[BRIEFING.COM] The S&P 500 (-0.4%), Nasdaq Composite (-0.8%), and DJIA (+0.2%) now sit mostly lower with just an hour remaining in today's session.

Losses have widened in the information technology sector (-1.7%), with the PHLX Semiconductor Index now down 4.3%. Coherent (COHR 217.03, -26.45, -10.86%) remains the worst performer, though Micron (MU 322.90, -34.32, -9.61%)is nearing a double-digit retreat as well.

Elsewhere, the industrials sector (-1.5%) is also near session lows. Software-adjacent names continue to plot gains, but losses are widening across engineering, construction, and electrical product names, with Comfort Systems (FIX 1260.95, -105.82, -7.74%) and Vertiv (VRT 234.18, -16.89, -6.73%) among the laggards.

Even the energy sector (-0.5%) now holds a modest loss despite crude oil futures setting today's session $3.41 higher (+3.4%) at $102.92 per barrel.

[BRIEFING.COM] The S&P 500 (-0.32%) is in second place on Monday afternoon, down about 20 points.

Briefly, S&P 500 constituents Sysco (SYY 70.10, -11.70, -14.30%), Boston Scientific (BSX 62.80, -6.37, -9.21%), and Micron (MU 325.53, -31.54, -8.83%) pepper the bottom of the average. SYY slides as investors react to its ~$29 bln Restaurant Depot acquisition, which is being funded largely with new debt and stock, raising concerns about leverage, dilution, and a pause in share buybacks, while BSX falls on concerns about an FTC second request and slower near-term growth in key segments, despite positive CHAMPION-AF trial results.

Meanwhile, Arthur J. Gallagher (AJG 216.30, +9.20, +4.44%) is notably higher today; the company earlier announced the acquisition of Australian-based International Insurance Brokers Pty Ltd.

[BRIEFING.COM] With about two hours to go on Monday the tech-heavy Nasdaq Composite (-0.54%) is down now about 114 points.

Gold futures settled $116.20 higher (+2.7%) at $4,492.50/oz, supported by safe-haven demand as escalating Middle East tensions and higher oil prices unsettled broader markets. Gains were limited as rising energy-driven inflation concerns reinforced expectations for higher-for-longer interest rates, which continue to cap gold's upside.

Meanwhile, the U.S. Dollar Index adds about +0.3% to $100.48.

[BRIEFING.COM] The Dow Jones Industrial Average (+0.29%) is in front on gains of 133 points this afternoon.

A look inside the DJIA shows that Salesforce (CRM 184.80, +5.49, +3.06%), Walt Disney (DIS 94.51, +2.09, +2.26%), and Travelers (TRV 291.59, +6.32, +2.22%) are holding solid gains.

Meanwhile, Caterpillar (CAT 668.13, -27.27, -3.92%) is underperforming.

The DJIA is down on the month about -7.51%.

[BRIEFING.COM] The S&P 500 (+0.2%), Nasdaq Composite (-0.1%), and DJIA (+0.6%) sit mostly higher shortly after midday as lingering weakness across semiconductor stocks limits gains at the index level despite broad strength elsewhere.

Nine S&P 500 sectors trade higher, and six sectors hold gains of 1.0% or wider. The broad rebound has largely been attributed to a technical bounce after considerable losses at the end of last week that saw the major averages each retreat more than 1.5% on Friday.

Corporate news flow is once again on the lighter side, and geopolitical developments surrounding Iran continue to drive headlines. President Trump wrote on Truth Social that Iran has conceded to most of the demands in the 15-point peace proposal that the U.S. set forth, though he did not provide details. Additionally, the same post included threats to destroy Iran's energy infrastructure if a deal is not struck soon.

Oil prices are higher again today, which supports the idea that the broad strength is more a reaction to oversold conditions than expectations of an imminent end to the conflict. WTI crude is currently up $3.32 (+3.3%) to $102.96 per barrel.

Adding to the whirlwind of factors affecting the market today is commentary from Fed Chair Jerome Powell (voting FOMC member), who said inflation expectations still appear to be well anchored beyond the short term. In particular, Mr. Powell noted that the Fed's tools do not have a meaningful impact on supply shocks, which has helped to quell recent fears that the Fed could raise rates later this year.

