[BRIEFING.COM] The S&P 500 (+0.9%), Nasdaq Composite (+1.3%), and DJIA (+1.2%) are little changed from previous values as the market enters the final hour of the session.

Axios reported that President Trump and Israeli Prime Minister Benjamin Netanyahu had a tense phone call yesterday, where the leaders discussed a new plan to end the war that was drafted by Qatar and Pakistan. President Trump said he will give peace talks a chance over the next few days, but military strikes remain on the table if a deal is not reached.

Crude oil futures settled today's session $5.96 lower (-5.7%) at $98.19 per barrel.

[BRIEFING.COM] The S&P 500 (+0.87%) is in "last" place among the major averages, little changed following the release of the FOMC's April 28-29 meeting minutes.

The April FOMC minutes point to a Fed still operating in a data-dependent mode amid elevated uncertainty, with the Middle East conflict and energy prices continuing to shape inflation expectations and market sentiment. Equity markets recovered earlier losses, Treasury yields moved modestly higher, and near-term inflation expectations ticked up, while longer-term expectations remained anchored near 2%.

Participants noted market pricing still shows little expected change in the policy rate this year, with survey data implying two 25 basis point cuts over the next year, though pushed further into late 2026 and early 2027. Financial conditions and liquidity remained stable, with funding markets operating smoothly and reserves still considered ample.

On the economic backdrop, inflation rose into the low-to-mid 3% range, driven mainly by energy and related pass-through effects, while the labor market remained steady near 4.3% unemployment. GDP growth picked up in Q1, supported by resilient consumer spending, corporate earnings, and continued AI-related investment.

The staff outlook showed slightly stronger growth, with output expected to run modestly above potential and unemployment near its longer-run rate. Inflation is projected to gradually return toward 2% as temporary energy and conflict-related pressures fade, though risks remain tilted to higher inflation and weaker growth due to geopolitical and structural uncertainty.

[BRIEFING.COM] With about two hours to go on Wednesday the tech-heavy Nasdaq Composite (+1.27%) is in the lead, up about 327 points.

Gold futures settled $24.10 higher (+0.5%) at $4,535.30/oz, as Treasury yields and the U.S. dollar eased, making bullion more attractive to investors. Lingering geopolitical uncertainty and positioning ahead of the Federal Reserve's meeting minutes also supported safe-haven demand for gold.

Meanwhile, the U.S. Dollar Index is down about -0.2% to $99.16.

[BRIEFING.COM] The Dow Jones Industrial Average (+1.11%) is in second place on Wednesday afternoon, up 547 points.

A look inside the DJIA shows that Goldman Sachs (GS 973.83, +45.09, +4.85%), Nike (NKE 44.07, +1.65, +3.89%), and Boeing (BA 222.16, +7.15, +3.33%) hold firm atop the average.

Meanwhile, Chevron (CVX 193.33, -3.92, -1.99%) is underperforming.

The DJIA is about +0.78% higher on the week.

Elsewhere, U.S. Treasuries continue hovering just below session highs that were notched about two hours ago, thanks in part to a deepening of the pullback in the price of oil, which is now back below $98/bbl. The Treasury complex remains just shy of today's highs in immediate reaction to today's $16 bln 20-yr bond auction, which met good demand. The sale drew a high yield of 5.122%, which was right on the screws while the bid-to-cover ratio (2.55x vs 2.64x average) was below average. Indirect takedown (67.7%), however, was above average (64.4%).

[BRIEFING.COM] The stock market is having its best session of the week, with momentum returning to tech and mega-cap names as investors buy into recent weakness, while lower oil prices and Treasury yields support gains across the broader market.

The S&P 500 (+0.8%), Nasdaq Composite (+1.2%), and DJIA (+1.0%) trade firmly higher just after midday, while the Russell 2000 (+2.0%) and S&P Mid Cap 400 (+1.7%) outperform.

