[BRIEFING.COM] Stocks posted a strong performance today, with the S&P 500 (+0.8%), Nasdaq Composite (+1.3%), and DJIA (+0.5%) finishing higher across the board for the first time this week. After pronounced volatility in previous sessions, the market trended higher with relative ease today as mega-cap and tech stocks provided strong leadership against a backdrop of broad strength. 

Futures pointed higher this morning as oil prices showed some relief from two consecutive sessions of sharp increases. While the conflict in Iran continues into its fifth day, Treasury Secretary Scott Bessent told CNBC that the Trump administration will be making a series of announcements to mitigate the rise in oil prices. Crude oil futures still settled $0.12 higher (+0.2%) at $74.70 per barrel, though the advance was minimal compared to the outsized gains seen earlier this week.

The market also received several solid economic data readings today, which were particularly welcome, as the recent spike in oil prices has prompted some inflation concerns. The February ISM Non-Manufacturing Index (56.1%; Briefing.com consensus 53.9%) showed solid growth, while the Fed's release of its March Beige Book showed that economic expectations were optimistic, with most districts expecting slight to moderate growth in the coming months.

Strength was broad today, led by the consumer discretionary sector (+2.2%), which moved back into positive territory for the year. 

Amazon (AMZN 216.82, +8.09, +3.88%) and Tesla (TSLA 406.04, +13.61, +3.47%) provided exceptional leadership amid a strong day for the market's weightiest components, which saw the Vanguard Mega Cap Growth ETF finish 1.1% higher. 

Ross Stores (ROST 213.52, +15.88, +8.03%) finished even higher as investors reacted positively to an impressive beat-and-raise earnings report. 

In line with today's rotation back into growth-oriented sectors, the information technology sector (+1.3%) was the other notable standout in today's trade. 

Semiconductor names rebounded from yesterday's sharp retreat, with particular strength across memory storage names such as Sandisk (SNDK 599.06, +33.65, +5.95%) and Micron (MU 400.77, +21.09, +5.55%). Broadcom (AVGO 317.53, +3.69, +1.18%) also captured a nice gain ahead of its earnings release this evening, and the PHLX Semiconductor Index finished 1.9% higher. 

Meanwhile, this week's rebound across software names extended into today's session, sending the iShares GS Software ETF 1.8% higher. 

Gains were limited to 0.6% or less across the remaining six S&P 500 sectors that finished higher, with most sectors trading in a relatively stable range throughout the day. 

The energy sector (-0.7%) lagged as oil prices plateaued today, while the consumer staples (-0.5%) and materials (-0.1%) sectors also finished modestly lower. 

It is worth noting that today's rebound in equities happened alongside a nearly 7% rally in Bitcoin, with the cryptocurrency currently trading above the $73,000 mark. Coinbase Global (COIN 208.93, +26.57, +14.57%) was one of the best-performing S&P 500 names today.

Outside of the S&P 500, the Russell 2000 (+1.1%) performed in line with the major averages, while the S&P Mid Cap 400 (+0.1%) eked out a slight gain. 

Ultimately today's session saw the market breathe a sigh of relief after heightened volatility to start the week. A stalling of oil's sharp increase combined with a handful of solid economic data readings provided a supportive backdrop for investors to step in to recent weakness, with solid leadership from mega-cap names giving the market a lift at the index level. 

U.S. Treasuries endured an extension of this week's losses with some intraday divergence as the long bond recovered some of its starting loss while shorter tenors underperformed after upbeat economic data. The 2-year note yield settled up four basis points to 3.54%, and the 10-year note yield settled up two basis points to 4.08%. 

• S&P Mid Cap 400: +7.2% YTD
• Russell 2000: +6.2% YTD
• DJIA: +1.4% YTD
• S&P 500: +0.4% YTD
• Nasdaq Composite: -1.9% YTD

Reviewing today's data:

• Weekly MBA Mortgage Applications Index 11.0%; Prior 0.4%
• February ADP Employment Change 63K (Briefing.com consensus 42K); Prior was revised to 11K from 22K
• February S&P Global U.S. Services PMI - Final 51.7; Prior 52.3
• February ISM Non-Manufacturing Index 56.1% (Briefing.com consensus 53.9%); Prior 53.8%
  • The key takeaway from the report is the recognition that activity in the nation's largest sector accelerated in February. While this is survey-based data, it will nonetheless create a sense of optimism about Q1 growth prospects.

