[BRIEFING.COM] The S&P 500 (-0.8%), Nasdaq Composite (-0.9%), and DJIA (-0.6%) continue to steadily improve as the market enters the final hour of the session. 

Crude oil futures settled today's session $3.35 higher (+4.7%) at $74.58 per barrel, which is over three percentage points lower than session high levels.

On a related note, President Trump said via Truth Social, "I have ordered the United States Development Finance Corporation to provide, at a very reasonable price, political risk insurance and guarantees for the financial security of all maritime trade, especially energy, traveling through the Gulf. This will be available to all shipping lines. If necessary, the United States Navy will begin escorting tankers through the Strait of Hormuz, as soon as possible."

[BRIEFING.COM] The S&P 500 (-0.79%) is in second place, down 54 points on Tuesday afternoon.

Briefly, S&P 500 constituents Newmont Corporation (NEM 117.80, -10.67, -8.31%), Micron (MU 380.07, -32.60, -7.90%), and Dell (DELL 143.68, -9.87, -6.43%) pepper the bottom of the average. For its part, NEM slides amid steep losses in gold futures, while MU falls as investors react to its LPDRAM 256GB samples as a long-term AI memory innovation with delayed revenue impact, contrasting with other AI plays driving immediate growth expectations. 

Meanwhile, Akamai Tech (AKAM 102.55, +4.91, +5.03%) is near the top of the standings after announcing a major AI infrastructure push with thousands of Nvidia GPUs, enabling low-latency, globally distributed AI workloads and positioning the company as a key player in enterprise AI delivery.

[BRIEFING.COM] The Nasdaq Composite (-0.88%) is in last place on Tuesday afternoon, down about 200 points.

Gold futures settled $187.90 lower (-3.5%) at $5,123.70/oz, as a stronger U.S. dollar and rising Treasury yields pressured the non-yielding metal, triggering broad profit-taking after its recent surge. The pullback appears largely technical following a sharp safe-haven rally, with traders rotating into cash and higher-yielding assets despite lingering geopolitical risks.

Meanwhile, the U.S. Dollar Index is up about +0.5% to $99.04.

[BRIEFING.COM] The Dow Jones Industrial Average (-0.92%) is down about 452 points, hosting the shallowest losses among the three majors in an otherwise widely down session.

A look inside the DJIA shows that Caterpillar (CAT 721.46, -30.86, -4.10%), Procter & Gamble (PG 159.52, -3.99, -2.44%), and Nike (NKE 59.52, -1.49, -2.44%) are underperforming.

Meanwhile, Salesforce (CRM 196.83, +3.88, +2.01%) is today's top gain getter.

The DJIA now sits -4.08% off the mid-February all-time highs.

[BRIEFING.COM] The S&P 500 (-1.2%), Nasdaq Composite (-1.3%), and DJIA (-1.1%) face broad weakness as concerns over rising energy prices and escalating conflict in Iran drive a clear risk-off tone today. While firmly lower across the board, it is worth noting that the major averages have seen steady improvement since hitting session lows around 10:30 a.m. and now sit near session highs. 

Crude oil is currently up $4.43 (+6.2%) to $75.66 per barrel, which is actually over 2% off its session highs. The spike in oil prices has prompted inflationary concerns that have in turn weighed on the market's expectations for its next rate cut, with the CME FedWatch tool assigning a 62% probability of at least a 25-basis-point rate cut at the July FOMC meeting. 

Rate-sensitive pockets of the market are under pressure as a result, with the Russell 2000 (-2.0%) and S&P Mid Cap 400 (-2.0%) underperforming the major averages today. 

Unsurprisingly, the energy sector (-0.5%) is one of the better-faring sectors today amid the spike in oil prices, though it faces a combination of the market's broad pressure as well as some profit-taking from yesterday's highs. 

The financials sector (-0.6%) is also a relative "outperformer" today, as major banking names shed the bulk of their early losses that saw the sector trade more than 2.0% lower this morning. The sector is also supported by its two largest components, Berkshire Hathaway Inc. (BRK-B 480.92, +0.75, +0.16%) and JPMorgan Chase (JPM 298.92, +1.36, +0.46%), which have moved into positive territory. 

