[BRIEFING.COM] The stock market faced pressure from multiple fronts, including higher oil prices, rising Treasury yields, and pronounced weakness across mega-cap stocks, which saw the S&P 500 (-1.7%), Nasdaq Composite (-2.4%), and DJIA (-1.0%) steadily chart session lows throughout the day.

There was some lingering optimism in the broader market after yesterday's higher finish, which kept the DJIA in positive territory for some of the morning, though a combination of pressures eventually culminated in broad weakness. 

On the geopolitical front, Iran rejected the 15-point peace plan set forth by the U.S., and while the current state of negotiations remains far from transparent, rhetoric on both sides took a more hostile tone today. Iran continued to strike energy infrastructure targets across the region, which has prompted neighboring Gulf states to prepare for military intervention. Additionally, reports circulated that the Pentagon is preparing to send more troops to the Middle East as the potential for a ground conflict escalates. 

Crude oil futures settled today's session $4.10 higher (+4.5%) at $94.43 per barrel, which pushed Treasury yields as inflation concerns mount. 

Unlike the DJIA, the S&P 500 and Nasdaq Composite charted a lower course much earlier in the session, which was largely a product of significant weakness across mega-cap and tech stocks. 

The communication services sector (-3.5%) closed considerably lower as Meta Platforms (META 547.75, -47.14, -7.92%) and Alphabet (GOOG 280.74, -8.85, -3.06%) faced a continuation of yesterday's weakness after a court found the companies liable in a social media addiction case that alleges they specifically target younger users. Bloomberg reported on the case and warned that social media companies could face fallout akin to that of large tobacco companies. 

The top-weighted information technology sector (-2.7%) was another laggard as semiconductor stocks rolled over today. NVIDIA (NVDA 171.24, -7.44, -4.16%) had a tough session, but its losses could almost be described as tame compared to other stocks such as Advanced Micro Devices (AMD 203.77, -16.50, -7.49%) and Micron (MU 355.62, -26.47, -6.93%). The PHLX Semiconductor Index finished 4.8% lower, moving it into negative week-to-date territory. 

All told, the Vanguard Mega Cap Growth ETF (-2.6%) moved considerably lower, and the market-weighted S&P 500 (-1.7%) underperformed the S&P 500 Equal Weighted Index (-1.0%). 

The consumer discretionary sector (-1.9%) also faced broad weakness and poor mega-cap leadership, while the industrials sector (-2.3%) moved lower as industrial machinery names such as Lennox Int'l (LII 438.29, -43.39, -9.01%) retreated sharply. 

The energy sector (+1.6%) outperformed amid rising oil prices, with Valero Energy (VLO 248.14, +13.60, +5.80%) a notable standout. 

The real estate sector (+0.2%) captured a more modest gain, while the defensive utilities sector managed to finish flat. 

All told, today's pressures leave the major averages mostly lower entering the final session of the week. Action has been choppy so far as stocks track volatility in oil prices, but the broader trend remains lower as the major averages slip further below their respective 200-day moving averages. Absent clarity on the geopolitical front and stabilization in oil prices and yields, the path of least resistance for stocks appears tilted to the downside. 

U.S. Treasuries continued this week's volatility with a Thursday slide that left yields on the 10-year note and shorter tenors at their highest closing levels of the year. Treasuries reached their worst levels shortly after today's $44 bln 7-yr note auction met weak demand, making for the third consecutive disappointing auction of this week. The 2-year note yield settled up ten basis points to 3.98%, and the 10-year note yield settled up nine basis points to 4.42%. 

• S&P Mid Cap 400: +1.8% YTD
• Russell 2000: +0.5% YTD
• DJIA: -4.4% YTD
• S&P 500: -5.4% YTD
• Nasdaq Composite: -7.9% YTD

Reviewing today's data:

• Weekly Initial Claims 210K (Briefing.com consensus 210K); Prior 205K, Weekly Continuing Claims 1.819 mln; Prior was revised to 1.851 mln from 1.857 mln
  
  • The key takeaway from the report is that it is not indicative of a weak labor market, particularly with initial jobless claims-a leading indicator-continuing to run at historically low levels.