Despite the strength in the broader market, the major averages remain limited due to weakness in the top-weighted information technology sector (-0.9%), which is one of just two S&P 500 sectors that trade lower (the other being the industrials sector which is down 1.1%). The PHLX Semiconductor Index is down 3.6%, extending its month-to-date losses to 11.3%. Coherent (COHR 219.39, -24.09, -9.89%) is one of the worst-performing S&P 500 names today, while memory storage names such as Micron (MU 329.57, -27.65, -7.74%) and Western Digital (WDC 254.58, -20.76, -7.54%) are not faring much better.

Software names are helping to limit losses in the sector, with the iShares GS Software ETF (IGV) up 1.7%. Palo Alto Networks (PANW 157.18, +10.16, +6.91%), ServiceNow (NOW 105.36, +5.95, +5.99%), and CrowdStrike (CRWD 386.61, +17.03, +4.61%) occupy the top spots on the S&P 500 leaderboard, while Microsoft (MSFT 361.24, +4.47, +1.25%) is a "magnificent seven" standout amid mixed strength across the market's largest names that keeps the Vanguard Mega Cap Growth ETF flat.

Elsewhere, Meta Platforms (META 537.04, +11.32, +2.15%) is reclaiming some of last week's losses that followed a jury finding the company liable in a social media addiction trial.

Outside of the S&P 500, the Russell 2000 (-0.9%) and S&P Mid Cap 400 (-0.2%) are underperforming.

[BRIEFING.COM] The S&P 500 (+0.1%), Nasdaq Composite (-0.2%), and DJIA (+0.7%) are back to a mixed standing as the information technology sector (-1.0%) slumps toward session lows. 

Elsewhere, Sysco (SYY 70.30, -11.50, -14.06%) is the worst-performing S&P 500 name today after agreeing to acquire Jetro Restaurant Depot in a $29.1 billion deal.

Though not an S&P 500 component, Bath & Body Works (BBWI 18.70, +1.90, +11.28%) is experiencing elevated volatility and trades sharply higher today. The move is attributed to increased institutional buying, with SG Americas Securities LLC increasing its position in the company by 725%.

[BRIEFING.COM] The major averages are back at session highs, which is due in part to the information technology sector (-0.3%) improving from earlier losses.

The PHLX Semiconductor Index (-2.5%) is little changed from its previous levels, with weakness across memory storage names such as Micron (MU 333.05, -24.02, -6.73%) and Western Digital (WDC 256.38, -18.96, -6.89%). Those stocks in particular have had a tumultuous month that has eroded their strong start to the year. Micron is down 18.7% in March but remains up 17.5% for the year, while Western Digital is down 8.0% for the month but remains 49.2% higher in 2026.

Even with the weakness in tech, the Vanguard Mega Cap Growth ETF is up 0.3%. In the communication services sector, Meta Platforms (META 537.94, +12.22, +2.32%) is a "magnificent seven" standout, taking back a chunk of last week's losses that were largely attributed to a jury finding the company liable in a social media addiction trial.

[BRIEFING.COM] The S&P 500 (+0.4%), Nasdaq Composite (+0.1%), and DJIA (+0.8%) are trading modestly higher, supported by a solid rebound in the broader market following Friday's sell-off. The S&P Mid Cap 400 (+0.3%) and Russell 2000 (-0.3%) are mixed.

Nine S&P 500 sectors are trading higher, with seven posting gains of more than 1.0%. Unfortunately for the major averages, the top-weighted information technology sector (-0.7%) is not among the gainers this morning, with semiconductor stocks continuing to face recent weakness. The PHLX Semiconductor Index is down 3.4%, widening its loss for the month of March to 11.0%.

The industrials sector (-0.8%) is also trading lower, with particular weakness in construction and electrical equipment names.

Meanwhile, the broader market is showing firm gains, helping to keep the major averages in positive territory.

Geopolitical developments continue to garner the lion's share of attention this morning, with mixed signaling surrounding the war in Iran. President Trump wrote on Truth Social that Iran has conceded many of the demands outlined in a 15-point peace proposal, though in the same message, the president also threatened to destroy Iran's energy infrastructure. Reports over the weekend indicated U.S. troop movements in the Middle East, while Yemen's Iran-backed Houthis claimed missile strikes against Israel, all of which point to potential escalation in the conflict. Crude oil is currently up $2.63 (+2.6%) at $102.27 per barrel.

[BRIEFING.COM] The S&P 500 (+0.5%), Nasdaq Composite (+0.3%), and DJIA (+0.8%) are back near session highs as the market continues to post broad gains.