[BRIEFING.COM] The S&P 500 (+0.9%), Nasdaq Composite (+1.4%), and DJIA (+0.7%) remain poised to capture their first higher across-the-board finish of the week.

Investors have another modest batch of earnings to assess after the close, which includes a tech heavyweight in Broadcom (AVGO 319.42, +5.58, +1.78%). The stock has established itself as one of the most consistent operators in semiconductors, and guidance is the key once again. With the stock still sharply above 2025 lows despite a recent pullback, sentiment hinges on whether AI revenue can continue accelerating at a pace that justifies its premium valuation. Investors will watch closely for Q2 (Apr) revenue guidance, AI networking commentary, and margin durability. Any indication that AI growth is moderating - even from very high levels - could pressure shares, while another confident outlook could quickly shift the narrative back in the bulls' favor.

[BRIEFING.COM] The S&P 500 (+1.0%), Nasdaq Composite (+1.6%), and DJIA (+0.7%) continue to trade higher as the market enters the final hour of the session. 

Not much has changed since the midday hours, though the real estate sector (+0.1%) has managed to slide into positive territory, leaving just the energy (-1.0%) and consumer staples (-0.4%) sectors as today's laggards. 

Crude oil futures still settled today's session $0.12 higher (+0.2%) at $74.70 per barrel, though the gains are minuscule in comparison to the previous sessions this week. 

[BRIEFING.COM] The broader market has held its higher lines after the Fed released its March Beige Book at the bottom of the hour. The report showed that overall economic activity grew modestly in most Districts, supported by manufacturing and financial services, while consumer spending and residential real estate remained constrained by affordability and uncertainty. Labor markets were mostly stable with modest wage gains, and prices continued to rise moderately, driven by higher input costs and tariffs, though some firms faced pressure from price-sensitive customers. Currently, the S&P 500 (+0.94%) is in second place.

Overall, economic expectations were optimistic, with most Districts expecting slight to moderate growth in the coming months.

• Employment: Employment levels were generally stable in recent weeks as seven of the twelve Districts reported no change in hiring. Contacts in several Districts cited rising nonlabor input costs, softer demand, or uncertainty about overall economic conditions as reasons for flat or lower employment levels.
• Prices: Prices increased moderately in recent weeks, with eight Districts reporting moderate price growth and four seeing slight or modest increases. Many Districts reported that costs rose across several nonlabor inputs, including insurance, utilities and energy, and metals and other raw materials. Nine Districts mentioned that tariffs contributed to increased costs. Some firms continued to pass tariff-related cost increases through to their customers, and others began to do so after having absorbed previous increases.

Currently, the yield on the benchmark 10-yr Treasury note is little changed post Beige Book, up about one basis point at 4.083%.

[BRIEFING.COM] The Nasdaq Composite (+1.56%) is in first place with about two hours to go on the session, up about 352 points.

Gold futures settled $11.00 higher (+0.2%) at $5,134.70/oz, as safe-haven demand resurfaced amid escalating Middle East tensions, stabilizing prices after earlier volatility. A pause in the U.S. dollar's advance also lent support, offsetting pressure from elevated Treasury yields and recent profit-taking.

Meanwhile, the U.S. Dollar Index is down around -0.2% to $98.90.

[BRIEFING.COM] The Dow Jones Industrial Average (+0.53%) is in last place on Wednesday afternoon, up about 256 points.

A look inside the DJIA shows that Amazon (AMZN 215.88, +7.15, +3.43%), IBM (IBM 249.77, +4.49, +1.83%), and Cisco (CSCO 80.36, +1.40, +1.77%) host solid gains.