The major averages opened mostly higher, which was largely due to a rebound across semiconductor names after a recent stretch of weakness. The PHLX Semiconductor Index is up 3.6%, which marks a roughly 8% increase from yesterday's session lows. NVIDIA (NVDA 224.85, +4.24, +1.92%) holds a nice gain ahead of its earnings release after the close, which is arguably the most anticipated event of the week. Other large chipmakers such as Advanced Micro Devices (AMD 444.92, +30.88, +7.46%) and Intel (INTC 116.10, +5.30, +4.78%) trade even higher. 

The broader information technology sector is up 1.5%.

The consumer discretionary sector (+1.8%) was another early outperformer, as mega-cap names including Tesla (TSLA 413.61, +9.50, +2.35%) and Amazon (AMZN 262.93, +3.59, +1.38%) also garnered some buy-the-dip interest. The Vanguard Mega Cap Growth ETF is up 1.1%, leaving it just slightly lower on a week-to-date basis.

The sector, along with the broader market, surged to session highs just before midday after President Trump told reporters on Air Force One that the U.S. is in the "final stages" of talks on Iran. Oil prices and Treasury yields, which were already modestly lower, retreated sharply in response.

Crude oil is currently down $6.14 (-5.9%) to $98.01 per barrel, and the 10-year note yield is down nine basis points to 4.58%.

For the consumer discretionary sector, cruise lines such as Norwegian Cruise Line (NCLH 16.08, +1.30, +8.76%) moved sharply higher in response to the falling price of oil, while the more favorable rate backdrop supports gains across its homebuilder components. The iShares U.S. Home Construction ETF is up 3.3%.

On a similar note, airlines such as United Airlines (UAL 97.39, +8.27, +9.28%) and Delta Air Lines (DAL 73.79, +6.03, +8.90%) are now among the best-performing S&P 500 components, sending the industrials sector (+1.4%) firmly higher.

Elsewhere, the financials sector (+0.9%) is led by strength in its investment banking names, while the materials sector (+1.1%) rebounds nicely from yesterday's slide.

Unsurprisingly, the energy sector (-2.0%) lags amid the retreat in oil prices, while the defensive health care (-0.3%) and consumer staples (-0.4%) sectors face some pressure as growth stocks outperform.

The communication services sector (-0.4%) rounds out the four S&P 500 sectors that trade lower as Alphabet (GOOG 381.88, -3.02, -0.78%) is a mega-cap laggard today.

On the earnings front, TJX (TJX 160.03, +9.35, +6.21%) is a standout after topping expectations, while Target (TGT 122.72, -4.52, -3.55%) and Analog Devices (ADI 388.22, -26.09, -6.30%) move lower despite beating their own expectations.

So far, today's session reflects investors' continued willingness to buy dips across semiconductors and other AI-related plays, while the broader market is benefiting from an improved macro backdrop. Additional AI-related catalysts lie ahead, with NVIDIA reporting earnings after the close and The Wall Street Journal recently reporting that OpenAI could file for an IPO as soon as the coming days.

Reviewing today's data:

• April Pending Homes Sales 1.4% (Briefing.com consensus 1.6%); Prior was revised to 1.7% from 1.5%

[BRIEFING.COM] The S&P 500 (+0.8%), Nasdaq Composite (+1.1%), and DJIA (+1.0%) are a touch off their session highs just after midday.

TJX (TJX 159.60, +8.92, +5.92%) is trading nicely higher after reporting strong Q1 (Apr) results this morning. The leading off-price retailer comfortably beat expectations, delivering a large double-digit EPS beat, while revenue increased 9.2% year-over-year to $14.32 billion. Although Q2 guidance for EPS of $1.15-1.17 and revenue of $15.0-15.1 billion came in slightly below expectations, TJX raised its FY27 guidance for EPS, revenue, and comparable sales.

Meanwhile, Analog Devices (ADI 384.52, -29.79, -7.19%) is trading sharply lower despite delivering a standout Q2 (Apr) report featuring its largest EPS beat in roughly six years, strong double-digit revenue growth, and upside Q3 guidance. While the quarter highlighted accelerating AI, industrial, and aerospace demand trends, shares may be reacting to elevated expectations following the stock's powerful rally since late November. Even so, management's confidence around continued momentum into 2027 suggests this may be more than just a typical cyclical rebound story.

