is down around 70% in the Strait of Hormuz.

The market was relatively resilient to geopolitical developments in Iran last June when the U.S. bombed its top nuclear facility, but the sharp increase in oil prices and fears of a prolonged conflict could weigh on sentiment this time around. President Trump told reporters that the war with Iran could last 4 to 5 weeks, according to The New York Times.

Stocks were already displaying a "risk-off" positioning before this weekend's conflict, with mega-cap, tech, and small-cap stocks lagging on Friday while energy and defensive sectors outperformed. Action has been choppy in recent sessions as concerns of AI disruption continue to spread into new pockets of the market.

The S&P 500 and DJIA will both enter the first session of March 0.3% below their respective 50-day moving averages, while the tech-heavy Nasdaq Composite lags further behind.

In corporate news:

• The U.S. is not planning on releasing oil from the strategic reserve, according to Financial Times.
• Airlines have cancelled numerous flights due to the conflict in Iran, according to Reuters.
• NVIDIA (NVDA 174.56, -2.63, -1.5%) is planning to introduce a new chip to speed up AI processing, according to The Wall Street Journal.

Reviewing overnight developments:

Equity indices in the Asia-Pacific region had a mostly lower start to the week amid focus on a weekend joint Israel-U.S. operation against Iran, which resulted in killing of Supreme Leader Khamenei. Japan's Nikkei: -1.4%, Hong Kong's Hang Seng: -2.1%, China's Shanghai Composite: +0.5%, India's Sensex: -1.3%, South Korea's Kospi: CLOSED, Australia's ASX All Ordinaries: -0.1%.

In news:

• Bank of Japan Deputy Governor Himino said that rate hikes will continue, but he did not specify the planned timing of the next increase.
• Japan's Manufacturing PMI (53.0) expanded for the second consecutive month in February.

In economic data:

• China's January FDI -5.7% YTD (last -9.5%)
• Japan's February Manufacturing PMI 53.0 (expected 52.8; last 51.5)
• South Korea's February trade surplus $15.51 bln (expected surplus of $10.00 bln; last surplus of $8.72 bln). February Imports 7.5% yr/yr (expected 13.0%; last 11.6%) and Exports 29.0% yr/yr (expected 24.0%; last 33.8%)
• Australia's February Manufacturing PMI 51.0 (expected 51.5; last 52.3). February MI Inflation Gauge -0.2% m/m (last 0.2%), and February Commodity Prices 2.7% yr/yr (last 2.7%). Q4 Company Gross Operating Profits 5.8% qtr/qtr (expected 1.8%; last 1.5%) and Q4 Company Pre-tax profits 1.6% qtr/qtr (last 0.4%)
• India's February Manufacturing PMI 56.9 (expected 57.5; last 55.4). January Industrial Production 4.8% yr/yr (expected 6.5%; last 7.8%) and January Manufacturing Output 4.8% (last 8.1%)

Major European indices trade in the red amid some pressure on sentiment stemming from the weekend joint Israel-U.S. military action against Iran. STOXX Europe 600: -1.8%, Germany's DAX: -2.4%. U.K.'s FTSE 100: -1.2%, France's CAC 40: -2.0%, Italy's FTSE MIB: -1.9% Spain's IBEX 35: -2.6%.

In news:

• Travel-related names are among the worst performers while shipping, energy, and military contractor names have shown relative strength.
• Germany reported weak Retail Sales for January (-0.9%; expected 0.0%) while final February Manufacturing PMI readings from the region pointed to slight growth.

In economic data:

• Eurozone's February Manufacturing PMI 50.8, as expected (last 49.5)
• Germany's January Retail Sales -0.9% m/m (expected 0.0%; last 1.2%); 1.2% yr/yr (last 4.3%). February Manufacturing PMI 50.9 (expected 50.7; last 49.1)
• U.K.'s February Nationwide HPI 0.3% m/m (expected 0.2%; last 0.3%); 1.0% yr/yr (expected 0.7%; last 1.0%). February Manufacturing PMI 51.7 (expected 52.0; last 52.0). January Mortgage Approvals 60,000 (expected 62,000; last 61,010) and January Net Lending to Individuals GBP5.90 bln (expected GBP6.20 bln; last GBP6.10 bln)
• France's February Manufacturing PMI 50.1 (expected 49.9; last 51.2)
• Italy's February Manufacturing PMI 50.6 (expected 49.1; last 48.1)
• Spain's February Manufacturing PMI 50.0 (expected 49.9; last 49.2)
• Swiss January Retail Sales -1.1% yr/yr (expected 2.7%; last 2.8%) and February Manufacturing PMI 47.4 (expected 49.8; last 48.8)

[BRIEFING.COM] Stocks had an eventful end to a busy week, though today's weakness saw the major averages finish lower across the board for the week and mostly lower for the month of February. 