While a 4.0% slide in the PHLX Semiconductor Index keeps the information technology sector (-1.3%) firmly lower, software stocks have mounted a nice intraday advance, helping to soften losses. 

The iShares GS Software ETF is up 1.0% as names such as Workday (WDAY 140.48, +6.48, +4.83%) and Palo Alto Networks (PANW 155.14, +5.00, +3.33%) dot the top of the sector's leaderboard, while Microsoft (MSFT 401.86, +3.31, +0.83%) also holds a nice gain. 

Meanwhile, the materials sector (-3.0%) remains the worst-performing sector amid a sharp retreat in precious and industrial metals prices today, though it too has modestly rebounded from session lows. 

There are a few notable earnings moves in the mix today, though their impact has been muted amid the broader market swings tied to geopolitical developments.

Best Buy (BBY 65.54, +3.95, +6.41%) and Target (TGT 120.18, +7.01, +6.19%) boast similar gains, while AutoZone (AZO 3679.57, -202.90, -5.23%) and MongoDB (MDB 259.31, -65.70, -20.21%) lag. 

There were no economic data releases of note this morning. 

[BRIEFING.COM] The major averages now sit at their best levels of the session as the broader market continues to show modest improvements from this morning's pronounced weakness. 

While the information technology sector (-1.1%) remains firmly lower, software stocks have actually mounted a nice rebound effort from opening lows, with the iShares GS Software ETF now sporting a 1.0% gain. 

Workday (WDAY 139.82, +5.81, +4.34%) and Palo Alto Networks (PANW 155.09, +4.94, +3.29%) are among the sector's top performers, while Microsoft (MSFT 401.76, +3.21, +0.81%) also trades higher. 

[BRIEFING.COM] The S&P 500 (-1.3%), Nasdaq Composite (-1.4%), and DJIA (-1.4%) have now shed nearly half of their early weakness, though they remain firmly lower for the day. 

Several S&P 500 sectors have seen meaningful improvements from session lows. The communication services sector (-0.8%) narrows its loss to under 1.0%, with AT&T (T 28.40, +0.39, +1.39%) a standout after reaffirming its guidance last night, with Verizon (VZ 50.63, +0.65, +1.30%) also sporting a nice gain. 

Steady improvements across major banking names today also have the financial sector (-0.9%) trading with under half of its earlier loss.

[BRIEFING.COM] Stocks are under heavy pressure today, though the S&P 500 (-1.6%), Nasdaq Composite (-1.7%), and DJIA (-1.8%) are currently rebounding from their session lows. 

Optimism that the conflict in Iran will remain contained has faded as tensions continue to escalate, sending energy prices sharply higher for the second consecutive session. Maritime Executive reported that tanker traffic in the Strait of Hormuz has dropped to zero. 

Oil is currently up $5.75 (+8.1%) to $76.98 after logging a 6% increase yesterday. The energy sector (flat) is the day's best performer, though it faced some early profit-taking after yesterday's advance. 

The ten other S&P 500 sectors trade with losses wider than 1.0%. The materials sector (-3.9%) is particularly weak as both precious and industrial metals face pressure today.  

To say weakness is broad is almost an understatement. Decliners outpace advancers by nearly a 10-to-1 ratio on the NYSE and nearly a 7-to-1 ratio on the Nasdaq. 

Outside of the S&P 500, the Russell 2000 (-3.0%) and S&P Mid Cap 400 (-2.7%) are underperforming amid the clear risk-off tone today. 

[BRIEFING.COM] The major averages trade in a relatively stable range, with losses wider than 2.0%. 

Despite the broad weakness, there are a handful of stocks that are managing nice gains today in response to earnings. 

Best Buy (BBY 65.06, +3.47, +5.63%) is the best-performing S&P 500 name today after delivering better-than-feared 4Q26 results, with adjusted EPS topping expectations even as revenue and comps came in light and at the low end of guidance. The relief rally reflects improved profitability, resilient demand in key tech categories, and growing contributions from higher-margin profit pools after the stock slid more than 20% since the prior Q3 report.