[BRIEFING.COM] The major averages continue to chart session highs at midday.

Airline names such as United Airlines (UAL 97.37, +8.25, +9.26%), Delta Air Lines (DAL 73.52, +5.76, +8.50%), and American Airlines (AAL 12.88, +0.82, +6.80%) are posting impressive gains as crude oil prices move lower on hopes of a potential end to the war in Iran.

Lower jet fuel expectations are providing a meaningful tailwind for margins across the group, helping offset broader macro uncertainty and keeping investor sentiment constructive.

United Airlines, which continues to be the standout performer in the group, added further momentum yesterday with a bullish summer demand update highlighting double-digit booking growth tied to major global events. The company noted surging interest in "can't-miss" travel moments, including the European solar eclipse, international soccer tournaments, and major global concert tours, driving destination-specific demand spikes.

[BRIEFING.COM] Stocks are off to a solid start to the midweek session, with strong tech leadership and broad gains keeping the S&P 500 (+0.9%), Nasdaq Composite (+1.3%), and DJIA (+0.9%) on a higher course.

NVIDIA's (NVDA 225.58, +4.97, +2.25%) earnings release after the close today has rekindled some enthusiasm across semiconductor names, which have struggled in recent sessions. The PHLX Semiconductor Index is up 4.2%, marking a nearly 8% increase from yesterday's session lows. The information technology sector (+1.7%) is a top mover as a result.

The consumer discretionary sector (+2.0%) holds a similar gain, supported by some momentum returning to mega-cap stocks including Tesla (TSLA 412.62, +8.51, +2.11%) and Amazon (AMZN 264.69, +5.35, +2.06%). The Vanguard Mega Cap Growth ETF is up 1.2%.

Meanwhile, TJX (TJX 159.88, +9.20, +6.11%) moves sharply higher after beating earnings expectations, while homebuilder names boast gains as oil prices and Treasury yields move lower.

The improved macro backdrop supports gains across airlines and other oil-sensitive pockets of the market, while the retreat in Treasury yields bodes well for the Russell 2000 (+2.0%) and S&P Mid Cap 400 (+1.5%).

Crude oil is currently down $5.54 (-5.3%) to $98.61 per barrel, and the 10-year note yield is down nine basis points to 4.58%, both extending their retreats after President Trump recently told reporters on Air Force One that the U.S. is in the "final stages" of talks on Iran.

[BRIEFING.COM] The major averages continue to chart session highs as strength remains broad.

The industrials sector (+1.0%) is rebounding nicely from yesterday's weakness, with airline names such as United Airlines (UAL 94.92, +5.80, +6.50%) and Delta Air Lines (DAL 71.60, +3.84, +5.67%) among the top performers as oil deepens its retreat.

Crude oil is currently down $3.46 (-3.3%) to $101.69 per barrel.

Packaging names such as Packaging Corp (PKG 211.57, +8.40, +4.13%) and Smurfit Westrock plc (SW 36.78, +1.16, +3.27%) are also benefiting from the pullback in oil, helping the materials sector (+0.8%) trade higher after finishing yesterday's session as the worst-performing S&P 500 sector.

[BRIEFING.COM] The S&P 500 (+0.5%), Nasdaq Composite (+0.7%), and DJIA (+0.4%) continue to trade higher amid broad strength and solid tech leadership.

However, the consumer staples sector (-1.3%) is widening its loss as Target (TGT 118.59, -8.65, -6.80%) continues to move lower despite delivering strong upside with its Q1 (Apr) results. The retailer returned to positive revenue growth for the first time in six quarters and raised its full-year outlook. While shares had rallied meaningfully into the print, investors may be weighing execution risk tied to Target's aggressive multiyear merchandising and store transformation initiatives.

The sharp acceleration in comparable sales and revenue growth stands out positively versus many big-box retail peers, especially given lingering concerns around the consumer backdrop. That said, management is embarking on one of the company's most aggressive operational and merchandising transformations in years, creating elevated execution risk over the next several quarters.

Elsewhere, the energy sector (-0.9%) also lags as oil prices retreat, while the communication services sector (-0.3%) holds a modest loss as Alphabet (GOOG 383.50, -1.40, -0.36%) moves lower.

