[BRIEFING.COM] Stocks traded cautiously today amid a rise in oil prices and in anticipation of tomorrow's FOMC meeting, with the S&P 500 (+0.3%), Nasdaq Composite (+0.5%), and DJIA finishing a touch off their session lows. 

Oil saw some gains this morning following headlines that Iran struck a natural gas field in the UAE and targeted another tanker in the Strait of Hormuz. The market showed some resilience to the rebound in oil prices, opening to broad gains that were steadily eroded throughout the morning. Crude oil futures settled today's session $2.70 higher (+2.9%) at $96.05 per barrel.

The energy sector (+1.2%) notched the widest gain today, with Halliburton (HAL 35.64, +1.48, +4.33%) and APA Corp. (APA 35.86, +1.32, +3.84%) leading the advance. 

While the major averages gave back most of their early gains, eight total S&P 500 sectors managed to notch a higher finish today, keeping with yesterday's trend of broad strength. 

The consumer discretionary sector (+1.0%) outperformed, boosted by a nice gain in Amazon (AMZN 215.20, +3.46, +1.63%), which was a mega-cap standout today. The stock reached session highs this afternoon after Reuters reported that CEO Andy Jassy expects AI to double AWS projections to $600 billion by 2036.

Travel and leisure names such as Expedia Group (EXPE 241.25, +9.79, +4.23%) and Booking Holdings (BKNG 4442.33, +149.31, +3.48%) added support as the group rebounds from recent weakness tied to geopolitical and energy volatility. 

Alphabet (GOOG 309.41, +4.99, +1.64%) was another mega-cap standout, helping the communication services sector (+0.7%) finish near the top of the leaderboard as several other sectors trended lower later in the session. 

The Vanguard Mega Cap Growth ETF (+0.2%) finished well off its session highs, and the S&P 500 Equal Weighted Index (+0.5%) outperformed the market-weighted S&P 500 (+0.3%). 

Several of the ETF's weaker components resided in the information technology sector (+0.2%), which finished jsut modestly higher after opening to solid gains this morning. NVIDIA (NVDA 181.93, -1.29, -0.70%) saw some profit-taking following yesterday's GTC conference developments that featured CEO Jensen Huang's projections for at least $1 trillion in revenue opportunity through 2027 for Blackwell and Rubin chips.

The PHLX Semiconductor Index (+0.5%) still managed a higher finish as memory storage names such as Western Digital (WDC 313.81, +27.60, +9.64%) and Micron (MU 461.69, +19.89, +4.50%) traded sharply higher again today. 

Software stocks were also relatively solid today, with the iShares GS Software (IGV 85.52, +0.57, +0.67%) finishing 0.7% higher.

Meanwhile, the health care sector (-0.9%) closed with the widest loss today as Eli Lilly (LLY 930.51, -58.61, -5.93%) lagged after HSBC downgraded the stock to Reduce from Hold, with a target price of $850. The defensive consumer staples (-0.5%) and utilities (-0.3%) sectors also moved lower this afternoon after trading flattish for most of the session.

Other noteworthy corporate developments include the outperformance of airline stocks after Delta Air Lines (DAL 64.82, +3.98, +6.54%) raised its Q1 guidance, while Uber (UBER 77.79, +3.13, +4.19%) traded higher after Reuters reported that the company plans to launch a robotaxi service that runs on NVIDIA's self-driving platform. Those developments helped offset weakness in the industrials sector (+0.3%), which faced some profit-taking in its defense names today. 

Outside of the S&P 500, the Russell 2000 (+0.7%) and S&P Mid Cap 400 (+0.9%) outperformed the major averages.

Ultimately, the market held up reasonably well in the face of higher oil prices, but the pullback from early highs highlights a more cautious bias. Focus now shifts to tomorrow's FOMC decision, where investors will be looking for clarity on how recent energy developments factor into the Fed's outlook.