Target (TGT 117.25, +4.08, +3.61%) is also nicely higher after reporting Q4 (Jan) results this morning. The retail giant delivered a sizable EPS beat, its largest of the past six quarters. Revenue declined 1.5% year-over-year to $30.45 billion, in-line with expectations, marking its fifth consecutive year-over-year decline. Q1 (Apr) EPS guidance came in below expectations, although the mid-point of FY27 adjusted EPS guidance of $7.50-8.50 was well above analyst forecasts. The company also guided to a "small increase" in FY27 comps following a FY26 comp decline of -2.6%, which investors appear to be viewing as a modest positive.

[BRIEFING.COM] The S&P 500 (-2.3%), Nasdaq Composite (-2.5%), and DJIA (-2.4%) continue to plunge lower this morning. 

New York Fed President John Williams (voting FOMC member) said in a speech that "if inflation follows the path I expect, further reductions in the federal funds rate will eventually be warranted to prevent monetary policy from inadvertently becoming more restrictive." 

The commentary has offered little in the way of reprieve for a market that has seen rate cut expectations further pushed back by the recent surge in energy costs. According to the CME FedWatch tool, the market is expecting its next rate cut to come at the July FOMC meeting, though the probability of at least a 25-basis point rate cut now stands at 56%, down from around 63% yesterday. 

[BRIEFING.COM] The S&P 500 (-2.0%), Nasdaq Composite (-2.1%), and DJIA (-2.2%) are sharply lower this morning, with the weakness now forcing all three indices into negative year-to-date territory. 

There is a clear risk-off tone in the market today as investors now face concerns that the conflict in Iran might be more than a short-term skirmish, and rising energy prices could exacerbate inflation. 

All eleven S&P 500 sectors trade lower this morning, with only the consumer staples sector (-0.9%) holding a loss narrower than 1.0%. 

Chipmakers are among the underperformers, with a 4.2% slide in the PHLX Semiconductor Index weighing heavily on the information technology sector (-1.9%). 

Meanwhile, the materials sector (-4.3%) faces the widest loss amid a sharp retreat in precious metals prices. 

Even the energy sector (-1.4%) faces a loss despite the price of oil climbing $5.41 (+7.6%) to $76.64 per barrel.

The CBOE Volatility Index is currently up 17.1% to 25.10, underscoring the heightened sense of volatility in the market this morning. 

The stock market is on track for a considerably lower opening this morning as the conflict in Iran continues to unsettle investors and pressure risk sentiment.

The S&P 500 and DJIA closed less than 0.5% below their respective 50-day moving averages yesterday, as a solid bounce in tech stocks helped the market recover from sharp early losses tied to geopolitical headlines. However, renewed weakness in equity futures suggests that optimism about a contained conflict may be fading, with higher oil prices and inflation concerns back in focus ahead of the open.

Equity indices in the Asia-Pacific region had a poor showing on Tuesday with South Korea's Kospi (-7.2%) plunging from record territory while Japan's Nikkei (-3.1%) also underperformed amid concerns about the impact of a sharp rise in the price of oil. Japan's Prime Minister Takaichi said that the rising price of oil could fuel the need for an extra budget. Reserve Bank of Australia Governor Bullock acknowledged that a rate hike could happen at the March 16-17 meeting. U.S. Treasury Secretary Bessent is expected to meet with China's Vice Premier He at the end of next week.