[BRIEFING.COM] The S&P 500 (+0.3%), Nasdaq Composite (+0.5%), and DJIA +0.1%) are modestly higher as semiconductor stocks follow through on their premarket gains, while the broader market has a positive tilt.

The PHLX Semiconductor Index is up 2.6%, moving into slightly positive territory for the week. Intel (INTC 117.92, +7.12, +6.43%) and Advanced Micro Devices (AMD 435.35, +21.30, +5.14%) are among the best-performing S&P 500 components, while NVIDIA (NVDA 222.21, +1.60, +0.73%) holds a more modest gain ahead of its earnings release after the close.

The broader information technology sector (+0.8%) is outperforming as a result.

Meanwhile, the consumer discretionary sector (+0.5%) holds a similar gain as Amazon (AMZN 261.56, +2.22, +0.86%) and Tesla (TSLA 409.86, +5.75, +1.42%) rebound from a weaker showing yesterday, while TJX (TJX 158.55, +7.87, +5.22%) trades sharply higher after earnings.

However, Target (TGT 118.30, -8.94, -7.02%) is moving sharply lower despite topping earnings estimates of its own, which weighs on the consumer staples sector (-0.8%%).

The stock market remains poised for a higher open as chipmakers and select mega-cap names look to rebound from recent weakness.

Oil continues to move lower, which is adding a supportive backdrop despite little in the way of progress regarding negotiations between the U.S. and Iran. Currently, crude oil is down $2.64 (-2.5%) to $101.51 per barrel.

The S&P 500 futures currently trade 32 points above fair value. 

Equity indices it he Asia-Pacific region had a mostly lower finish to the midweek session with South Korea's Kospi (-0.9%) deepening its reversal from a record high. Samsung's union will launch a strike on Thursday, though management is reportedly still looking to avoid that outcome. The People's Bank of China left its one-year and five-year loan prime rates at their respective 3.00% and 3.50%. Japan sold 20-yr JGBs to solid demand and there was a report that a new JGB aimed at retail investors could be launched. The Reserve Bank of New Zealand's mean household inflation expectations for two years out increased to 4.9% from 3.4%.

• In economic data:
  • Japan's May Reuters Tankan Index 8 (prior 7)

---Equity Markets---

• Japan's Nikkei: -1.2%
• Hong Kong's Hang Seng: -0.6%
• China's Shanghai Composite: -0.2%
• India's Sensex: +0.2%
• South Korea's Kospi: -0.9%
• Australia's ASX All Ordinaries: -1.3%

Major European indices trade in the green, encouraged by news that EU trade negotiator Zovko said that a trade deal has been made with the U.S. European Central Bank policymaker Kocher said that a June rate hike is expected if there is no quick end to the Iran conflict. The U.K. is reportedly lobbying supermarkets to introduce price caps on essential times like eggs, bread, and milk.

• In economic data:
  • Eurozone's April CPI 1.0% m/m (expected 1.0%; last 1.3%); 3.0% yr/yr (expected 3.0%; last 2.6%). April Core CPI 0.9% m/m (expected 0.9%; last 0.8%); 2.2% yr/yr (expected 2.2%; last 2.3%)
  • Germany's April PPI 1.2% m/m (expected 2.0%; last 2.5%); 1.7% yr/yr (expected 1.5%; last -0.2%)
  • U.K.'s April CPI 0.7% m/m (expected 0.9%; prior 0.7%); 2.8% yr/yr (expected 3.0%; last 3.3%). April Input PPI 2.4% m/m (expected 1.2%; last 4.3%); 7.7% yr/yr (expected 5.9%; prior 5.3%). April Output PPI 1.4% m/m (expected 1.0%; prior 1.4%); 4.0% yr/yr (expected 2.8%; prior 3.0%)

---Equity Markets---

• STOXX Europe 600: +0.5%
• Germany's DAX: +0.2%
• U.K.'s FTSE 100: +0.2%
• France's CAC 40: +0.5%
• Italy's FTSE MIB: +0.5%
• Spain's IBEX 35: +0.5%

The S&P 500 futures currently trade 33 points above fair value.