[BRIEFING.COM] The major averages continue to suffer losses as the market enters the final half hour of the session.

Weakness has broadened throughout the afternoon, leaving just the energy sector (+1.6%) in positive territory. 

Only a handful of companies are set to report earnings after the close today, though Carnival (CCL 25.22, -0.50, -1.96%) will report before the open tomorrow. Cruise lines have experienced heightened volatility amid the recent surge in oil prices. 

Tomorrow will also be another light day for economic data, with the final March reading of the University of Michigan Consumer Sentiment Survey (Briefing.com consensus 55.5) the only data point of note. 

[BRIEFING.COM] There is just over an hour left in today's session, and the S&P 500 (-1.4%), Nasdaq Composite (-2.0%), and DJIA (-0.8%) continue their course to new session lows. The major averages are now mostly lower on a week-to-date basis, with only the DJIA (+1.1% week-to-date) remaining in positive territory.

Not much has changed from a headline perspective; rather, it is a continuation of earlier pressure. In particular, the communication services sector (-3.3%) faces mounting pressure as shares of Meta Platforms (META 547.55, -47.34, -7.96%) and Alphabet (GOOG 281.10, -8.49, -2.93%) both continue to face fallout from yesterday's social media addiction trial ruling. 

On the energy front, crude oil futures settled today's session $4.10 higher (+4.5%) at $94.43 per barrel, adding to today's pressures. 

[BRIEFING.COM] The S&P 500 (-1.50%) is in second place on Thursday afternoon, down about 99 points.

Briefly, S&P 500 constituents AppLovin (APP 390.10, -46.59, -10.67%), Ciena (CIEN 392.36, -45.34, -10.36%), and Lumentum (LITE 697.23, -79.94, -10.29%) pepper the bottom of the average. APP falls after premarket comments from Cleveland Research suggested e-commerce momentum is subdued and churn/scale challenges persist, CIEN held its Annual Shareholders Meeting today, and LITE dips despite announcing a new U.S. facility to expand advanced laser production for AI data centers.

Meanwhile, Brown-Forman (BF.B 25.90, +2.41, +10.26%) is firmly atop the standings following a Bloomberg report of interest from Pernod Ricard (PDRDF 70.82, -0.23, -0.33%).

[BRIEFING.COM] The Nasdaq Composite (-2.03%) is firmly lower, down about 444 points with two hours remaining on Thursday.

Gold futures settled $176.00 lower (-3.9%) at $4,376.30/oz, as a stronger U.S. dollar and rising Treasury yields, driven in part by higher oil prices, reduced demand for the non-yielding metal. At the same time, fading rate-cut expectations and a shift toward cash over safe-haven assets further pressured bullion despite ongoing geopolitical tensions.

Meanwhile, the U.S. Dollar Index is about +0.3% higher to $99.95.

[BRIEFING.COM] The Dow Jones Industrial Average (-0.88%) is at lows of the session in recent trading, down about 408 points.

A look inside the DJIA shows that NVIDIA (NVDA 173.46, -5.22, -2.92%), Goldman Sachs (GS 817.28, -24.56, -2.92%), and Boeing (BA 194.71, -4.90, -2.45%) are underperforming.

Meanwhile, Chevron (CVX 208.83, +3.68, +1.79%) is today's top gain getter.

The DJIA is now up +0.97% week-to-date.

Elsewhere, U.S. Treasuries trade on their lows after a steady extension of their starting losses. The market put together a bounce attempt during the first couple hours of action, but resistance was found well before Treasuries reached their flat lines, followed by a slide to fresh lows. The Treasury complex hit worst levels of the session after the U.S. Treasury completed this week's dismal note auction slate with another poor sale. The $44 bln 7-yr note offering drew a high yield of 4.255%, which tailed the when-issued yield by nearly a basis point while the bid-to-cover ratio (2.43x vs 2.53x average) and indirect takedown (62.6% vs 64.2% average) were below average.