• In economic data:
  • Japan's January jobs/applications ratio 1.18 (expected 1.19; last 1.20) and January Unemployment Rate 2.7% (expected 2.6%; last 2.6%). Q4 Capital Spending 6.5% yr/yr (expected 3.0%; last 2.9%)
  • South Korea's February Manufacturing PMI 51.1 (last 51.2)
  • Australia's January Building Approvals -7.2% m/m (expected 5.4%; last -14.9%) and Private House Approvals 1.1% m/m (last 1.2%). Q4 Current Account deficit AUD21.1 bln (expected deficit of AUD16.8 bln; last deficit of AUD18.3 bln). Q4 Net Exports Contribution -0.1% (expected -0.3%; last -0.1%)
  • New Zealand's January Building Consents 1.9% m/m (last -4.5%)

---Equity Markets---

• Japan's Nikkei: -3.1%
• Hong Kong's Hang Seng: -1.1%
• China's Shanghai Composite: -1.4%
• India's Sensex: CLOSED
• South Korea's Kospi: -7.2%
• Australia's ASX All Ordinaries: -1.4%

Major European indices trade in the red amid ongoing geopolitical concerns and worries about the sharp rise in the price of oil, which has increased by $10/bbl already this week. European Central Bank policymaker Lane said that the Iran conflict will increase inflation in the near term, while the same concern has weighed on rate cut expectations in the U.K. British Chancellor Reeves will deliver the Spring Budget Statement this morning, and she is expected to tout the early results of changes announced in the fall.

• In economic data:
  • Eurozone's flash February CPI 0.7%m/m (last -0.6%); 1.9% yr/yr (expected 1.7%; last 1.7%). Flash Core CPI 0.8% m/m (last -1.1%); 2.4% yr/yr (expected 2.2%; last 2.2%)
  • France's January government budget deficit EUR9.7 bln (last deficit of EUR124.7 bln)
  • Italy's flash February CPI 0.8% m/m (expected 0.3%; last 0.4%); 1.6% yr/yr (last 1.0%)
  • Spain's February Unemployment Change 3,600 (expected 26,700; last 30,400)

---Equity Markets---

• STOXX Europe 600: -3.2%
• Germany's DAX: -3.8%
• U.K.'s FTSE 100: -2.7%
• France's CAC 40: -3.1%
• Italy's FTSE MIB: -4.7%
• Spain's IBEX 35: -4.3%

The S&P 500 futures currently trade 99 points below fair value. 

Best Buy (BBY 68.84, +7.25, +11.8%) is up sharply in the premarket after posting a mixed earnings report this morning. The company beat EPS expectations by $0.15, reported revenues in-line, guided FY27 EPS in-line with revenues below consensus, and raised its dividend. 

Meanwhile, shares of MongoDB (MDB 238.86, -86.51, -26.62) have plummeted after beating EPS expectations by $0.17, beating revenue expectations, and guiding Q1 EPS below consensus, with FY27 EPS expectations above consensus. The stock was downgraded to Neutral from Outperform at Robert W. Baird with a target price of $260. 

Equity futures point to a lower opening this morning after stocks put up a mixed finish yesterday in reaction to a whirlwind of geopolitical developments. Yesterday's trade saw the market look to balance inflationary concerns tied to the sharp rise in oil prices with optimism that the conflict in Iran will not drag on longer than anticipated. 

The decisive move lower in equity futures coupled with a rise in treasury yields suggests the market is now not so sure that the conflict will remain contained or that its economic fallout will prove fleeting.

Reuters reported late yesterday that Iran will attack any ship traversing the Strait of Hormuz, a headline that has seen crude oil futures rise nearly 7% this morning after closing 6% higher yesterday. 

Additionally, NBC News reported that Iranian drones hit the U.S. Embassy in Riyadh, Saudi Arabia, further stoking concerns that the conflict might be far from deescalating. 

Elsewhere, mega-cap tech and software names are giving back some of yesterday's strength in the premarket after a solid session yesterday that helped the major averages overcome the bulk of their early weakness. 

Corporate newsflow has taken a backseat amid the geopolitical turmoil, though there are a few notable earnings moves in the fold this morning.

There are no economic data releases of note scheduled for today.

In corporate news:

• AutoZone (AZO 3,600.00, -282.47, -7.3%) beat EPS expectations by $0.48 and reported revenues in-line. 
• Blackstone (BX 110.07, -5.26, -4.6%) private credit fund had $1.7 billion in net outflows in Q1, according to Financial Times. 
• Target (TGT 117.00, +3.83, +0.5%) beat EPS expectations by $0.28 and reported revenues in-line. The company guided Q1 EPS below consensus and guided FY27 EPS in-line with revenues above consensus. 

