[BRIEFING.COM] Stocks ended a record-setting week on a lower note, with the S&P 500 (-1.2%), Nasdaq Composite (-1.5%), and DJIA (-1.1%) retreating from recent record highs amid a surge in oil prices and Treasury yields.

Crude oil futures settled today's session $4.33 higher (+4.3%) at $105.49 per barrel amid fears that the U.S. could re-engage in military operations against Iran after the summit between President Trump and President Xi failed to produce any meaningful policy changes.

The lack of surprises from the summit also included no mention of NVIDIA (NVDA 225.32, -10.42, -4.42%) H200 chip sales to China, while China's pledge to purchase 200 Boeing (BA 220.49, -8.72, -3.80%) jets was largely in line with expectations.

More important than any individual stock move, though, was the upward pressure on Treasuries that sent yields to fresh highs for the year amid renewed inflation concerns tied to the rise in oil prices. The 2-year note yield settled up nine basis points to 4.08%, while the 10-year note yield settled up 13 basis points to 4.60%.

Higher interest rates reduce the present value of future cash flows, and the market has clearly been placing a significant premium on the long-term earnings potential tied to the AI buildout.

The PHLX Semiconductor Index finished 4.0% lower today, ending the week with a loss after several choppy sessions. Corning (GLW 191.92, -16.36, -7.85%) and Micron (MU 724.66, -51.35, -6.62%) were among the worst-performing components of the information technology sector (-1.6%).

However, the sector was supported somewhat by relative strength in software stocks, with the iShares GS Software ETF finishing 1.3% higher. Microsoft (MSFT 421.92, +12.49, +3.05%) was a "Magnificent Seven" standout after CNBC reported that Pershing Square has built a position in the company.

Meanwhile, Tesla (TSLA 422.04, -21.26, -4.79%) was a notable laggard, which pressured the consumer discretionary sector (-1.8%).

The sector also faced weakness across its homebuilder components due to rising interest rates, which weighed on building products names in the industrials sector (-1.8%) as well.

The rate-sensitive utilities (-2.4%) and real estate (-1.6%) sectors also underperformed, while the materials sector (-2.7%) finished with the widest loss amid broad weakness in metals and mining names.

Only the energy sector (+2.3%) managed to finish higher amid the surge in oil prices today.

Outside of the S&P 500, the Russell 2000 (-2.4%) and S&P Mid Cap 400 (-1.7%) underperformed amid the broad risk-off tone and renewed pressure on economically-sensitive and rate-sensitive stocks.

Overall, today's session was a reminder that the macro backdrop remains a meaningful headwind for equities even after a strong AI-fueled earnings season helped drive the market to repeated record highs in recent weeks. The market entered the year expecting roughly two Fed rate cuts in 2026, but persistent inflation pressures and the recent surge in oil prices have now shifted expectations toward the possibility of a rate hike next January. The question now is whether investors will once again step in to buy today's weakness across tech and semiconductor stocks, or if rising yields and inflation concerns begin to weigh more meaningfully on the market's momentum.

• Nasdaq Composite: +12.8% YTD
• Russell 2000: +12.6% YTD 
• S&P Mid Cap 400: +9.2% YTD
• S&P 500: +8.2% YTD
• DJIA: +3.0% YTD

Reviewing today's data:

• May Empire State Manufacturing 19.6 (Briefing.com consensus 6.2); Prior 11.0
• April Industrial Production 0.7% (Briefing.com consensus 0.2%); Prior was revised to -0.3% from -0.5%, April Capacity Utilization 76.1% (Briefing.com consensus 75.7%); Prior 75.7%
  
  • The key takeaway from the report is that it was underpinned by solid manufacturing output that was led by the production of durables. Excluding motor vehicles and parts, manufacturing output was up 0.3% month-over-month.

[BRIEFING.COM] The major averages remain firmly lower as the market enters the final half hour of the session.