U.S. Treasuries saw yields fall back from higher levels in the overnight trade and close the regular session slightly lower than yesterday's settlement. Worries about slower growth and hesitation in front of Wednesday's FOMC decision and press conference ultimately won out as the Treasury market's driving influence. The 2-year note yield settled down one basis point to 3.67% and the 10-year note yield settled down two basis points to 4.20%. 

• S&P Mid Cap 400: +2.7% YTD
• Russell 2000: +1.5% YTD
• S&P 500: -1.9% YTD
• DJIA: -2.2% YTD
• Nasdaq Composite: -3.3% YTD

Reviewing today's data:

• February Pending Home Sales increased 1.8% (Briefing.com consensus: -0.8%; prior revised to -1.0% from -0.8%)

[BRIEFING.COM] The major averages continue to trade modestly higher shortly before the close. 

Defense stocks moved higher on March 2 amid the start of the war in Iran, but the move now reads as a reflexive headline spike rather than the start of a durable rerating.

The move has since turned into sell-the-news, with The Wall Street Journal saying the big five primes are down about 1% on average since the war began despite a 50% run since mid-2024, and today Lockheed Martin (LMT 637.50, -7.70, -1.19%), RTX (RTX 203.22, -2.84, -1.38%), and Northrop Grumman (NOC 723.04, -12.92, -1.76%) were all lower even as the main U.S. indexes edged higher.

[BRIEFING.COM] The S&P 500 (+0.4%), Nasdaq Composite (+0.5%), and DJIA (+0.3%) remain little changed from previous levels as the market enters the final hour of the session. 

Amazon (AMZN 214.54, +2.80, +1.32%) continues to be a mega-cap standout, rising to session highs after Reuters reported that CEO Andy Jassy expects that AI will double AWS projections to $600 billion by 2036. 

Amazon holds a 7.1% loss year to date, which is nearly identical to the Vanguard Mega Cap Growth ETF (-7.0%) over the same time period. The stock faced pressure last month after issuing an aggressive capital expenditure plan with its earnings release. 

[BRIEFING.COM] The S&P 500 (+0.35%) is in second place on Tuesday afternoon, up about 24 points.

Briefly, S&P 500 constituents Western Digital (WDC 305.83, +19.62, +6.86%), Global Payments (GPN 72.46, +4.41, +6.48%), and Delta Air Lines (DAL 64.67, +3.83, +6.30%) are today's top performers. WDC is atop the standings on general strength in storage stocks, while DAL rallies after raising its Q1 revenue guidance.

Meanwhile, Corpay (CPAY 298.12, -12.10, -3.90%) slides in the standings despite a dearth of corporate news.

[BRIEFING.COM] With about two hours remaining on Tuesday afternoon, the tech-heavy Nasdaq Composite (+0.56%) is in first place up about 126 points.

Gold futures settled $6 higher (+0.1%) at $5,008.20/oz, as safe-haven demand tied to ongoing Middle East tensions provided support. Gains were limited, however, as investors remained cautious ahead of the Federal Reserve decision and continued to weigh the outlook for interest rates.

Meanwhile, the U.S. Dollar Index falls about -0.3% to $99.54.

[BRIEFING.COM] The Dow Jones Industrial Average (+0.30%) is in last place among the major averages, up 141 points.

A look inside the DJIA shows that IBM (IBM 254.39, +5.14, +2.06%), Walt Disney (DIS 100.31, +1.65, +1.67%), and American Express (AXP 302.50, +4.30, +1.44%) show decent gains.

Meanwhile, Honeywell (HON 230.70, -3.81, -1.62%) is underperforming.

The DJIA is now +1.27% higher off Friday's lows.

[BRIEFING.COM] The S&P 500 (+0.4%), Nasdaq Composite (+0.5%), and DJIA (+0.4%) are higher across the board shortly after midday, though the major averages have ceded most of their opening gains. 