The real estate sector (+1.7%) now holds the largest gain among the S&P 500 sectors, supported in part by lower Treasury yields, with the 10-year note yield down 11 basis points to 4.33%. 

[BRIEFING.COM] The S&P 500 (+0.3%), Nasdaq Composite (+0.1%), and DJIA (+0.5%) are back into modestly positive territory across the board as the information technology sector (-0.3%) has bounced off its worst levels this morning.

While semiconductors remain under pressure, software stocks are off to a solid start, with Palo Alto Networks (PANW 156.86, +9.84, +6.69%) and CrowdStrike (CRWD 386.35, +16.77, +4.54%) among the best-performing S&P 500 components this morning. The iShares GS Software ETF is up 1.4%.

Elsewhere, the financials sector (+1.0%) is one of the best-performing sectors this morning after a 2.5% retreat on Friday. The sector is supported by broad strength across nearly all of its components, though the gains are largely still modest in comparison to previous weakness.

[BRIEFING.COM] The S&P 500 (+0.3%), Nasdaq Composite (flat), and DJIA (+0.5%) are mostly higher this morning as investors balance rising oil prices against relatively broad buying interest following Friday's sharp retreat.

President Trump's commentary on progressing negotiations with Iran gave the market some optimism before the open, but CBS News recently reported that hundreds of U.S. special forces are now in the Middle East, suggesting an escalation to the conflict is still in play.

The energy sector (+0.9%) is the top-performing S&P 500 sector this morning, boosted by a higher price of oil as WTI crude climbs $2.82 (+2.8%) to $103.46 per barrel.
The stock market's opening strength encompassed all eleven S&P 500 sectors, though the industrials (-0.9%) and information technology (-0.5%) sectors have since moved lower, with losses across tech erasing the Nasdaq Composite's early gain.

Semiconductors are not among the stocks that are garnering some buy-the-dip interest this morning and instead see a continuation of recent losses. The PHLX Semiconductor Index is down 2.1%.

The stock market remains on track for a higher opening this morning as the market continues to monitor developments on the geopolitical front. There is some recent commentary from President Trump suggesting negotiations are taking place, though crude oil is climbing this morning.

Treasuries are also on the move this morning, with yields moving sharply lower after a rise alongside the recent surge in energy prices, suggesting a potential pivot from inflation worries to growth worries. 

The S&P 500 futures currently trade 58 points above fair value. 

Equity indices in the Asia-Pacific region began the week on a mostly lower note with South Korea's Kospi (-3.0%) and Japan's Nikkei (-2.8%) leading to the downside. There was little apparent change to the situation in the Middle East over the weekend, leaving some recent concerns in place. The Japanese yen briefly hit its lowest level against the dollar since mid-2024 before bouncing. The rebound followed the release of the Bank of Japan's latest Summary of Opinions, which did not show opposition to additional rate hikes. There was an increase in expectations for a rate hike from the Reserve Bank of Australia. Companies listed in China and Hong Kong reported a 3.55% yr/yr increase in profits for fiscal 2025.

• In economic data:
  • India's February Industrial Production 5.2% yr/yr (expected 4.7%; last 4.8%) and February Manufacturing Output 6.0% m/m (last 4.8%)

---Equity Markets---

• Japan's Nikkei: -2.8% 
• Hong Kong's Hang Seng: -0.9%
• China's Shanghai Composite: +0.2%
• India's Sensex: -2.2%
• South Korea's Kospi: -3.0%
• Australia's ASX All Ordinaries: -0.6%

Major European indices trade in the green despite a continued rise in energy prices that has Brent crude approaching $110/bbl. The European Central Bank plans to simplify the approval process for changes to internal risk models of banks in the fall. European Central Bank policymaker Lane said that the ECB will not hesitate to act. Germany will release its flash March CPI report atop the hour, which is expected to show an acceleration to 2.7% yr/yr from 1.9% in February.

• In economic data:
  • Eurozone's March Business and Consumer Survey 96.6 (expected 96.5; last 98.2)
  • U.K.'s February Mortgage Lending GBP4.84 bln (expected GBP4.10 bln; last GBP4.21 bln), February Net Lending to Individuals GBP6.80 bln (expected GBP5.60 bln; last GBP5.90 bln), and February Mortgage Approvals 62,580 (expected 61,000; last 60,250)
  • Italy's February PPI -0.4% m/m (last 1.5%); -2.7% yr/yr (last -1.6%)
  • Spain's February Retail Sales 2.2% yr/yr (expected 3.8%; last 3.8%)
  • Swiss March KOF Leading Indicators 96.1 (expected 101.1; last 103.8)

---Equity Markets---

• STOXX Europe 600: +0.8%
• Germany's DAX: +0.4%
• U.K.'s FTSE 100: +1.1%
• France's CAC 40: +0.5%
• Italy's FTSE MIB: +0.8%
• Spain's IBEX 35: +0.5%

The S&P 500 futures currently trade 51 points above fair value. 