[BRIEFING.COM] The S&P 500 (-1.1%), Nasdaq Composite (-1.5%), and DJIA (-0.8%) are charting session lows as the market navigates more geopolitical headwinds and a sharp pullback across select mega-cap stocks today. Weakness is broad, and the Russell 2000 (-1.3%) and S&P Mid Cap 400 (-1.0%) hold comparable losses. 

Headlines surrounding Iran continue to drive choppy action across stocks, Treasury yields, and oil prices, with today being one of the "risk-off" sessions after a positive showing yesterday. The U.S. and Iran remain far apart on any sort of ceasefire deal, with Iran rejecting the 15-point U.S. peace proposal that provided some optimism in yesterday's session. Crude oil is currently up $4.43 (+4.9%) to $94.75 per barrel, and Treasury yields are 6-9 basis points higher across the curve. 

Perhaps even more detrimental to the major averages are the sharp losses across the market's largest components, with much of the weakness stemming from a separate issue. 

In particular, Meta Platforms (META 554.30, -40.59, -6.82%) is selling off sharply after yesterday's court ruling that found the company liable in a social media addiction case that focused on platforms targeting younger users. Alphabet's (GOOG 283.12, -6.47, -2.23%) YouTube was also found liable, and the communication services sector is down 2.8%. 

The information technology sector (-1.7%) is another laggard, facing pressure across its semiconductor components, which give back yesterday's gains. NVIDIA (NVDA 173.80, -4.88, -2.73%) is weaker today, while memory storage names such as Sandisk (SNDK 614.52, -63.34, -9.34%) and Micron (MU 361.63, -20.46, -5.35%) see an extension of recent losses that followed the release of TurboQuant from Google Research, which is said to dramatically reduce AI memory requirements.

The PHLX Semiconductor Index is down 3.6% today. 

Broad weakness and poor leadership from Tesla (TSLA 377.60, -8.35, -2.16%) force the consumer discretionary sector (-1.0%) lower as well. All told, the Vanguard Mega Cap Growth ETF is down 1.7%, and the S&P 500 Equal Weighted Index (-0.6%) outperforms the market-weighted S&P 500 (-1.1%). 

Elsewhere, the industrials sector (-2.0%) lags amid particular weakness across industrial machinery names. 

So far, stocks are moving firmly lower as the market faces a combination of pressures today. Recent volatility in oil prices is weighing on sentiment, while considerable mega-cap weakness has quickly erased early, modest gains across the broader market.

Reviewing today's data:

• Weekly Initial Claims 210K (Briefing.com consensus 210K); Prior 205K, Weekly Continuing Claims 1.819 mln; Prior was revised to 1.851 mln from 1.857 mln
  
  • The key takeaway from the report is that it is not indicative of a weak labor market, particularly with initial jobless claims-a leading indicator-continuing to run at historically low levels.

[BRIEFING.COM] The major averages continue to chart session lows shortly after midday. 

Meta Platforms (META 554.42, -40.47, -6.80%) is trading sharply lower after a jury found the company liable in a social media addiction trial centered on allegations that its platform design intentionally promotes addictive user behavior, particularly among younger users. The case focused on features such as algorithmic content feeds, notifications, and engagement loops that plaintiffs argued were designed to maximize time spent on the platform at the expense of user well-being.

Importantly, META is not alone, as other social media companies-including Snap (SNAP 4.05, -0.44, -9.80%), TikTok, and Alphabet (GOOG 283.33, -6.26, -2.16%) YouTube-have been implicated in similar lawsuits, raising the stakes for the broader industry.

The ruling could have wide-ranging implications, potentially opening the door to additional litigation, stricter regulation, and mandated changes to platform design that could impact user engagement metrics. META is expected to appeal the decision, meaning the legal process will likely stretch out over several years, but the headline risk and uncertainty are already weighing on investor sentiment.
From a financial perspective, potential damages, higher compliance costs, and possible changes to engagement-driven monetization models could pressure margins and growth, particularly if similar rulings emerge across the sector.

[BRIEFING.COM] The major averages continue to drift lower at midday, though they remain relatively unchanged from previous levels. 

JetBlue Airways (JBLU 4.47, -0.28, -5.89%) trades sharply lower today after the stock closed with a double-digit gain yesterday amid reports of a potential sale. CNBC reported today, however, that the company is no longer exploring any mergers. 