Looking ahead, Baidu (BIDU 135.64, -7.65, -5.34%) trades lower ahead of its earnings release Monday morning as investors position cautiously around continued weakness in Baidu Core's online marketing business, which has struggled amid ongoing pressure in the core advertising market.

Looking even further ahead, Reuters reports that SpaceX is targeting June 11 for its IPO, and will be under the Nasdaq.

[BRIEFING.COM] It has been a slow trudge through negative territory for stocks this afternoon, with the S&P 500 (-0.9%), Nasdaq Composite (-1.0%), and DJIA (-0.9%) little changed from their midday levels.

Crude oil futures settled today's session $4.33 higher (+4.3%) at $105.49 per barrel, which keeps the energy sector (+1.9%) firmly higher, while the other ten S&P 500 sectors trade lower.

Headlines are relatively muted this afternoon, and the major averages are currently mixed on a week-to-date basis.

[BRIEFING.COM] The S&P 500 (-0.81%) down about 61 points this afternoon, hosting the shallowest declines among the major averages on an overall down session.

Briefly, S&P 500 constituents Charter Comm (CHTR 138.49, -9.51, -6.43%), Corning (GLW 195.88, -12.40, -5.95%), and Albemarle (ALB 181.22, -9.88, -5.17%) dot the bottom of the average. CHTR continues recent weakness, now down more than -42% over the last three weeks.

Meanwhile, ServiceNow (NOW 95.90, +5.40, +5.97%) is near the top of the standings owing in part to news that the company partnered with Experian (EXPGY 34.67, +0.41, +1.21%) to scale agentic AI.

[BRIEFING.COM] The tech-heavy Nasdaq Composite (-0.83%) is in last place on Friday afternoon, down 220 points.

Gold futures settled $21.40 lower (-0.5%) at $4,685.30/oz, down about -3.6% on the week, pressured by a stronger U.S. dollar and rising Treasury yields after hotter inflation data reinforced expectations that the Federal Reserve could keep interest rates higher for longer. The decline also reflected reduced safe-haven demand as investors trimmed defensive positions following the Trump/Xi summit and shifted focus back toward inflation and rate concerns.

Meanwhile, the U.S. Dollar Index is up about +0.4% to $99.24.

[BRIEFING.COM] The Dow Jones Industrial Average (-0.76%) is in second place on Friday afternoon, down about 380 points.

A look inside the DJIA shows that Caterpillar (CAT 884.65, -35.57, -3.87%), NVIDIA (NVDA 228.94, -6.80, -2.88%), and Boeing (BA 222.83, -6.38, -2.78%) are some of today's top laggards.

Meanwhile, Salesforce (CRM 174.88, +7.30, +4.36%) holds firm atop the standings.

The DJIA is poised to end the week +0.15% higher.

Also, at the top of the hour, Baker Hughes (BKR 64.71, +0.10, +0.15%) announced a weekly U.S. rotary rig count of 551, +3 w/w and -25 yr/yr.

[BRIEFING.COM] Stocks are poised to end a record-setting week on a lower note, with rising oil prices and Treasury yields putting broad pressure on the market while tech and mega-cap names face selling pressure after their recent rally. The S&P 500 (-0.9%), Nasdaq Composite (-1.2%), and DJIA (-0.9%) have spent the session in a relatively tight range.

Crude oil is currently $3.92 (+3.9%) higher at $105.09 per barrel amid concerns that the U.S. could resume military operations against Iran after the summit between President Trump and Chinese President Xi concluded without any meaningful policy changes.

The surge in oil prices coincides with a jump in Treasury yields, with the 10-year note yield up 13 points to 4.59%. Inflation concerns are now back at the forefront of the market's attention, with the CME FedWatch tool now assigning a roughly 60% probability to a rate hike in January.

As a result, growth stocks are underperforming today. Semiconductor names are pulling back after a recent surge, with the PHLX Semiconductor Index down 3.0%. Intel (INTC 107.82, -8.11, -7.00%) is the worst-performing stock in the sector, while NVIDIA (NVDA 227.77, -7.97, -3.38%) is a mega-cap laggard.