Meanwhile, Coca-Cola (KO 78.28, -1.06, -1.34%) is lagging.

The DJIA is now -0.45% lower week-to-date.

[BRIEFING.COM] Stocks are putting together a solid midweek session as the market's resilience to geopolitical developments combines with some relief in oil prices today. While the conflict in Iran continues into its fifth day, Treasury Secretary Scott Bessent told CNBC that the Trump administration will be making a series of announcements to mitigate the rise in oil prices.

Currently, the S&P 500 (+0.8%), Nasdaq Composite (+1.4%), and DJIA (+0.6%) trade in a relatively tight range near session highs. Crude oil is back above its flatline, currently trading $0.50 (+0.7%) higher at $75.06 a barrel. Crude's price action has been choppy today, but even as it sits near session highs, the increase pales in comparison to previous sessions. 

As a result, the energy sector (-1.0%) is the worst-performing S&P 500 sector today, one of just three that trades lower. 

Losses elsewhere are relatively modest and limited to the consumer staples (-0.4%) and real estate (-0.5%) sectors. 

Meanwhile, the broader market advances on solid participation, with some of its largest components among the outperformers. 

Amazon (AMZN 215.10, +6.37, +3.05%) and Tesla (TSLA 404.22, +11.79, +3.00%) are both mega-cap standouts, helping the consumer discretionary sector (+1.9%) claim the top spot on today's leaderboard. The Vanguard Mega Cap Growth ETF is currently up 1.3%

Travel-related names are seeing a nice rebound from recent weakness, while Ross Stores (ROST 212.44, +14.80, +7.49%) outperforms after topping earnings expectations. 

The top-weighted information technology sector (+1.7%) trails just slightly, supported by broad strength across its components. 

Memory storage names such as Seagate Tech (STX 386.14, +28.52, +7.97%) and Micron (MU 405.40, +25.72, +6.78%) are among the outperformers, rebounding nicely from a sharp retreat yesterday and helping the PHLX Semiconductor Index (+2.1%) move higher. 

Packaged software stocks such as AppLovin (APP 470.14, +31.25, +7.12%) are also charting solid gains, with the iShares GS Software ETF (+1.9%) expanding its recent rebound efforts. 

Elsewhere, Coinbase Global (COIN 210.89, +28.53, +15.64%) and Robinhood Markets (HOOD 82.28, +6.21, +8.16%) lead the strength in the financials sector (+0.5%) as Bitcoin climbs over 7% to reclaim the $73,000 mark, adding to the improved sentiment across the market today. 

The Russell 2000 (+1.1%) holds a solid gain, while the S&P Mid Cap 400 (-0.2%) trails. 

Altogether, the market is displaying a noticeably calmer disposition today. Solid tech and mega-cap leadership combine with broad strength to easily push the major averages to nice gains. However, the major averages remain below their 50-day moving averages, as investors remain cautious amid heightened geopolitical volatility. 

Reviewing today's data:

• Weekly MBA Mortgage Applications Index 11.0%; Prior 0.4%
• February ADP Employment Change 63K (Briefing.com consensus 42K); Prior was revised to 11K from 22K
• February S&P Global U.S. Services PMI - Final 51.7; Prior 52.3
• February ISM Non-Manufacturing Index 56.1% (Briefing.com consensus 53.9%); Prior 53.8%
  • The key takeaway from the report is the recognition that activity in the nation's largest sector accelerated in February. While this is survey-based data, it will nonetheless create a sense of optimism about Q1 growth prospects.

[BRIEFING.COM] The S&P 500 (+0.8%), Nasdaq Composite (+1.4%), and DJIA (+0.6%) remain in a stable range shortly after midday.

The consumer staples sector (-0.5%) is one of just three S&P 500 sectors that trades lower today. Brown-Forman Corporation (BF-B 26.12, -2.01, -7.15%) is a laggard despite surpassing Q3 EPS and revenue estimates, primarily driven by strength in emerging markets and ready-to-drink (RTD) categories.