[BRIEFING.COM] The S&P 500 (-0.7%), Nasdaq Composite (-1.1%), and DJIA (-0.2%) have given up much of yesterday's advance as geopolitical developments continue to drive some choppiness in equities. 

Reports suggest that Iran has officially rejected the U.S. peace proposal, and Iranian strikes against energy infrastructure targets in the region have neighboring Gulf states preparing for military action. It is worth noting that today's developments are not really groundbreaking to the market, as Iran has denied taking part in negotiations for some time. However, increased murkiness around a potential end to the conflict has oil prices rising today, which in turn weighs on stocks. 

Crude oil is currently up $3.65 (+4.0%) to $93.97 per barrel, and like many recent sessions since the conflict in Iran broke out, the energy sector (+1.0%) leads the sector standings. Four other S&P 500 sectors trade higher, but the gains are modest in nature. 

Meanwhile, mega-cap and tech stocks are underperforming today. The communication services sector (-2.1%) holds the widest loss as Meta Platforms (META 560.96, -33.93, -5.70%) and Alphabet (GOOG 284.52, -5.07, -1.75%) move lower after a jury found them liable in a social media addiction trial. 

The information technology sector (-1.4%) is also a laggard, with particular weakness in its semiconductor components. 

The Vanguard Mega Cap Growth ETF is down 1.2%, contributing to the underperformance of the market-weighted S&P 500 (-0.7%) relative to the S&P 500 Equal Weighted Index (flat).

Outside of the S&P 500, the Russell 2000 (-0.7%) and S&P Mid Cap 400 (-0.4%) hold losses comparable to those across the major averages.

[BRIEFING.COM] The S&P 500 (-0.7%), Nasdaq Composite (-1.0%), and DJIA (-0.2%) are back near their opening lows. 

Losses across the communication services (-2.0%) and information technology (-1.4%) sectors have widened, weighing on the major averages as mega-cap and tech names continue to trend lower. 

Meanwhile, the industrials sector (-1.2%) also faces a considerable loss, with particular weakness across engineering and construction names. 

[BRIEFING.COM] The S&P 500 (-0.4%), Nasdaq Composite (-0.6%), and DJIA (+0.2%) remain mostly lower an hour into today's session. 

Senior Iranian officials told Reuters that the U.S. peace proposal was one-sided and lacks the minimum requirements for success. There are no current plans for negotiations, but diplomatic channels remain open. 

The energy sector (+0.8%) is now the best-performing S&P 500 sector amid a higher price of oil. Crude oil is currently up $2.51 (+2.8%) to $92.83 per barrel. Valero Energy (VLO 243.83, +9.28, +3.96%) is one of the top movers in the S&P 500 this morning. 

[BRIEFING.COM] The S&P 500 (-0.3%), Nasdaq Composite (-0.6%), and DJIA (+0.1%) are mostly lower this morning, with considerable weakness across mega-cap and tech names weighing on the major averages while the broader market tilts mostly higher. 

The communication services sector (-1.4%) is an early laggard as Meta Platforms (META 577.78, -17.10, -2.88%) and Alphabet (GOOG 285.42, -4.17, -1.44%) both trade lower after a jury found the companies liable in a landmark social media addiction case yesterday. 

NVIDIA (NVDA 175.65, -3.03, -1.70%) is another mega-cap laggard, weighing on both the PHLX Semiconductor Index (-2.1%) and the broader information technology sector (-0.8%). The Vanguard Mega Cap Growth ETF is down 0.7% this morning. 

While strength is relatively broad as eight S&P 500 sectors trade higher, the gains are largely modest in nature, with the real estate sector (+0.5%) leading the advance with its modest gain. 

There is certainly a geopolitical component to the weakness across growth stocks today as the market shows a "risk-off" disposition as optimism around a potential ceasefire between the U.S. and Iran has faded. 

Crude oil is currently up $3.04 (+3.4%) to $93.96 per barrel. 

The stock market is on track for a lower opening this morning amid rising oil prices and a more hostile tone surrounding the U.S. and Iran.