However, software names are somewhat offsetting the weakness, with the iShares GS Software ETF up 1.2%. Microsoft (MSFT 424.20, +14.77, +3.61%) is a "magnificent seven" standout after CNBC reported that Pershing Square has built a position in the company.

Elsewhere, the consumer discretionary sector (-1.8%) remains near session lows, with Tesla (TSLA 423.99, -19.31, -4.36%) facing considerable weakness while Ford Motor (F 13.44, -1.04, -7.22%) pulls back from recent highs.

Homebuilders are underperforming amid the spike in interest rates, which weighs on the utilities (-1.9%) and real estate (-1.3%) sectors as well.

Meanwhile, the materials sector (-2.5%) holds the widest loss, facing broad weakness and pressure across precious metals names such as Newmont Corporation (NEM 108.96, -7.37, -6.34%) as silver slides 10%.

Outside of the S&P 500, the Russell 2000 (-2.3%) and S&P Mid Cap 400 (-1.5%) are underperforming, highlighting the market's risk-off tone.

Overall, today's session marks a notable shift from the AI-driven momentum that fueled the market's recent record run, as rising oil prices and renewed inflation concerns sparked broad profit-taking across growth and cyclical areas alike. Even with some resilience in software stocks, the sharp rise in Treasury yields and increasingly hawkish rate expectations weighs heavily on risk appetite.

Reviewing today's data:

• Industrial production increased 0.7% month-over-month in April (Briefing.com consensus: 0.2%) following an upwardly revised 0.3% decline (from -0.5%) in March. The capacity utilization rate was 76.1% (Briefing.com consensus: 75.7%), up from 75.7% in March. Total industrial production was up 1.4% year-over-year. The capacity utilization rate was 3.3 percentage points below its long-run average.
  
  • The key takeaway from the report is that it was underpinned by solid manufacturing output that was led by the production of durables. Excluding motor vehicles and parts, manufacturing output was up 0.3% month-over-month.
• May Empire State Manufacturing index checked in at 19.6 (Briefing.com consensus 6.2), from a prior level of 11.0.

[BRIEFING.COM] The S&P 500 (-0.9%), Nasdaq Composite (-1.2%), and DJIA (-0.9%) remain firmly lower shortly after midday.

The financials sector (-0.3%) is one of the more resilient sectors today, supported by relative strength in financial software names amid the broader gains across software stocks. The iShares GS Software ETF is up 1.2%.

Meanwhile, Coinbase Global (COIN 194.20, -17.81, -8.40%) is the worst-performing S&P 500 component as Bitcoin slides 2.3%, moving back below the $80,000 mark.

[BRIEFING.COM] The major averages remain little changed from previous levels as rising oil prices and yields continue to exert broad pressure on the market.

The materials sector (-2.7%) is the worst-performing S&P 500 sector, with particular pressure across metals producers such as Newmont Corporation (NEM 108.70, -7.63, -6.56%) and Freeport-McMoRan (FCX 62.43, -3.71, -5.61%). Gold is currently down roughly 3% while silver is down over 10%.

[BRIEFING.COM] Stocks are under broad pressure this morning, with the major averages backing off from yesterday's record levels. The Nasdaq Composite (-1.2%) holds the widest loss as tech and mega-cap names face outsized losses, while the S&P 500 (-0.9%) and DJIA (-0.9%) are also firmly lower.

The selling follows another jump in oil prices alongside continued weakness in Treasuries, pushing yields to fresh highs for the year and fueling concerns that inflation pressures could remain elevated if crude stays above $100 per barrel. The move has investors further dialing back hopes for near-term rate cuts, while some are now beginning to entertain the possibility of a Fed hike early next year.

Crude oil is currently up $3.56 (+3.5%) to $104.73 per barrel. Newsweek reports that China is calling on the U.S. and Iran to negotiate a ceasefire and reopen the Strait of Hormuz, but the recently concluded summit between President Trump and Chinese President Xi failed to produce any meaningful policy changes.