The market remains attuned to developments on the geopolitical and energy fronts, with oil moving higher today amid reports that Iran has struck energy infrastructure sites in the UAE and targeted another tanker in the Strait of Hormuz. Crude oil is currently up $1.47 (+1.6%) to $94.97 per barrel, though it is off of its highest levels of the session. The energy sector (+1.7%) is the only S&P 500 sector that holds a gain wider than 1.0%.

While gains elsewhere are modest in comparison to yesterday's advance, participation remains solid, with ten S&P 500 sectors trading higher. 

The consumer discretionary sector (+0.9%) remains near the top of the leaderboard, supported by leadership in Amazon (AMZN 213.81, +2.07, +0.98%), which is a mega-cap standout. The Vanguard Mega Cap Growth ETF is up 0.2%, roughly half of a percentage point off its session highs. The modest pullback across other mega-cap names from earlier highs contributes to the outperformance of the S&P 500 Equal Weighted Index (+0.7%) relative to the market-weighted S&P 500 (+0.4%). 

Elsewhere in the sector, Expedia Group (EXPE 242.54, +11.08, +4.78%) leads the advance amid a solid day for travel-related names. 

The financials sector (+0.7%) is another relative outperformer, supported by strength across major banking names, a rebound in asset managers, and a sharp gain in Global Payments (GPN 72.39, +4.34, +6.38%), which is the best-performing S&P 500 stock today. 

Meanwhile, the top-weighted information technology sector (+0.1%) has given up the majority of its earlier gain. NVIDIA (NVDA 182.12, -1.10, -0.60%) has seen some profit-taking after the stock moved higher yesterday following CEO Jensen Huang's projections for at least $1 trillion in revenue opportunity through 2027 for Blackwell and Rubin chips. 

The PHLX Semiconductor Index (+0.1%) remains slightly higher as memory storage stocks such as Western Digital (WDC 302.14, +15.93, +5.57%) and Micron (MU 456.25, +14.45, +3.27%) see an extension of yesterday's rally. 

Corporate newsflow has been on the lighter side today, though there are still a few notable moves in the mix. 

Eli Lilly (LLY 936.29, -52.83, -5.34%) is the worst-performing S&P 500 name after HSBC downgraded the stock to Reduce from Hold with a target price of $850, with the loss weighing heavily on the health care sector (-0.6%). 

Uber (UBER 78.86, +4.20, +5.62%) outperforms after Reuters reported the company is aiming to launch a robotaxi service with NVIDIA next year. 

Delta Air Lines (DAL 64.16, +3.32, +5.46%) holds a similar gain after the company raised its Q1 revenue guidance, which supports gains across other airline names today.

Outside of the S&P 500, the Russell 200 (+0.6%) and S&P Mid Cap 400 (+0.8%) outperform the major averages, though they too have ceded a chunk of their early strength. 

All told, the market is showing some resilience despite renewed strength in oil prices, but the pullback from earlier highs suggests a degree of caution. Participants appear reluctant to press bets too aggressively ahead of tomorrow's FOMC decision, with investors likely looking for clarity on how policymakers are factoring the recent surge in oil prices into their inflation outlook and rate path.

Reviewing today's data:

• February Pending Home Sales 1.8% (Briefing.com consensus -0.8%); Prior was revised to -1.0% from -0.8%

[BRIEFING.COM] The S&P 500 (+0.4%), Nasdaq Composite (+0.4%), and DJIA (+0.3%) trade in a relatively tight range a touch above their session lows. 

While the information technology sector (+0.2%) has given up most of its early gain due to several large chipmakers, including NVIDIA (NVDA 182.68, -0.54, -0.29%) and Broadcom (AVGO 317.80, -7.12, -2.19%), the PHLX Semiconductor Index (+0.1%) remains slightly higher for the day. Memory storage names such as Western Digital (WDC 301.00, +14.79, +5.17%) and Micron (MU 455.17, +13.37, +3.03%), which reports its earnigns after the close tomorrow, are once again among the top-performers. 