Investors are fixating on weak U.S. sales, down 8% (1% organic), led by lower volumes of Jack Daniel's Tennessee Whiskey and the end of the Korbel distribution deal, alongside a 6% organic decline in developed international markets like Germany and the UK. The company's reaffirmation of a low-single-digit decline in FY26 organic net sales and operating income, citing low visibility from macro volatility and consumer uncertainty, is amplifying concerns.

Elsewhere in the sector, Target (TGT 121.92, +1.12, +0.93%) holds a nice gain, extending its week-to-date gain past 7% after its own earnings release yesterday before the open. 

[BRIEFING.COM] The major averages continue to steadily tick higher at midday. 

Moderna (MRNA 54.08, +4.25, +8.53%) is among the best-performing S&P 500 names today after the company entered into a $2.5 billion global settlement with Genevant Sciences, a nucleic acid delivery company and a subsidiary of Roivant Sciences (ROIV 28.50, +0.65, +2.32%), and Arbutus Biopharma (ABUS 4.58, -0.11, -2.30%) to resolve all US and international enforcement actions involving Moderna's unauthorized use of Genevant's and Arbutus' LNP delivery technology in its COVID-19 vaccines, including Spikevax.

Moderna's gain leads the health care sector (+0.2%), which trades just modestly higher amid a flat showing from defensive sectors today. Managed care names such as Molina Healthcare (MOH 151.13, +6.32, +4.36%) and Centene (CNC 45.02, +1.20, +2.74%) are among the other outperformers. 

[BRIEFING.COM] The S&P 500 (+0.8%), Nasdaq Composite (+1.3%), and DJIA (+0.7%) hold solid gains shortly before midday as risk sentiment improves across the market today. 

While the conflict in Iran continues, reports have begun circulating that question the country's ability to sustain a prolonged engagement. Importantly for the market, oil prices are showing some relief today, with crude currently down $0.47 (-0.6%) at $74.09 per barrel.

The energy sector is down 1.0%, but aside from modest weakness in real estate (-0.5%) and more defensive sectors, the broader market trades higher. 

The consumer discretionary sector (+1.9%) is an early standout, with Tesla (TSLA 402.03, +9.60, +2.45%) and Amazon (AMZN 215.06, +6.33, +3.03%) providing strong leadership amid a strong day for mega-cap stocks. The Vanguard Mega Cap Growth ETF is up 1.1%. 

Elsewhere in the sector, travel-related names are among the outperformers after recent geopolitical developments weighed heavily on the industry, while Ross Stores (ROST 212.25, +14.61, +7.39%) also outperforms after earnings. 

The information technology sector (+1.3%) is not far behind, also benefiting from broad strength across its components. Memory storage names are among the top movers after particular weakness, contributing to strength in the PHLX Semiconductor Index (+1.7%), while software stocks are sustaining their own rebound from recent lows, with the iShares GS Software ETF up 1.5%.

Outside of the S&P 500, the Russell 2000 (+1.1%) is up nicely, while the S&P Mid Cap 400 (-0.2%) holds a modest loss. 

The CBOE Volatility Index is down 10.3% to 21.16, reflecting a notable easing in hedging demand as risk appetite improves and equities extend their rebound into midday trade.

[BRIEFING.COM] The major averages continue to trade in a steady range near session highs. 

Ross Stores (ROST 211.50, +13.86, +7.01%) is sharply higher and reaching new all-time highs after reporting strong Q4 results in its important holiday quarter last night. The off-price retailer comfortably beat EPS expectations, while revenue growth accelerated, increasing 12.2% to $6.64 billion, well above expectations. ROST also issued an upbeat initial FY27 outlook, guiding EPS to $7.02-$7.36, in line with expectations, revenue growth of 5-7% (roughly $23.89-24.34 bln), above expectations, and comp sales growth of +3-4% on top of +5% in FY26, reinforcing continued strength in off-price.

The stock tops the leaderboard in the consumer discretionary sector (+2.0%), which is currently the best-performing S&P 500 sector.