On the data front, initial jobless claims for the week ending March 21 rose by 5,000 to 210,000 (Briefing.com consensus: 210,000), while continuing jobless claims decreased by 32,000 to 1.819 million, which is the lowest level since May 25, 2024.

The key takeaway from the report is that it is not indicative of a weak labor market, particularly with initial jobless claims-a leading indicator-continuing to run at historically low levels.

The S&P 500 futures currently trade 57 points below fair value. 

Equity indices in the Asia-Pacific region had a mostly lower showing on Thursday while markets in India were closed for a holiday. Concerns about potential helium shortages that would reduce chip production contributed to relative weakness in South Korea's Kospi (-3.2%). South Korea will stabilize its bond market with excess tax revenue. Japan will announce a provisional budget for fiscal 2026 tomorrow with the amount expected to reach JPY8.6 trln.

• In economic data:
  • Japan's February Corporate Services Price Index 2.7% yr/yr (expected 2.6%; last 2.6%) and January BoJ Core CPI 2.2% yr/yr (expected1.6%; last 2.3%)
  • Hong Kong's February trade deficit HKD64.2 bln (last deficit of HKD14.1 bln). February Imports 29.9% m/m (last 38.1%) and Exports 24.7% m/m (last 33.8%)
  • Singapore's February Industrial Production -7.2% m/m (last 2.0%); -0.1% yr/yr (last 12.9%)

---Equity Markets---

• Japan's Nikkei: -0.3%
• Hong Kong's Hang Seng: -1.9%
• China's Shanghai Composite: -1.1%
• India's Sensex: CLOSED
• South Korea's Kospi: -3.2%
• Australia's ASX All Ordinaries: -0.2%

Major European indices trade in the red amid some renewed geopolitical uncertainty as Brent crude returns above $100/bbl while Iranian officials deny reports of negotiations with the U.S. Shipper Hapag-Lloyd warned that its 2026 earnings will likely show a yr/yr decline due to the conflict with Iran. European Central Bank policymaker Nagel said that a rate hike in April is an option while French Economy Minister Lescure hinted at incoming measures to offset high oil prices.

• In economic data:
  • Eurozone's February M3 Money Supply 3.0% yr/yr (expected 3.3%; last 3.3%), February Private Sector Loans 3.0% yr/yr (expected 3.1%; last 3.0%), and February Loans to nonfinancials 2.9% yr/yr (last 2.8%)
  • Germany's April GfK Consumer Climate -28.0 (expected -27.3; last -24.8)
  • France's March Business Survey 99 (expected 100; last 102) and Consumer Confidence 89, as expected (last 91)
  • Italy's March Consumer Confidence 92.6 (last 97.4) and Business Confidence 88.8 (last 88.5)
  • Spain's Q4 GDP 0.8% qtr/qtr, as expected (last 0.6%); 2.7% yr/yr (expected 2.6%; last 2.7%)

---Equity Markets--- 

• STOXX Europe 600: -1.2%
• Germany's DAX: -1.4%
• U.K.'s FTSE 100: -1.3%
• France's CAC 40: -0.9%
• Italy's FTSE MIB: -1.2%
• Spain's IBEX 35: -1.1%

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

Just released, initial jobless claims for the week ending March 21 increased by 5,000 to 210,000 (Briefing.com consensus: 210,000).

Continuing jobless claims for the week ending March 14 decreased by 32,000 to 1.819 million, down from a downwardly revised prior level of 1.851 million (from 1.857 million). 

Equity futures point to a lower opening this morning after some optimism surrounding a potential off-ramp to the war in Iran pushed oil and yields lower yesterday while stocks climbed. The market is looking at the inverse of that scenario this morning, with crude oil currently up $3.53 (+3.9%) to $93.85 per barrel, yields up 5-8 basis points across the curve, and a stock market that is on track for a lower opening. 

It is worth noting that yesterday's gains were tempered by various reports that Iranian officials denied any negotiations with the U.S. are underway. The Wall Street Journal reports this morning that Iran continues to attack energy infrastructure sites in the region to the ire of its neighboring Gulf states, while the Pentagon prepares to send more troops. 