The energy sector (+1.3%) is the only S&P 500 sector that trades higher.

Meanwhile, the PHLX Semiconductor Index (-3.2%), Vanguard Mega Cap Growth ETF (-0.9%), and Russell 2000 (-2.3%) are all lower, reflecting the weakness across growth stocks.

[BRIEFING.COM] The major averages trade in a relatively tight range, firmly below their baselines.

Applied Materials (AMAT 434.80, -5.76, -1.31%) is trading modestly lower despite reporting strong Q2 (Apr) results last night. The company continued its long streak of EPS upside, while revenue increased 11.4% year-over-year to $7.91 billion, nicely above expectations. Guidance was also particularly strong, with Q3 EPS of $3.16-3.56 and revenue of $8.45-9.45 billion coming in well above expectations. AMAT also raised its CY26 growth outlook for its semiconductor equipment business to more than 30% from more than 20%.

The modestly lower reaction does not appear to reflect fundamentals, but rather the stock's strong run into the report and a broader pullback in AI/semi names as investors digest the recent surge.

[BRIEFING.COM] The S&P 500 (-0.9%), Nasdaq Composite (-1.3%), and DJIA (-0.7%) are a touch off their opening lows, but remain firmly lower this morning.

The information technology (-1.4%) is considerably improved from its worst levels, which is largely due to strength in Apple (AAPL 299.83, +1.62, +0.54%) and Microsoft (MSFT 420.75, +11.32, +2.76%), the only two "magnificent seven" names that trade higher. MSFT in particular is a standout after headlines that Pershing Square has built a position in the company, according to CNBC.

The Vanguard Mega Cap Growth ETF is down 0.9%.

U.S. Treasuries are also under pressure today. With today's losses, yields on the 5-year note and shorter tenors have reached their highest levels since February 2025 while yields on 10s and 30s are back to levels last seen in almost a year.

[BRIEFING.COM] The major averages have given back nearly all of their week-to-date gains this morning, with the S&P 500 (-1.1%), Nasdaq Composite (-1.6%), and DJIA (-0.8%) firmly lower across the board.

Eight S&P 500 sectors trade lower, with six holding losses of 1.0% or wider.

The top-weighted information technology sector (-2.2%) is among the laggards, facing pressure across chipmaker components that send the PHLX Semiconductor Index 4.5% lower. Coherent (COHR 373.16, -31.78, -7.85%) and Lumentum (LITE 929.42, -72.39, -7.23%) are among the worst-performing S&P 500 components.

Ford Motor (F 13.33, -1.15, -7.94%) is another S&P 500 laggard, giving back some of its previous gains that followed positive analyst commentary around its new energy storage business. Combined with weak mega-cap leadership from Tesla (TSLA 426.66, -16.64, -3.75%) and broad pressure, the consumer discretionary sector (-1.7%) is also moving lower this morning.

Meanwhile, the energy sector (+1.5) is firmly higher amid a bounce in oil prices, with crude oil up $3.11 (+3.1%) to $104.28 per barrel. Investors are concerned about a possible resumption of U.S. military strikes against Iran after the summit between the U.S. and China failed to produce any breakthroughs in relation to the conflict.

The consumer staples (+0.5%) and energy (+0.3%) sectors hold more modest gains.

On the data front, industrial production increased 0.7% month-over-month in April (Briefing.com consensus: 0.2%) following an upwardly revised 0.3% decline (from -0.5%) in March. The capacity utilization rate was 76.1% (Briefing.com consensus: 75.7%), up from 75.7% in March. Total industrial production was up 1.4% year-over-year. The capacity utilization rate was 3.3 percentage points below its long-run average.

The key takeaway from the report is that it was underpinned by solid manufacturing output that was led by the production of durables. Excluding motor vehicles and parts, manufacturing output was up 0.3% month-over-month.