Elsewhere in the sector, software stocks are a point of strength, with the iShares GS Software ETF up 1.1%.

[BRIEFING.COM] The major averages sit a touch above session lows at midday. 

Oil prices have ticked higher in recent trading, with crude oil currently up $2.16 (+2.3%) to $95.66 per barrel. Bloomberg reported that French President Emmanuel Macron said he is not willing to participate in operations to open up the Strait of Hormuz, though he is open to working with other countries on an escort system. 

Separately, President Trump wrote on Truth Social that NATO allies have told him they do not want to get involved in the war in Iran. 

[BRIEFING.COM] The S&P 500 (+0.3%), Nasdaq Composite (+0.2%), and DJIA (+0.2%) opened to a solid continuation of yesterday's strength, though they are now trading at session lows. While the gains are not as wide as those from the previous session, strength remains broad with eight S&P 500 sectors trading higher. 

The energy sector (+1.6%) is the top mover, supported by a rebound in oil prices today, with crude oil currently up $1.44 (+1.5%) to $94.94 per barrel. Despite reports that Iran has attacked energy infrastructure sites in the Middle East, the broader market has shown resilience amid the increase in oil prices. 

While corporate newsflow has been on the lighter side, Delta Air Lines (DAL 63.41, +2.57, +4.22%) makes a nice move higher after raising its Q1 revenue guidance, which in turn has supported other airline names despite a higher price of oil today. However, the industrial sector trades flat, as aerospace and defense names lag today. 

Meanwhile, the health care sector (-0.4%) holds the widest loss as Eli Lilly (LLY 945.96, -43.16, -4.36%) moves lower after being downgraded to Reduce from Hold at HSBC. 

NVIDIA (NVDA 181.92, -1.30, -0.71%) has also moved into negative territory after an eventful previous session, weighing on the information technology sector (-0.1%), which now trades slightly lower. 

Outside of the S&P 500, the Russell 2000 (+0.7%) and S&P Mid Cap 400 (+1.0%) are also retreating from their best levels, though they still outperform the major averages.

[BRIEFING.COM] The major averages continue to trade with decent gains as participation remains broad.

Eli Lilly (LLY 955.74, -33.38, -3.37%) is the worst-performing S&P 500 name after HSBC downgraded the stock to "Reduce" from "Hold" with a target price of $850. The weakness weighs on the health care sector (-0.1%), which otherwise trades mostly higher. 

Meanwhile, Expedia Group (EXPE 244.83, +13.37, +5.78%) is among today's best performers, contributing to strength in the consumer discretionary sector (+1.1%), which benefits from strength across travel agency, cruise lines, and casino stocks. 

[BRIEFING.COM] The S&P 500 (+0.6%), Nasdaq Composite (+0.6%), and DJIA (+0.5%) have shed a chunk of their opening gains. 

The industrials sector (-0.2%) has made a move lower as a majority of its components now trade in negative territory. J.B. Hunt Transport (JBHT 196.14, -6.59, -3.25%) is the worst performer amid the bump in oil prices today, while aerospace and defense names also lag, sending the iShares DJ Aerospace ETF 0.6% lower. 

Meanwhile, Delta Air Lines (DAL 63.08, +2.24, +3.68%) trades higher after raising its Q1 revenue guidance, which has boosted other airline stocks. 

Uber (UBER 78.45, +3.80, +5.08%) is the sector's top performer after Reuters reported that the company is planning to launch a robotaxi fleet with NVIDIA (NVDA 183.09, -0.10, -0.05%) next year. 

[BRIEFING.COM] The stock market is off to another good start this morning, with the S&P 500 (+0.6%), Nasdaq Composite (+0.6%), and DJIA (+0.7%) extending their week-to-date gains to roughly 2.0%. 

Strength is once again broad, with all eleven S&P 500 sectors holding early gains. 

The energy sector (+1.5%) leads the advance amid a modest bounce in oil prices today, with oil hovering around the $95 per barrel mark.