As such, the market continues to face choppy action as the conflict unfolds without a clear resolution in sight. Even on recent upswings, the major averages remain pinned below their respective 200-day moving averages, suggesting it will take more than single-day retreats in oil to push them back above the key technical level. 

Corporate news flow is on the lighter side today, and the market is set to receive just one economic data point of note in the weekly initial jobless claims report (Briefing.com consenus 210K). 

In corporate news:

• SpaceX is eyeing a $75 billion IPO, according to Bloomberg. 
• Jefferies (JEF 39.00, -0.64, -1.6%) reported earnings of $0.70 per share, which may not be comparable to the FactSet Consensus of $0.89, and missed revenue expectations. 
• There is growing focus on externalities across social media companies after a judge found Meta Platforms (META 585.83, -9.06, -1.5%) and Alphabet (GOOG 286.09, -3.50, -1.2%) liable in a landmark social media addiction case, according to Yahoo Finance. 

Reviewing overnight developments:

Equity indices in the Asia-Pacific region had a mostly lower showing on Thursday while markets in India were closed for a holiday. Japan's Nikkei: -0.3%, Hong Kong's Hang Seng: -1.9%, China's Shanghai Composite: -1.1%, India's Sensex: CLOSED, South Korea's Kospi: -3.2%, Australia's ASX All Ordinaries: -0.2%.

In news:

• Concerns about potential helium shortages that would reduce chip production contributed to relative weakness in South Korea's Kospi (-3.2%). 
• South Korea will stabilize its bond market with excess tax revenue.
• Japan will announce a provisional budget for fiscal 2026 tomorrow with the amount expected to reach JPY8.6 trln.

In economic data:

• Japan's February Corporate Services Price Index 2.7% yr/yr (expected 2.6%; last 2.6%) and January BoJ Core CPI 2.2% yr/yr (expected1.6%; last 2.3%)
• Hong Kong's February trade deficit HKD64.2 bln (last deficit of HKD14.1 bln). February Imports 29.9% m/m (last 38.1%) and Exports 24.7% m/m (last 33.8%)
• Singapore's February Industrial Production -7.2% m/m (last 2.0%); -0.1% yr/yr (last 12.9%)

Major European indices trade in the red amid some renewed geopolitical uncertainty as Brent crude returns above $100/bbl while Iranian officials deny reports of negotiations with the U.S. STOXX Europe 600: -1.2%, Germany's DAX: -1.5%, U.K.'s FTSE 100: -1.4%, France's CAC 40: -1.0%, Italy's FTSE MIB: -1.1%, Spain's IBEX 35: -1.1%.

In news:

• Shipper Hapag-Lloyd warned that its 2026 earnings will likely show a yr/yr decline due to the conflict with Iran.
• European Central Bank policymaker Nagel said that a rate hike in April is an option while French Economy Minister Lescure hinted at incoming measures to offset high oil prices.

In economic data:

• Eurozone's February M3 Money Supply 3.0% yr/yr (expected 3.3%; last 3.3%), February Private Sector Loans 3.0% yr/yr (expected 3.1%; last 3.0%), and February Loans to nonfinancials 2.9% yr/yr (last 2.8%)
• Germany's April GfK Consumer Climate -28.0 (expected -27.3; last -24.8)
• France's March Business Survey 99 (expected 100; last 102) and Consumer Confidence 89, as expected (last 91)
• Italy's March Consumer Confidence 92.6 (last 97.4) and Business Confidence 88.8 (last 88.5)
• Spain's Q4 GDP 0.8% qtr/qtr, as expected (last 0.6%); 2.7% yr/yr (expected 2.6%; last 2.7%)

[BRIEFING.COM] The stock market posted broad gains today amid lingering optimism surrounding reports of a U.S. peace proposal to Iran, though stocks finished off their best levels as Iranian officials continued to deny that negotiations are taking place. The S&P 500 (+0.5%), Nasdaq Composite (+0.8%), and DJIA (+0.7%) finished with over half of their gains from session highs, though even at their best levels, their 200-day moving averages acted as resistance. 