Reviewing overnight developments:

Equity indices in the Asia-Pacific region had a poor showing on Tuesday with South Korea's Kospi (-7.2%) plunging from record territory while Japan's Nikkei (-3.1%) also underperformed amid concerns about the impact of a sharp rise in the price of oil. Japan's Nikkei: -3.1%, Hong Kong's Hang Seng: -1.1%, China's Shanghai Composite: -1.4%, India's Sensex: CLOSED, South Korea's Kospi: -7.2%, Australia's ASX All Ordinaries: -1.4%.

In news:

• Japan's Prime Minister Takaichi said that the rising price of oil could fuel the need for an extra budget.
• Reserve Bank of Australia Governor Bullock acknowledged that a rate hike could happen at the March 16-17 meeting.
• U.S. Treasury Secretary Bessent is expected to meet with China's Vice Premier He at the end of next week.

In economic data:

• Japan's January jobs/applications ratio 1.18 (expected 1.19; last 1.20) and January Unemployment Rate 2.7% (expected 2.6%; last 2.6%). Q4 Capital Spending 6.5% yr/yr (expected 3.0%; last 2.9%)
• South Korea's February Manufacturing PMI 51.1 (last 51.2)
• Australia's January Building Approvals -7.2% m/m (expected 5.4%; last -14.9%) and Private House Approvals 1.1% m/m (last 1.2%). Q4 Current Account deficit AUD21.1 bln (expected deficit of AUD16.8 bln; last deficit of AUD18.3 bln). Q4 Net Exports Contribution -0.1% (expected -0.3%; last -0.1%)
• New Zealand's January Building Consents 1.9% m/m (last -4.5%)

Major European indices trade in the red amid ongoing geopolitical concerns and worries about the sharp rise in the price of oil, which has increased by $10/bbl already this week. STOXX Europe 600: -2.7%, Germany's DAX: -3.5%, U.K.'s FTSE 100: -2.6%, France's CAC 40: -2.6%, Italy's FTSE MIB: -3.6%, Spain's IBEX 35: -4.1%.

In news:

• European Central Bank policymaker Lane said that the Iran conflict will increase inflation in the near term, while the same concern has weighed on rate cut expectations in the U.K.
• British Chancellor Reeves will deliver the Spring Budget Statement this morning, and she is expected to tout the early results of changes announced in the fall.

In economic data:

• Eurozone's flash February CPI 0.7%m/m (last -0.6%); 1.9% yr/yr (expected 1.7%; last 1.7%). Flash Core CPI 0.8% m/m (last -1.1%); 2.4% yr/yr (expected 2.2%; last 2.2%)
• France's January government budget deficit EUR9.7 bln (last deficit of EUR124.7 bln)
• Italy's flash February CPI 0.8% m/m (expected 0.3%; last 0.4%); 1.6% yr/yr (last 1.0%)
• Spain's February Unemployment Change 3,600 (expected 26,700; last 30,400)

[BRIEFING.COM] Stocks had an eventful start to March, with the subdued finishes of the S&P 500 (flat), Nasdaq Composite (+0.4%), and DJIA (-0.2%) betraying the intraday volatility. 

The market opened to considerable losses after a busy weekend of geopolitical headlines that included joint strikes by the U.S. and Israel taking out much of Iran's senior government and military leadership. Iran launched its own strikes on bases across several countries in the region in response, sending oil prices surging and disrupting international travel. 

The energy sector (+2.0%) was the only S&P 500 sector to trade higher for some of the morning and finished as today's top mover. Crude oil futures settled today's session $4.17 higher (+6.2%) at $71.23 per barrel, though they spiked higher after the session's close following a Reuters report that Iran will attack any ship that attempts to traverse the Strait of Hormuz. 

The late-session headline saw stocks retreat from their best levels, which briefly pushed the major averages modestly higher across the board. 