Large chipmaker names are poised for solid opening gains after a stretch of lower finishes as the market looks toward NVIDIA's (NVDA 224.13, +3.52, +1.6%) earnings release after the close.

On a related note, Alibaba (BABA 135.87, +0.23, +0.2%) has unveiled a new AI chip that it says is three times more powerful than its previous model.

Equity futures point to a higher opening as oil prices and Treasury yields move modestly lower this morning.

Stocks are coming off a weak session, which was the third consecutive lower finish for the S&P 500. Mega-cap and other growth stocks lagged, though an intraday rebound across semiconductor names helped the major averages improve considerably from session lows.

The semiconductor cohort will garner additional attention today as investors anticipate NVIDIA's (NVDA 223.60, 2.99, +1.4%) earnings release after the close.

President Trump said yesterday that he hopes the Iran war ends "very quickly", according to The Hill, though reports suggest the U.S. and Iran remain far apart on negotiations. Still, crude oil is currently down $1.85 (-1.8%) to $102.30 per barrel.

Today will once again be light on the data front, though the market will receive the April FOMC meeting minutes this afternoon.

The MBA Mortgage Applications Index for the week ended May 16 decreased 2.3%, from a prior increase of 1.7%.

In corporate news:

• CAVA Group (CAVA 84.10, +5.98, +7.7%) beat EPS expectations by $0.03, beat revenue expectations, saw same restaurant sales increase 9.7%, and raised its FY26 same restaurant sales growth.
• Lowe's (LOW 213.79, -4.58, -2.1%) beat EPS expectations by $0.06, reported revenues in-line, and reaffirmed its FY27 guidance.
• Target (TGT 128.73, +1.49, +1.2%) beat EPS expectations by $0.24, beat revenue expectations, and raised its FY27 guidance.

Reviewing overnight developments:

Equity indices in the Asia-Pacific region had a mostly lower finish to the midweek session with South Korea's Kospi (-0.9%) deepening its reversal from a record high. Japan's Nikkei: -1.2%, Hong Kong's Hang Seng: -0.6%, China's Shanghai Composite: -0.2%, India's Sensex: +0.2%, South Korea's Kospi: -0.9%, Australia's ASX All Ordinaries: -1.3%.

In news:

• Samsung's union will launch a strike on Thursday, though management is reportedly still looking to avoid that outcome.
• The People's Bank of China left its one-year and five-year loan prime rates at their respective 3.00% and 3.50%.
• Japan sold 20-yr JGBs to solid demand and there was a report that a new JGB aimed at retail investors could be launched.
• The Reserve Bank of New Zealand's mean household inflation expectations for two years out increased to 4.9% from 3.4%.

In economic data:

• Japan's May Reuters Tankan Index 8 (prior 7)

Major European indices trade in the green, encouraged by news that EU trade negotiator Zovko said that a trade deal has been made with the U.S. STOXX Europe 600: +0.4%, Germany's DAX: +0.4%, U.K.'s FTSE 100: +0.1%, France's CAC 40: +0.7%, Italy's FTSE MIB: +0.6%, Spain's IBEX 35: +0.6%.

In news:

• European Central Bank policymaker Kocher said that a June rate hike is expected if there is no quick end to the Iran conflict.
• The U.K. is reportedly lobbying supermarkets to introduce price caps on essential times like eggs, bread, and milk.

In economic data:

• Eurozone's April CPI 1.0% m/m (expected 1.0%; last 1.3%); 3.0% yr/yr (expected 3.0%; last 2.6%). April Core CPI 0.9% m/m (expected 0.9%; last 0.8%); 2.2% yr/yr (expected 2.2%; last 2.3%)
• Germany's April PPI 1.2% m/m (expected 2.0%; last 2.5%); 1.7% yr/yr (expected 1.5%; last -0.2%)
• U.K.'s April CPI 0.7% m/m (expected 0.9%; prior 0.7%); 2.8% yr/yr (expected 3.0%; last 3.3%). April Input PPI 2.4% m/m (expected 1.2%; last 4.3%); 7.7% yr/yr (expected 5.9%; prior 5.3%). April Output PPI 1.4% m/m (expected 1.0%; prior 1.4%); 4.0% yr/yr (expected 2.8%; prior 3.0%)

[BRIEFING.COM] The S&P 500 (-0.7%), Nasdaq Composite (-0.8%), and DJIA (-0.7%) finished lower today, pressured by rising yields and weakness across mega-cap stocks.