Elsewhere, Coinbase Global (COIN 208.65, +26.29, +14.42%) is the top performer in the broader S&P 500, rising as Bitcoin gains traction today, currently trading up over 7% and reclaiming the $73,000 mark

[BRIEFING.COM] The S&P 500 (+0.7%), Nasdaq Composite (+1.2%), and DJIA (+0.6%) are charting a nice advance this morning as strength broadens to include seven S&P 500 sectors. 

The ISM Services PMI checked in at 56.1% in February (Briefing.com consensus: 53.9%), up from 53.8% in January. The dividing line between expansion and contraction is 50.0%, so the February reading, which is the highest since July 2022, reflects services sector activity growing at a faster pace than the prior month.

The key takeaway from the report is the recognition that activity in the nation's largest sector accelerated in February. While this is survey-based data, it will nonetheless create a sense of optimism about Q1 growth prospects.

[BRIEFING.COM] The S&P 500 (+0.2%), Nasdaq Composite (+0.8%), and DJIA (+0.1%) are modestly higher shortly after the open. 

Crude oil is down slightly, though above its lowest levels of the morning, after reports that Iran has denied a New York Times report that Iranian operatives reached out to the C.I.A. with an offer to end the war. Still, the energy sector (-1.6%) lags this morning after several consecutive days of higher oil prices. 

Meanwhile, several S&P 500 sectors are higher this morning, including some recent underperformers. 

The consumer discretionary sector (+1.5%) leads the advance, with Amazon (AMZN 214.28, +5.55, +2.66%) and Tesla (TSLA 397.41, +4.98, +1.27%) contributing to a solid start for mega-cap stocks, while Ross Stores (ROST 209.14, +11.50, +5.82%) rises after earnings. 

Software stocks are off to another higher start, helping the top-weighted information technology sector (+0.8%) rise to a nice early gain. The iShares GS Software ETF is up 1.2%. Meanwhile, chipmakers are garnering some buying interest after pronounced weakness yesterday, with the PHLX Semiconductor Index currently up 0.6%. 

The financials (+0.3%) and communication services (+0.3%) sectors also hold modest early gains. 

Just released, the ISM Services PMI checked in at 56.1 in February (Briefing.com consensus: 53.9), up from 53.8 in January.

The final S&P Global U.S. Services PMI registered at 51.7, down from a previous reading of 52.3.

The stock market is poised for a higher opening this morning as the market looks to bounce back from recent weakness tied to geopolitical concerns. 

A modest relief in oil prices is helping stoke the optimism this morning. Bitcoin is also up above the $70,000 mark for the first time in over two weeks, adding to the constructive tone.

Equity indices in the Asia-Pacific region ended the midweek session on a lower note with South Korea's Kospi (-12.1%) deepening its reversal from record territory. Shipping and energy names were among the worst performers in the region while Japanese banks also struggled. Japanese refiner Impex cancelled its bond sale due to market conditions. China's official PMI readings for February remained in contraction while the private sector readings showed accelerating growth.

• In economic data:
  • China's February Manufacturing PMI 49.0 (expected 49.1; last 49.3) and Non-Manufacturing PMI 49.5 (expected 49.8; last 49.4). February RatingDog Manufacturing PMI 52.1 (expected 50.1; last 50.3) and RatingDog Services PMI 56.7 (expected 52.3; last 52.3)
  • Japan's February Services PMI 53.8, as expected (last 53.7) and February Household Confidence 40.0 (expected 38.2; last 37.9)
  • South Korea's January Retail Sales 2.3% m/m (last 0.6%), January Industrial Production -1.9% m/m (expected 0.5%; last 1.5%); 7.1% yr/yr (expected 2.2%; last 1.4%)
  • Hong Kong's February Manufacturing PMI 53.3 (last 52.3) and January Retail Sales 5.5% yr/yr (last 6.6%)
  • Australia's February Services PMI 52.8 (expected 52.2; last 56.3). Q4 GDP 0.8% qtr/qtr (expected 0.7%; last 0.5%); 2.6% yr/yr (expected 2.2%; last 2.1%). Q4 GDP Chain Price Index 1.4% (last 0.8%)
  • New Zealand's Q4 Terms of Trade Index 3.7% qtr/qtr (expected -0.1%; last -2.1%)
  • India's February Services PMI 58.1 (expected 58.4; last 58.5)