The financials sector (+1.2%) is near the top of the leaderboard after outperforming in yesterday's action as well. Major banking names hold solid gains, while asset managers such as Apollo Global Management (APO 108.45, +5.00, +4.83%) continue to rebound from recent weakness. 

Mega-cap and tech stocks are also seeing an extension of yesterday's strength, with the consumer discretionary (+1.0%) and information technology (+0.5%) sectors holding solid gains. The Vanguard Mega Cap Growth ETF (+0.7%) is up similarly. 

Just released, pending home sales increased 1.8% month-over-month in February (Briefing.com consensus -0.8%), from a downwardly revised 1.0% decrease in January (from -0.8%). 

While oil prices are higher this morning, they are off their highs for the session, which now has the stock market on track for a higher opening.

There is some lingering mega-cap strength from yesterday's session, particularly in NVIDIA (NVDA 184.93, +1.74, +1.0%) and Amazon (AMZN 213.54, +1.80, +0.9%). The Information reported that OpenAI has secured a deal with AWS amid a battle for government contracts.

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

Equity indices in the Asia-Pacific region were mostly higher on Tuesday, with Japan's Nikkei (-0.2%) and China's Shanghai Composite (-0.9%) the notable exceptions. Markets generally drafted off the U.S. showing on Monday, while some, namely South Korea, saw a tailwind from NVIDIA's GTC updates. As expected, the Reserve Bank of Australia raised its cash rate by 25 basis points to 4.10%, but it was a close 5-4 vote. The Bank of Japan will be out with its rate decision on Thursday. It is expected to hold steady at 0.75%, yet there is some chatter that Japan could intervene to support the yen in conjunction with the BOJ decision. Separately, President Trump said the U.S. has asked China to delay his meeting with President Xi by a month or so because of his need to attend to the war with Iran.

• In economic data:
  • Japan's January Tertiary Industry Activity Index -9.2 (prior 8.0)
  • South Korea's February Export Price Index +10.7% yr/yr (prior +7.8%) and Import Price Index +1.2% y/yr (prior -0.9%)
  • Australia's ANZ Roy Morgan Weekly Consumer Confidence 68.5 (prior 73.4)

---Equity Markets---

• Japan's Nikkei: -0.2%
• Hong Kong's Hang Seng: +0.1%
• China's Shanghai Composite: -0.9%
• India's Sensex: +0.7%
• South Korea's Kospi: +1.6%
• Australia's ASX All Ordinaries: +0.3%

Major European indices are trading higher despite oil prices reversing course and heading higher on Tuesday. WTI crude futures are up 3.0% to $96.30/bbl and Brent crude futures are up 2.8% to $103.03/bbl. The resilience of the equity markets is also notable given some ugly economic sentiment readings for the eurozone and Germany. The ECB will take that into account when it meets Thursday, although it is not expected to prompt a change in its key interest rates at this juncture.

• In economic data:
  • Eurozone's March ZEW Economic Sentiment -8.5 (expected 26.5; prior 39.4)
  • Germany's March ZEW Economic Sentiment -0.5 (expected 39.0; prior 58.3)
  • Switzerland's February PPI -0.3% m/m (expected 0.0%; prior -0.2%) and -2.7% yr/yr (prior -2.2%)
  • Italy's February CPI 0.7% m/m (expected 0.8%; prior 0.4%) and 1.5% yr/yr (expected 1.6%; prior 1.0%)

---Equity Markets---

• STOXX Europe 600: +0.6%
• Germany's DAX: +0.4%
• U.K.'s FTSE 100: +0.7%
• France's CAC 40: +0.7%
• Italy's FTSE MIB: +1.2%
• Spain's IBEX 35: +1.2%

The S&P 500 futures currently trade 11 points above fair value.

Eli Lilly (LLY 978.75, -10.37, -1.1%) trades lower in the premarket after HSBC downgraded the stock to Reduce from Hold, with a target price of $850. 