Stocks remain poised for a lower opening this morning, with tech names set to give back a chunk of recent strength while oil bounces higher after several tamer finishes.

Just released, industrial production increased 0.7% month-over-month in April (Briefing.com consensus: 0.2%) following an upwardly revised 0.3% derease (from -0.5%) in March.

The capacity utilization rate was 76.1% (Briefing.com consensus: 75.7%), versus a 75.7 in March.

The S&P 500 futures currently trade 89 points below fair value.

Equity indices in the Asia-Pacific region had a broadly lower finish to the week with South Korea's Kospi (-6.1%) plunging from a record high alongside a jump in the country's 10-yr yield (+16 bps to 4.25%) amid worries about a potential employee strike at Samsung Electronics, though the employee union indicated willingness to push talks back to early June. Japanese debt was also pressured, sending yields to fresh highs for the year even though Finance Minister Katayama said that an extra budget will not be needed this year. U.S. Trade Representative Greer said that discussions about rare-earth materials with China went ok as President Trump wrapped up his visit to Beijing. Some CEOs that accompanied the president stayed behind to continue business discussions.

• In economic data:
  • Japan's April PPI 2.3% m/m (expected 0.7%; last 1.0%); 4.9% yr/yr (expected 3.0%; last 2.9%). April Machine Tool Orders 45.1% yr/yr (expected 28.1%; last 24.2%)
  • South Korea's April Import Prices Index 20.2% yr/yr (last 20.4%); 40.8% yr/yr (last 29.5%)
  • Hong Kong's Q1 GDP 2.9% qtr/qtr, as expected (last 1.0%); 5.9% yr/yr, as expected (last 3.8%)
  • India's April trade deficit $28.38 bln (expected deficit of $27.00 bln; last deficit of $20.67 bln)
  • New Zealand's April Business PMI 50.5 (last 52.8) and April Food Price Index 0.0% m/m (last -0.6%)

---Equity Markets---

• Japan's Nikkei: -2.0%
• Hong Kong's Hang Seng: -1.6%
• China's Shanghai Composite: -1.0% 
• India's Sensex: -0.2%
• South Korea's Kospi: -6.1%
• Australia's ASX All Ordinaries: -0.2% 

Major European indices are on track for a lower finish to the week. G-7 finance ministers will meet in France this weekend to discuss bond volatility. British Prime Minister Starmer may face a leadership challenge from Andy Burnham, who is the mayor of Greater Manchester. However, Mr. Burnham is not in parliament, so he would first need to win a special election to fill a vacant seat created by the resignation of a Labour MP. The European Central Bank's latest economic bulletin acknowledged the increase in energy costs due to the conflict in Iran, noting that households and firms are becoming more reluctant to consume and invest.

• In economic data:
  • Italy's April CPI 1.1% m/m (expected 1.2%; last 0.5%); 2.7% yr/yr (expected 2.8%; last 1.7%)

---Equity Markets---

• STOXX Europe 600: -1.6%
• Germany's DAX: -1.9%
• U.K.'s FTSE 100: -1.9%
• France's CAC 40: -1.6% 
• Italy's FTSE MIB: -2.0% 
• Spain's IBEX 35: -1.3% 

The S&P 500 futures currently trade 89 points below fair value.

Just released, the May Empire State Manufacturing index checked in at 19.6 (Briefing.com consensus 6.2), from a prior level of 11.0.

Equity futures point to a lower future this morning following another session of tech leadership that sent the S&P 500 and Nasdaq Composite to fresh record highs. Stocks have been on a tear in recent sessions, though the somewhat narrow concentration of leadership across large tech names has invited some concerns around the sustainability of the rally.

Additionally, there are a few geopolitical developments that add to the less enthusiastic tone this morning. The summit between President Trump and President Xi concluded without any notable breakthroughs. Both leaders expressed a desire to keep the Strait of Hormuz open, but the U.S. and Iran remain locked in a stalemate, prompting concerns that military action could resume.

Oil prices are moving higher this morning, with WTI crude currently up $3.03 (+3.0%) to $104.20 per barrel.