Despite Iranian officials denying claims that talks are occurring between the U.S. and Iran, the market was supported by a retreat in oil prices, with crude oil futures settling today's session $1.96 lower (-2.1%) at $90.33 per barrel after moving below the $87 per barrel mark earlier in the session. 

The energy sector (-0.5%) was the only S&P 500 sector to finish lower (the real estate sector finished flat). Despite the major averages closing below their best levels of the session, strength remained broad, with nine S&P 500 sectors finishing higher. 

The materials sector (+2.0%) led the advance, supported by broad strength and another solid day from chemical names. Newmont Corporation (NEM 101.54, +2.52, +2.54%) also outperformed amid a rebound in precious metal prices, with gold futures settling $150.30 higher (+3.4%) at $4,552.30 per ounce. 

A solid rebound effort from mega-cap stocks helped lead the consumer discretionary sector (+1.2%) to a higher finish, with Amazon (AMZN 211.71, +4.47, +2.16%) leading the "magnificent seven" today. 

Elsewhere in the sector, Carvana (CVNA 308.58, +7.61, +2.53%) posted a nice gain as Treasury yields retreated today, while cruise lines outperformed amid the retreat in oil prices. 

NVIDIA (NVDA 178.71, +3.51, +2.00%) was another mega-cap standout, and strength across chipmakers helped the top-weighted information technology sector (+0.6%) chart a nice gain. Advanced Micro Devices (AMD 220.27, +14.90, +7.26%) and Intel (INTC 47.18, +3.12, +7.08%) finished even higher, boosting the PHLX Semiconductor Index (+1.2%). Gains were somewhat tempered by losses across memory storage names such as Sandisk (SNDK 677.86, -24.62, -3.50%) and Micron (MU 382.09, -13.44, -3.40%) after Google Research introduced TurboQuant, which it claims to dramatically reduce AI memory requirements.

The technology sector also saw a strong continuation of yesterday's rally across hardware names such as Hewlett Packard Enterprise (HPE 25.80, +1.90, +7.93%). 

Notably, the communication services sector (+0.2%) finished only slightly higher despite housing several mega-cap components of its own. Alphabet (GOOG 289.59, +0.39, +0.13%) and Meta Platforms (META 594.89, +1.97, +0.33%) both ceded nearly all of their early gains after a jury found the companies liable in a landmark social media addiction trial over platform design, according to Bloomberg.

Elsewhere, the health care sector (+1.0%) outperformed due to solid gains across biotechnology and pharmaceutical names that sent the iShares Nasdaq Biotech ETF 2.5% higher. 

Ultimately, stocks benefited from broad buying interest after a mostly lower showing yesterday and a modest retreat in oil prices, but even at session highs, the major averages remained pinned below their 200-day moving averages. Additionally, today's geopolitical headlines did little to clarify the state of negotiations between the U.S. and Iran, leaving the market vulnerable to volatility as investors continue to react to incoming headlines and shifts in oil prices.

U.S. Treasuries enjoyed a solid midweek bounce that pressured yields from their highest levels of 2026. Treasuries added to their starting gains in mid-morning trade, staying just below their highs into the close even though today's $70 billion 5-year note auction met weak demand, making for the second disappointing auction in a row ahead of tomorrow's $44 billion 7-year note offering. The 2-year note yield settled down five basis points to 3.88%, and the 10-year note yield settled down six basis points to 4.33%. 

• S&P Mid Cap 400: +3.3% YTD
• Russell 2000: +2.2% YTD
• DJIA: -3.4% YTD
• S&P 500: -3.7% YTD
• Nasdaq Composite: -5.7% YTD

Reviewing today's data:

• Weekly MBA Mortgage Applications Index -10.5%; Prior -10.9%
• Q4 Current Account Balance -$190.7 bln (Briefing.com consensus -$242.3 bln); Prior was revised to -$239.1 bln from -$226.4 bln
• February Import Prices 1.3%; Prior was revised to 0.6% from 0.2%
• February Import Prices ex-oil 1.1%; Prior was revised to 0.8% from 0.5%
• February Export Prices 1.5%; Prior 0.6%
• February Export Prices ex-ag. 1.7%; Prior 0.7%