Recent commentary from President Trump has added to this morning's early optimism, with the president writing on Truth Social, "The United States of America is in serious discussions with A NEW, AND MORE REASONABLE, REGIME to end our Military Operations in Iran." It is worth noting that those comments were accompanied by a threat to destroy Iran's energy infrastructure if a deal is not struck soon and the Strait of Hormuz remains closed.

While the reaction in equity futures certainly does not suggest the market is expecting a clear and imminent end to the war, the latest commentary helps prime the market for a modest bounce after a particularly weak session on Friday.

Equity futures point to a higher opening this morning to start a holiday-abbreviated week. The major averages are coming off their fifth consecutive losing week, with each index retreating more than 1.5% in Friday's action.

The previous losses were largely driven by broad uncertainty, with oil prices remaining elevated amid the conflict in Iran, weighing on inflation expectations and the projected monetary policy outlook. There is also a technical component to the recent weakness, as the major averages were unable to reclaim their 200-day moving averages during an early-week rally. The DJIA has officially entered correction territory.

This morning's optimism seems to be tied to developments on the geopolitical front. Bloomberg reported yesterday that President Trump said Iran 'gave' the U.S. most of the demands outlined in a 15-point peace proposal to end the war, according to Bloomberg. However, the president did not specify what these demands were. The situation remains murky, with President Trump recently stating that the U.S. will destroy Iran's energy infrastructure on Kharg Island if a deal is not reached soon, according to CNBC.

WTI Crude Oil is back above the $100 per barrel mark, currently up $1.90 (+1.9%) to $101.54 per barrel.

There is no economic data of note today.

In corporate news:

• President Trump signed an order to pay TSA agents after Congress failed to pass a resolution to fund the DHS, according to CNBC. 
• Sysco (SYY 76.27, -5.53, -6.8%) trades lower in the premarket after agreeing to acquire Jetro Restaurant Depot in a $29.1 billion deal

Reviewing overnight developments:

Equity indices in the Asia-Pacific region began the week on a mostly lower note with South Korea's Kospi (-3.0%) and Japan's Nikkei (-2.8%) leading to the downside. Japan's Nikkei: -2.8%, Hong Kong's Hang Seng: -0.9%, China's Shanghai Composite: +0.2%, India's Sensex: -2.2%, South Korea's Kospi: -3.0%, Australia's ASX All Ordinaries: -0.6%.

In news:

• There was little apparent change to the situation in the Middle East over the weekend, leaving some recent concerns in place.
• The Japanese yen briefly hit its lowest level against the dollar since mid-2024 before bouncing.
• The rebound followed the release of the Bank of Japan's latest Summary of Opinions, which did not show opposition to additional rate hikes.
• There was an increase in expectations for a rate hike from the Reserve Bank of Australia.
• Companies listed in China and Hong Kong reported a 3.55% yr/yr increase in profits for fiscal 2025.

In economic data:

• India's February Industrial Production 5.2% yr/yr (expected 4.7%; last 4.8%) and February Manufacturing Output 6.0% m/m (last 4.8%)

Major European indices trade in the green despite a continued rise in energy prices that has Brent crude approaching $110/bbl. STOXX Europe 600: +0.5%, Germany's DAX: +0.2%, U.K.'s FTSE 100: +0.9%, France's CAC 40: +0.3%, Italy's FTSE MIB: +0.5%, Spain's IBEX 35: +0.2%.

[BRIEFING.COM] The stock market charted another considerable retreat today after a similar showing yesterday, with the major averages finishing lower across the board for the week. The S&P 500 (-1.7%), Nasdaq Composite (-2.2%), and DJIA (-1.7%) faced broad pressure that widened throughout the session as oil prices climbed amid heightened geopolitical uncertainty.

Today's session did not give the market any clarity on how negotiations between the U.S. and Iran are progressing, if they are even happening at all. There was, however, a report from The Wall Street Journal that indicated the Pentagon is considering sending an additional 10,000 ground troops to the Middle East.