---Equity Markets---

• Japan's Nikkei: -3.6%
• Hong Kong's Hang Seng: -2.0%
• China's Shanghai Composite: -1.0%
• India's Sensex: -1.4%
• South Korea's Kospi: -12.1%
• Australia's ASX All Ordinaries: -1.9%

Major European indices trade on a firmly higher note, recovering some of their losses from the start of the week. Adidas and Bayer are under pressure after issuing weak profit guidance for 2026. Military contractor Dassault Aviation reported strong results. French Finance Minister Lescure said that there is no risk of energy shortages in the coming weeks while Italy's Energy Minister Fratin said that his country is safe when it comes to gas supplies with no severe risk in sight.

• In economic data:
  • Eurozone's February Services PMI 51.9 (expected 51.8; last 51.8). January Unemployment Rate 6.1% (expected 6.2%; last 6.2%), and January PPI 0.7% m/m (expected 0.2%; last -0.3%); -2.1% yr/yr (expected -2.7%; last -2.0%)
  • Germany's February Services PMI 53.5 (expected 53.4; last 53.4)
  • U.K.'s February Services PMI 53.9, as expected (last 53.9)
  • France's February Services PMI 49.6, as expected (last 49.6)
  • Italy's Q4 GDP 0.3% qtr/qtr, as expected (last 0.2%); 0.8% yr/yr, as expected (last 0.7%). January Unemployment Rate 5.1% (expected 5.6%; last 5.5%). February Services PMI 52.3 (expected 52.6; last 52.9)
  • Spain's February Services PMI 51.9 (expected 52.9; last 53.5)
  • Swiss February CPI 0.6% m/m (expected 0.5%; last -0.1%); 0.1% yr/yr (expected -0.1%; last 0.1%)

---Equity Markets---

• STOXX Europe 600: +1.6%
• Germany's DAX: +1.7%
• U.K.'s FTSE 100: +0.9%
• France's CAC 40: +1.2%
• Italy's FTSE MIB: +1.7%
• Spain's IBEX 35: +2.2%

The S&P 500 futures currently trade 24 points above fair value. 

Just released, the ADP Employment Change report saw 63K private payrolls added in February (Briefing.com consensus 42K), from a downwardly revised prior increase of 11K (from 22K). 

Equity futures point to a modestly higher opening this morning after the major averages finished lower yesterday, though well off of their worst levels of the session. 

Stocks faced heightened volatility yesterday, with the broader market moving sharply lower early in the session amid rising oil prices and geopolitical developments before some buying support kicked in as crude oil narrowed its gain for the day. 

Part of the turnaround was attributed to President Trump's announcement that the U.S. Development Finance Corporation has been directed to provide insurance to carriers operating in the Persian Gulf after private insurers pulled coverage due to the conflict with Iran. Bloomberg reported that shippers are calling the assurances a partial fix to the crisis.

The New York Times reports that Iranian operatives reached out to the C.I.A. with an offer to discuss terms for ending the war.  In a separate report, Cleveland Fed President Beth Hammack said that it is too early to tell the economic impacts of the war in Iran and called for rates to remain unchanged "for an extended period of time."

Treasury Secretary Scott Bessent told CNBC that the Trump administration will be making a series of announcements to mitigate the rise in oil prices, and Section 122 global tariffs will likely be raised to 15% this week. 

Elsewhere, the market has a modest batch of earnings reports to asses this morning.

There are a few economic data releases on the calendar, including the February ISM Non-Manufacturing Index (Briefing.com consensus 53.9%) at 10:00 a.m. The MBA Mortgage Applications Index for the week ended February 28 increased 11%, from a prior increase of 0.4%.