The communication services (-1.6%) and consumer discretionary (-1.3%) sectors were hindered by weak leadership across their largest components, including Alphabet (GOOG 384.90, -8.21, -2.09%) and Amazon (AMZN 259.34, -5.52, -2.08%). The Vanguard Mega Cap Growth ETF finished 0.9% lower, contributing to losses at the index level.

Notably, the information technology sector (-0.7%) finished with a more modest loss despite early-session weakness. Semiconductor names opened with a continuation of yesterday's decline, though buyers began stepping in late in the morning. The PHLX Semiconductor Index (flat) reversed a significant early drop and climbed as much as 1.5% at its intraday highs, helping the major averages briefly approach their flatlines. Memory names such as Sandisk (SNDK 1383.29, +50.28, +3.77%) and Micron (MU 698.74, +17.20, +2.52%) led the advance, while Intel (INTC 110.80, +2.63, +2.43%) also notched a nice gain.

Session highs did not hold, however, and the major averages finished firmly lower.

Other laggards include the materials sector (-2.3%), which posted the widest loss as nearly all of its components traded lower. Construction materials names such as DuPont (DD 46.56, -2.08, -4.28%) and CRH Plc. (CRH 98.53, -4.86, -4.70%) were among the weakest performers as another rise in Treasury yields pressured rate-sensitive and cyclical areas tied to housing and construction demand.

The iShares U.S. Home Construction ETF finished 1.5% lower.

Builders FirstSource (BLDR 66.39, -3.79, -5.40%) was a notable laggard in the industrials sector (-1.2%), while asset managers, which are sensitive to higher interest rates through their impact on market levels and assets under management, also came under pressure alongside broader weakness in the financials sector (-1.2%).

Meanwhile, strength was concentrated across more defensive holdings. The health care sector (+1.1%) captured a nice gain, with its largest component Eli Lilly (LLY 1021.59, +33.50, +3.39%) rebounding nicely from yesterday's slide, while the utilities sector (+1.0%) captured a similar gain.

The real estate (+0.5%) and consumer staples (+0.4%) sectors notched more modest gains.

The energy sector (+1.0%) finished as one of the top performers as oil reversed earlier losses. The morning was relatively quiet on the geopolitical front, but reports that the U.S. and Iran remain far apart in negotiations began to trickle in later in the session. Crude oil futures settled today's session near their best levels, $0.16 lower (-0.2%) at $108.59 per barrel.

Outside of the S&P 500, the Russell 2000 (-1.0%) and S&P Mid Cap 400 (-1.0%) underperformed amid the weakness in growth stocks and upward pressure on Treasury yields.

Overall, today's session highlighted continued sensitivity to interest rates and mega-cap leadership, with defensive sectors providing stability while growth stocks and cyclicals remained under pressure. Going forward, the market remains focused on whether rising yields will continue to cap upside momentum or whether investors step in with a more meaningful buy-the-dip bid across recent market leaders.

U.S. Treasuries extended their recent losses on Tuesday, lifting yields to fresh highs for the year with the 30-year yield reaching a level not seen in almost 20 years. The 2-year note yield settled up three basis points to 4.12%, the 10-year note yield settled up four basis points to 4.67%, and the 30-year note yield settled up three basis points to 5.18%.

• Nasdaq Composite: +11.3% YTD
• Russell 2000: +10.7% YTD
• S&P Mid Cap 400: +8.0% YTD
• S&P 500: +7.4% YTD
• DJIA: +2.7% YTD

Reviewing today's data:

• Pending Home Sales rose 1.4% month-over-month in April (Briefing.com consensus 1.6%) while the March increase was revised up to 1.7% from 1.5%.