In corporate news:

• Applied Materials (AMAT 435.00, -5.56, -1.3%) beat EPS expectations by $0.18, beat revenue expectations, and guided Q3 EPS and revenues above consensus.
• DexCom (DXCM 60.30, +2.48, +4.3%) is higher after headlines that Elliot Investment Management has taken a stake in the company, according to Reuters.
• Microsoft (MSFT 412.69, +3.26, +0.8%) is higher in the premarket after Pershing Square's Bill Ackman unveiled a new position, according to Bloomberg.

Reviewing overnight developments:

Equity indices in the Asia-Pacific region had a broadly lower finish to the week with South Korea's Kospi (-6.1%) plunging from a record high alongside a jump in the country's 10-yr yield (+16 bps to 4.25%) amid worries about a potential employee strike at Samsung Electronics, though the employee union indicated willingness to push talks back to early June. Japan's Nikkei: -2.0%, Hong Kong's Hang Seng: -1.6%, China's Shanghai Composite: -1.0%, India's Sensex: -0.2%, South Korea's Kospi: -6.1%, Australia's ASX All Ordinaries: -0.2%.

In news:

• Japanese debt was also pressured, sending yields to fresh highs for the year even though Finance Minister Katayama said that an extra budget will not be needed this year.
• U.S. Trade Representative Greer said that discussions about rare-earth materials with China went ok as President Trump wrapped up his visit to Beijing.
• Some CEOs that accompanied the president stayed behind to continue business discussions.

In economic data:

• Japan's April PPI 2.3% m/m (expected 0.7%; last 1.0%); 4.9% yr/yr (expected 3.0%; last 2.9%). April Machine Tool Orders 45.1% yr/yr (expected 28.1%; last 24.2%)
• South Korea's April Import Prices Index 20.2% yr/yr (last 20.4%); 40.8% yr/yr (last 29.5%)
• Hong Kong's Q1 GDP 2.9% qtr/qtr, as expected (last 1.0%); 5.9% yr/yr, as expected (last 3.8%)
• India's April trade deficit $28.38 bln (expected deficit of $27.00 bln; last deficit of $20.67 bln)
• New Zealand's April Business PMI 50.5 (last 52.8) and April Food Price Index 0.0% m/m (last -0.6%)

Major European indices are on track for a lower finish to the week. STOXX Europe 600: -1.2%, Germany's DAX: -1.6%, U.K.'s FTSE 100: -1.5%, France's CAC 40: -1.4%, Italy's FTSE MIB: -1.8%, Spain's IBEX 35: -1.3%.

In news:

• G-7 finance ministers will meet in France this weekend to discuss bond volatility.
• British Prime Minister Starmer may face a leadership challenge from Andy Burnham, who is the mayor of Greater Manchester. However, Mr. Burnham is not in parliament, so he would first need to win a special election to fill a vacant seat created by the resignation of a Labour MP.
• The European Central Bank's latest economic bulletin acknowledged the increase in energy costs due to the conflict in Iran, noting that households and firms are becoming more reluctant to consume and invest.

[BRIEFING.COM] Sustained enthusiasm across the AI trade sent the S&P 500 (+0.8%) and Nasdaq Composite (+0.9%) to fresh record highs again today, while the DJIA (+0.8%) reclaimed and closed above the 50,000 mark.

There was relatively firmer participation across the broader market today, which helped the DJIA keep pace with the other major indices, but its gain is also largely due to an impressive post-earnings rally from Cisco (CSCO 115.53, +13.66, +13.41%). The company decidedly topped earnings expectations and issued much better-than-expected Q4 guidance driven by accelerating AI infrastructure demand and broad-based networking strength.

Cisco's gain made it the top-performing component of the information technology sector (+1.9%) and the S&P 500 as a whole.