In corporate news:

• Gold and silver flows were disrupted due to the Iran war, according to Financial Times. 
• CrowdStrike (CRWD 392.88, +1.56, +0.4%) beat EPS expectations by $0.02 and reported revenues in line. The company guided Q1 EPS in line with revenues above consensus and guided FY27 EPS in line with revenues in line.
• Ross Stores (ROST 210.30, +12.66, +6.4%) beat EPS expectations by $0.10 and beat revenue expectations. The company guided Q1 and FY27 EPS in line, authorized a new share buyback program, and increased its dividend. 

Reviewing overnight developments:

Equity indices in the Asia-Pacific region ended the midweek session on a lower note, with South Korea's Kospi (-12.1%) deepening its reversal from record territory. Japan's Nikkei: -3.6%, Hong Kong's Hang Seng: -2.0%, China's Shanghai Composite: -1.0%, India's Sensex: -1.4%, South Korea's Kospi: -12.1%, Australia's ASX All Ordinaries: -1.9%.

In news:

• Shipping and energy names were among the worst performers in the region while Japanese banks also struggled.
• Japanese refiner Impex cancelled its bond sale due to market conditions.
• China's official PMI readings for February remained in contraction while the private sector readings showed accelerating growth.

In economic data:

• China's February Manufacturing PMI 49.0 (expected 49.1; last 49.3) and Non-Manufacturing PMI 49.5 (expected 49.8; last 49.4). February RatingDog Manufacturing PMI 52.1 (expected 50.1; last 50.3) and RatingDog Services PMI 56.7 (expected 52.3; last 52.3)
• Japan's February Services PMI 53.8, as expected (last 53.7) and February Household Confidence 40.0 (expected 38.2; last 37.9)
• South Korea's January Retail Sales 2.3% m/m (last 0.6%), January Industrial Production -1.9% m/m (expected 0.5%; last 1.5%); 7.1% yr/yr (expected 2.2%; last 1.4%)
• Hong Kong's February Manufacturing PMI 53.3 (last 52.3) and January Retail Sales 5.5% yr/yr (last 6.6%)
• Australia's February Services PMI 52.8 (expected 52.2; last 56.3). Q4 GDP 0.8% qtr/qtr (expected 0.7%; last 0.5%); 2.6% yr/yr (expected 2.2%; last 2.1%). Q4 GDP Chain Price Index 1.4% (last 0.8%)
• New Zealand's Q4 Terms of Trade Index 3.7% qtr/qtr (expected -0.1%; last -2.1%)
• India's February Services PMI 58.1 (expected 58.4; last 58.5)

Major European indices trade on a firmly higher note, recovering some of their losses from the start of the week. STOXX Europe 600: +1.3%, Germany's DAX: +1.5%, U.K.'s FTSE 100: +0.6%, France's CAC 40: +0.8%, Italy's FTSE MIB: +1.4%, Spain's IBEX 35: +1.6%.

In news:

• Adidas and Bayer are under pressure after issuing weak profit guidance for 2026.
• Military contractor Dassault Aviation reported strong results.
• French Finance Minister Lescure said that there is no risk of energy shortages in the coming weeks while Italy's Energy Minister Fratin said that his country is safe when it comes to gas supplies with no severe risk in sight.

In economic data:

• Eurozone's February Services PMI 51.9 (expected 51.8; last 51.8). January Unemployment Rate 6.1% (expected 6.2%; last 6.2%), and January PPI 0.7% m/m (expected 0.2%; last -0.3%); -2.1% yr/yr (expected -2.7%; last -2.0%)
• Germany's February Services PMI 53.5 (expected 53.4; last 53.4)
• U.K.'s February Services PMI 53.9, as expected (last 53.9)
• France's February Services PMI 49.6, as expected (last 49.6)
• Italy's Q4 GDP 0.3% qtr/qtr, as expected (last 0.2%); 0.8% yr/yr, as expected (last 0.7%). January Unemployment Rate 5.1% (expected 5.6%; last 5.5%). February Services PMI 52.3 (expected 52.6; last 52.9)
• Spain's February Services PMI 51.9 (expected 52.9; last 53.5)
• Swiss February CPI 0.6% m/m (expected 0.5%; last -0.1%); 0.1% yr/yr (expected -0.1%; last 0.1%)

[BRIEFING.COM] The S&P 500 (-0.9%), Nasdaq Composite (-1.0%), and DJIA (-0.8%) finished lower across the board today as investors reacted to another day of higher energy prices amid the conflict in Iran. 