On the heels of yesterday's reports of neighboring Gulf states preparing for possible military intervention, the market now enters the weekend with a heightened state of anxiety around a potential ground conflict.

Today's climb in oil prices saw WTI crude end the week close to where it started, which is notable considering Monday saw a double-digit pullback. Crude oil futures settled today's session $5.08 higher (+5.4%) at $99.51 per barrel. The energy sector (+1.9%) was a standout, finishing the week with a 6.3% gain.

There were also some rotational gains realized in the defensive consumer staples (+0.8%) and utilities (+0.6%) sectors, with a few noteworthy single-stock moves in the mix. Entergy (ETR 109.88, +7.02, +6.82%) was the top-performing S&P 500 component following an expanded agreement with Meta Platforms (META 525.72, -21.82, -3.99%) to support the hyperscale data center in Northeast Louisiana, while Brown-Forman Corporation (BF-B 27.24, +1.50, +5.83%) saw an extension of yesterday's gains after confirming acquisition interest from Pernod-Ricard (PDRDY 47.12, -0.18, -0.38%).

The other eight S&P 500 sectors traded lower, with sharp losses across some of the weightiest sectors stinging the major averages for a second consecutive session.

The consumer discretionary sector (-3.1%) faced the widest loss, with all but two of its components finishing lower. Cruise lines such as Norwegian Cruise Line (NCLH 18.49, -1.36, -6.85%) were among the sector's worst performers after Carnival (CCL 24.19, -1.09, -4.31%) topped earnings estimates but issued disappointing guidance in response to the recent surge in fuel prices.

The sector also suffered from poor mega-cap leadership, with Amazon (AMZN 199.34, -8.20, -3.95%) and Tesla (TSLA 361.83, -10.28, -2.76%) both lagging today.

Lingering weakness across mega-cap stocks weighed on the communication services (-2.3%) and information technology (-2.0%) sectors as well. The Vanguard Mega Cap Growth ETF shed 2.3% today, and all of the "magnificent seven" stocks charted lower finishes.

Meta Platforms (META 525.72, -21.82, -3.99%) was the worst-performer of the group, facing an extension of yesterday's losses after a jury found the company liable in a social media addiction trial.

In the technology sector, losses were particularly acute across software names as Datadog (DDOG 114.48, -9.82, -7.90%) and other packaged software companies were among some of the worst-performing S&P 500 components. The iShares GS Software ETF (IGV) finished 3.6% lower.

Elsewhere, the financials sector logged a similar retreat as all but one of its components traded lower. Citigroup (C 107.32, -5.09, -4.53%) was a laggard across major banking names after Bloomberg reported the company is interested in buying a regional bank, though Citigroup denied the report.

Meanwhile, Coinbase Global (COIN 161.14, -12.24, -7.06%) and Robinhood Markets (HOOD 66.02, -4.33, -6.15%) saw comparable losses as Bitcoin slid 4%.

The market's clear risk-off tone also weighed on smaller-cap stocks, with the Russell 2000 (-1.8%) and S&P Mid Cap 400 (-1.6%) faring similarly to the major averages.

The CBOE Volatility Index surged 13.3% to 31.08, suggesting a heightened sense of unease heading into the weekend.

Today's weakness was largely a continuation of recent pressures that stocks have faced since the start of the war in Iran, which has pushed energy prices higher and drastically tempered the macro outlook. The major averages continue to slip further below their respective 200-day moving averages, while the market enters the weekend vulnerable to further geopolitical volatility.

U.S. Treasuries had a mixed showing on Friday, which returned longer and shorter tenors to little changed for the week that saw fresh 2026 highs in yields across the curve. The two-year note yield settled down six basis points (+3 basis points this week), and the 10-year note yield settled up two basis points to 4.44% (+5 basis points this week). 

• S&P Mid Cap 400: +0.2% YTD
• Russell 2000: -1.3% YTD
• DJIA: -6.0% YTD
• S&P 500: -7.0% YTD
• Nasdaq Composite: -9.9% YTD

Reviewing today's data:

• The final reading of the University of Michigan Consumer Sentiment for March fell to 53.3 (Briefing.com consensus: 55.5) from the preliminary reading of 55.5. The final reading for February was 56.6. In the same period a year ago, the index stood at 57.0.
  
  • The key takeaway from the report is that it conveyed large drops in sentiment among consumers with middle and higher incomes, who were dealing with rising gas prices and falling stock prices in the wake of the Iran war.