The S&P 500 (-0.4%), Nasdaq Composite (-0.9%), and DJIA (-1.1%) struggled against a reignition of AI disruption fears, though some rotational strength helped the indices modestly improve from earlier session lows. 

The session started with AI disruption at the forefront of media coverage after Block (XYZ 63.70, +9.17, +16.82%) announced it will decrease its workforce by around 40% as the company automates more work with AI. 

The headline weighed heavily on asset manager names that had faced weakness in recent sessions over concerns they are over-exposed to traditional software companies. The collapse of U.K. mortgage firm Market Financial Solutions added to pressure across select names such as Apollo Global Management (APO 104.58, -9.82, -8.58%). 

A hotter-than-expected January PPI (0.5%; Briefing.com consensus 0.3%) and core PPI (0.8%; Briefing.com consensus 0.3%) print further pushed out the market's expectations for Fed easing this year, undermining the bull case for leveraged deal-making, M&A, and capital markets activity that large banks and PE platforms rely on.

Goldman Sachs (GS 860.22, -68.78, -7.40%) was a particular laggard, and the financials sector ultimately finished 2.0% lower. 

Only the information technology sector (-2.2%) finished with a wider loss, with pressure across packaged software names sending the iShares GS Software ETF 1.3% lower. 

Chipmakers did little to ease the weakness, with the PHLX Semiconductor Index finishing 1.2% lower. NVIDIA (NVDA 177.10, -7.79, -4.21%) was once again a laggard, failing to draw any buying support following its earnigns report as investors reacted to the company's announcement of a $30 billion investment in OpenAI. 

Dell (DELL 147.93, +26.48, +21.80%) was a standout after earnings, though it did little to offset broader weakness in the sector. 

The other nine S&P 500 sectors closed the week at or above their baselines as rotational buying ramped up throughout the duration of the session. 

Defensive sectors stood out today amid the weakness in tech, with the health care (+1.8%), consumer staples (+1.5%), and utilities (+1.1%) sectors all charting nice gains. 

The energy sector (+1.7%) finished similarly as crude oil futures settled today's session $1.85 higher (+2.8%) at $67.06 per barrel. President Trump told reporters that he is not happy with negotiations between the U.S. and Iran, but more talks will occur. The president expressed a desire to avoid an armed conflict but reiterated his stance that Iran cannot have nuclear weapons.

Rising oil prices weighed heavily on airline names such as United Airlines (UAL 106.30, -10.13, -8.70%) and Delta Air Lines (DAL 65.70, -4.81, -6.82%). 

In other corporate news, Netflix (NFLX 96.24, +11.65, +13.77%) traded sharply higher after deciding not to raise its bid for Warner Bros. Discovery (WBD 28.17, -0.63, -2.19%), leaving Paramount Skydance (PSKY 13.51, +2.33, +20.84%) the victor of the merger battle. Reports this afternoon stated that Paramount paid the $2.8 billion termination fee that was required of Warner Bros. 

Outside of the S&P 500, the Russell 2000 (-1.7%) and S&P Mid Cap 400 (-0.8%) lagged the major averages today. 

Ultimately, the major averages entered today's session little changed on a week-to-date basis after splitting the week between two weak and two strong sessions. Today's renewed pressure across tech and financial names resulted in a lower finish across the board, with the S&P 500 moving below its 50-day moving average in the process (6,900.47). However, the market did see some solid rotational interest, which increased throughout the day and helped ease index-level losses, fitting with the 2026 theme of leadership broadening beyond the tech and mega-cap space. 

U.S. Treasuries finished February with strong gains across the curve that sent yields to their lowest settlement levels of the year. The 2-year note yield settled down seven basis points to 3.38% (-10 basis points this week) and the 10-year note yield settled down six basis points to 3.96% (-13 basis points this week). 

• S&P Mid Cap 400: +8.1% YTD
• Russell 2000: +6.1% YTD
• DJIA: +1.9% YTD
• S&P 500: +0.5% YTD 
• Nasdaq Composite: -2.5% YTD

Reviewing today's data:

• January PPI 0.5% (Briefing.com consensus 0.3%); Prior was revised to 0.4% from 0.5%, January Core PPI 0.8% (Briefing.com consensus 0.3%); Prior 0.6%
  • The key takeaway from the report was rooted in the worrying core-PPI component, as that will foment concerns about pass-through to consumer prices that will likely keep the Fed leery about cutting rates soon.
• February Chicago PMI 57.7 (Briefing.com consensus 52.5); Prior 54.0
• November Construction Spending 0.3% (Briefing.com consensus 0.3%); Prior was revised to -0.2% from 0.5%
  • The key takeaway from the report is that residential construction spending accounted for the entirety of the monthly increase in total construction spending.