The major indices each traded with losses around 2.5% in the late morning hours, with broad losses and a clear risk-off disposition underscoring the market's fears that a prolonged rise in energy prices could impact inflation readings and affect the Fed's expected monetary policy path. 

Early breadth figures were abysmal, with a nearly 8% surge in oil prices putting broad pressure on the market. 

The early retreat was in some respects a technical move, as the market was well aware of those concerns yesterday but brushed them off to log a mixed finish. 

While the conflict in Iran does not have a clear end in sight as strikes continue, the market found some buying support in the midday hours that helped the major averages finish well above their session lows. 

Following earlier reports that tanker traffic through the Strait of Hormuz had slowed to a standstill, Donald Trump said in the afternoon via Truth Social that the U.S. Development Finance Corporation has been directed to provide insurance to carriers operating in the Persian Gulf after private insurers pulled coverage due to the conflict with Iran. He also indicated that the U.S. Navy could begin escorting tankers through the strait if necessary.

Ultimately oil gave back a chunk of its early gains, with crude oil futures settling today's session $3.35 higher (+4.7%) at $74.58 per barrel. 

All eleven S&P 500 sectors charted lower finishes, though nearly all of them improved considerably from their worst levels. 

The financials sector (-0.2%) came the closest to notching a gain today, with improvements across major banking names helping the sector shed an early loss of nearly 2%. Software-related names such as Jack Henry (JKHY 168.75, +4.55, +2.77%) and PayPal (PYPL 46.38, +0.75, +1.64%) were among the outperformers as the software space mounted another solid rebound effort today. 

The iShares GS Software ETF finished 1.6% higher, helping ease losses in the information technology sector (-1.1%). Workday (WDAY 143.61, +9.60, +7.16%) was the top-performing S&P 500 name today, while Microsoft (MSFT 403.93, +5.38, +1.35%) was a mega-cap standout. 

The sector remained firmly lower throughout the session following a disappointing performance from chipmakers, with the PHLX Semiconductor Index finishing 4.6% lower. 

Elsewhere, the communication services sector (-0.3%) was another relative outperformer today, supported by strength across cellular service names after AT&T (T 28.68, +0.67, +2.39%) reaffirmed its guidance. 

Meanwhile, the materials sector (-2.7%) closed with the widest loss amid a sharp pullback in precious metal prices. 

Target (TGT 120.80, +7.63, +6.74%) and Best Buy (BBY 65.95, +4.36, +7.08%) posted solid gains following their earnings reports, though corporate news flow was largely overshadowed by geopolitical developments and broader market swings today. 

Outside of the S&P 500, the Russell 2000 (-1.8%) and S&P Mid Cap 400 (-1.4%) underperformed today, facing pressure amid diminishing expectations for Fed easing this year. 

While the major averages finished lower, the sharp rebound from late-morning lows suggests that investors are not yet prepared to extrapolate the energy shock into a sustained downturn. For now, price action continues to hinge on developments in oil and the trajectory of the conflict.

U.S. Treasuries ended Tuesday with slight losses in most tenors after a steady rise off their morning lows. The trading day started with an extension of Monday's losses, which lifted yields to their highest levels in nearly three weeks alongside overnight weakness in global equities and other sovereign debt. However, the entire complex climbed off morning lows alongside a weak open on Wall Street. The 2-year note yield settled up one basis point to 3.50%, and the 10-year note yield settled up one basis point to 4.06%. 

There was no economic data of note today.

• S&P Mid Cap 400: +7.5% YTD
• Russell 2000: +5.1% YTD
• DJIA: +0.9% YTD
• S&P 500: -0.4% YTD
• Nasdaq Composite: -3.1% YTD