The world's largest company by market capitalization, NVIDIA (NVDA 235.74, +9.92, +4.39%), also posted a solid gain today that leaves it on the doorstep of a double-digit gain for the week. Reuters reported that the U.S. approved sales of the company's H200 chip to ten Chinese companies, while UBS raised its price target on the stock to $275 from $245.

NVIDIA's gain helped the PHLX Semiconductor Index (+0.5%) finish higher despite some profit-taking after yesterday's rally. Meanwhile, software stocks outperformed, sending the iShares GS Software ETF 2.3% higher. 

The eagerly anticipated IPO of Cerebras Systems (CBRS 311.07, +126.07, +68.15%) added to today's AI momentum, with the upsized 30.0 million-share deal pricing at $185 per share, well above the already raised $150-$160 range, before opening at $350 for an 89% first-trade gain. The deal underscores the huge appetite for pure-play AI infrastructure exposure, but it also leaves investors staring at a nose-bleed valuation with a market cap near $70 billion and a price-to-sales multiple close to 140x.

Elsewhere, gains were more modest, with six total S&P 500 sectors finishing higher. The energy sector (+0.8%) was a top performer amid a modest increase in oil prices, though geopolitical headlines remained muted today, with the summit between President Trump and Chinese President Xi producing little in the way of surprises.

Mega-cap stocks outside of the technology sector faced some profit-taking after yesterday's rally, which contributed to weakness in the consumer discretionary (-0.3%) and communication services (-0.2%) sectors.

The materials (-0.8%) and real estate (-0.6%) sectors underperformed.

Outside of the S&P 500, the Russell 2000 (+0.7%) and S&P Mid Cap 400 (+0.4%) captured decent gains.

Overall, it was another winning session for stocks as the AI trade was supported by several catalysts, while the broader market fared better than in recent sessions marked by narrow leadership. Weaker breadth has prompted some analyst concerns around stretched valuations and the potential for speculative excess across AI-linked names, but the exceptionally strong Q1 earnings season and continued flow of supportive catalysts have helped reinforce confidence in the rally and provide meaningful fundamental support for many of the market's leaders. Additionally, investors have consistently stepped in to buy recent pullbacks across semiconductors and mega-cap tech stocks, reinforcing the market's momentum and helping keep the major averages near record territory.

U.S. Treasuries finished Thursday on a mostly higher note, though intraday action saw a pullback in shorter tenors while the long end outperfo rmed, hanging onto the bulk of today's starting gains. The 2-year note yield finished unchanged at 3.99%, and the 10-year note yield settled down two basis points to 4.46%.  

• Russell 2000: +15.2% YTD
• Nasdaq Composite: +14.6% YTD
• S&P Mid Cap 400: +11.0% YTD
• S&P 500: +9.6% YTD
• DJIA: +4.2% YTD

Reviewing today's data:

• April Retail Sales 0.5% (Briefing.com consensus 0.4%); Prior was revised to 1.6% from 1.7%, April Retail Sales, ex-auto 0.7% (Briefing.com consensus 0.4%); Prior 1.9%
  • The key takeaway from the report is that solid spending activity was seen across most retail categories in April, which is when consumers were digesting the gas price shock from the Iran war. Excluding auto and gasoline station sales, retail sales were up 0.5% month-over-month.
• Weekly Initial Claims 211K (Briefing.com consensus 208K); Prior was revised to 199K from 200K, Weekly Continuing Claims 1.782 mln; Prior was revised to 1.758 mln from 1.766 mln
  • The key takeaway from the report is that, even though initial and continuing jobless claims were up in the latest week, neither has risen to a level that would ring alarm bells about a serious deterioration in the labor market.
• April Import Prices 1.9%; Prior was revised to 0.9% from 0.8%
• April Import Price ex-oil 0.8%; Prior was revised to 0.2% from 0.6%
• April Export Prices 3.3%; Prior was revised to 1.5% from 1.6%
• April Export Prices ex-ag. 3.4%; Prior was revised to 1.6% from 1.7%
• March Business Inventories 0.9% (Briefing.com consensus 0.3%); Prior 0.4%