The industrials sector (+1.0%) was another standout today, with its gains largely attributed to the conflict in Iran. Aerospace and defense names such as Axon (AXON 572.02, +29.62, +5.46%), Northrop Grumman (NOC 768.02, +43.64, +6.02%), and RTX (RTX 212.16, +9.54, +4.71%) were among the top performers, helping the iShares DJ Aerospace ETF finish 2.8% higher.

The gains offset weakness across airline names such as United Airlines (UAL 103.21, -3.09, -2.91%) and Delta Air Lines (DAL 64.25, -1.45, -2.21%). 

The top-weighted information technology sector (+0.9%) played a pivotal role in helping the major averages overcome their early losses. The sector opened to modest losses but quickly began to chart a higher course throughout the session until the Strait of Hormuz headlines saw it give back a chunk of its best levels. 

With the U.S. directly involved in conflict in Iran, it is not surprising that Palantir Technologies (PLTR 145.13, +7.94, +5.79%) was a standout today. However, it is worth noting that the broader software space saw solid gains across a number of components today, sending the iShares GS Software ETF 1.5% higher. 

Microsoft (MSFT 398.55, +5.81, +1.48%) posted a nice gain, though NVIDIA (NVDA 182.48, +5.29, +2.99%) was the true 'Magnificent Seven' standout after a weekend report from The Wall Street Journal said the company plans to unveil a new chip designed to speed up AI processing, helping the stock recover a chunk of its post-earnings skid.

The real estate sector (+0.3%) also captured a gain, while the seven other S&P 500 sectors finished lower. 

The consumer discretionary sector (-1.1%) was a laggard as a majority of its components traded lower today. Losses were particularly acute across travel names amid the rising fuel costs and geopolitical headlines. Norwegian Cruise Line (NCLH 22.19, -2.60, -10.49%) was among the worst-performing S&P 500 names today after missing revenue expectations and issuing cautious guidance. 

Meanwhile, the defensive consumer staples (-1.4%), health care (-1.0%), and utilities (-0.8%) sectors also lagged amid the rebound across tech names today. 

Outside of the S&P 500, the Russell 2000 (+0.9%) and S&P Mid Cap 400 (+0.8%) outperformed after shrugging off modest early losses of their own. 

Ultimately, today's session underscored the market's resilience to the conflict in Iran, with stocks largely improving throughout the course of the session. President Trump told reporters that the U.S. is ahead of schedule on operations that were initially predicted to last around four to five weeks. JPMorgan Chase CEO Jamie Dimon added commentary of his own in a CNBC interview, stating that if the Iran conflict is not prolonged, there's not going to be a major inflationary impact.

The inflationary effects of higher oil prices could prove to be consequential, particularly as incoming data continue to show firm price pressures beneath the surface. The ISM Manufacturing Index slowed modestly in February but remained in expansion territory, and more notably, the Prices Index accelerated at a faster pace. That pickup is likely to fuel concerns about sticky inflation and reinforce expectations that the Fed will maintain its current policy rate for longer than previously anticipated. In turn, rate-cut expectations have been pushed further out, with the market no longer assigning at least 50% odds to the next cut until the July FOMC meeting, according to the CME FedWatch tool.

U.S. Treasuries began March with a sharp retreat that lifted yields off their lowest levels of the year. The 2-year note yield settled up 11 basis points to 3.49%, and the 10-year note yield settled up nine basis points to 4.05%. 

• S&P Mid Cap 400: +9.1% YTD
• Russell 2000: +7.0% YTD
• DJIA: +1.8% YTD
• S&P 500: +0.5% YTD
• Nasdaq Composite: -2.1% YTD

Reviewing today's data:

• February S&P Global U.S. Manufacturing PMI - Final 51.6; Prior 51.2
• February ISM Manufacturing Index 52.4% (Briefing.com consensus 52.1%); Prior 52.6%
  • The key takeaway from the report is the faster pace of growth in the Prices Index, as that will fuel concerns about sticky inflation pressure (and the Fed sticking with its current policy rate for longer).