On the earnings front, Academy Sports and Outdoors (ASO 53.80, -2.71, -4.8%) moves lower after the company missed EPS expectations by $0.08, missed revenue expectations, reported Q4 comparable sales of -1.6%,  and guided FY27 EPS in-line with revenues below consensus

Equity futures point to a lower open this morning after stocks posted broad gains in reaction to a dip in oil prices to start the week. Oil moved lower following reports that the Trump administration is expected to announce a multicountry coalition that will help escort tankers through the Strait of Hormuz. 

Reports of renewed hostilities in the area have led to a rise in oil prices this morning. Bloomberg reports that Iran has struck a natural gas field in the UAE, marking its first direct attack on an energy facility since the start of the war. The New York Times also reported that Iran has struck another tanker in the Strait of Hormuz, marking the first attack in five days. 

Currently, crude oil is up $3.35 (+3.6%) to $96.85 per barrel. 

NBC News reported that Israel has killed Iranian security chief Ali Larijani, and while losses are mounting for the Iranian regime, there is not yet a clear resolution to the conflict in sight. Separately, NBC News reports that President Trump told reporters he wants to delay his meeting with Chinese President Xi by a month or so due to the war in Iran.

Headlines are relatively quiet elsewhere, with just a modest batch of earnings reports trickling in this week. Economic data is also on the lighter side this week, though tomorrow will feature the March FOMC decision. The Fed is widely expected to keep rates steady, though the market is eager to receive the Summary of Economic Projections, along with any commentary, as the recent surge in energy prices has muddied the expected policy path. 

In corporate news:

• OpenAI plans to refocus the company on coding and business users, according to The Wall Street Journal. 
• Delta Air Lines (DAL 63.62, +2.78, +4.6%) raised its Q1 revenue guidance. 
• Uber (UBER 77.42, +2.76, +3.7%) is planning to launch a robotaxi fleet powered by NVIDIA's (NVDA 183.50, +0.31, +0.2%) self-driving platform next year, according to Reuters.

Reviewing overnight developments:.

Equity indices in the Asia-Pacific region were mostly higher on Tuesday, with Japan's Nikkei (-0.2%) and China's Shanghai Composite (-0.9%) the notable exceptions. Japan's Nikkei: -0.2%, Hong Kong's Hang Seng: +0.1%, China's Shanghai Composite: -0.9%, India's Sensex: +0.7%, South Korea's Kospi: +1.6%, Australia's ASX All Ordinaries: +0.3%.

In news: 

• Markets generally drafted off the U.S. showing on Monday, while some, namely South Korea, saw a tailwind from NVIDIA's GTC updates.
• As expected, the Reserve Bank of Australia raised its cash rate by 25 basis points to 4.10%, but it was a close 5-4 vote.
• The Bank of Japan will be out with its rate decision on Thursday. It is expected to hold steady at 0.75%, yet there is some chatter that Japan could intervene to support the yen in conjunction with the BOJ decision.
• Separately, President Trump said the U.S. has asked China to delay his meeting with President Xi by a month or so because of his need to attend to the war with Iran.

In economic data:

• Japan's January Tertiary Industry Activity Index -9.2 (prior 8.0)
• South Korea's February Export Price Index +10.7% yr/yr (prior +7.8%) and Import Price Index +1.2% y/yr (prior -0.9%)
• Australia's ANZ Roy Morgan Weekly Consumer Confidence 68.5 (prior 73.4)

Major European indices are trading higher despite oil prices reversing course and heading higher on Tuesday. STOXX Europe 600: +0.4%, Germany's DAX: +0.2%, U.K.'s FTSE 100: +0.7%, France's CAC 40: +0.6%, Italy's FTSE MIB: +0.9%, Spain's IBEX 35: +0.9%.

In news:

• WTI crude futures are up 3.0% to $96.30/bbl and Brent crude futures are up 2.8% to $103.03/bbl.
• The resilience of the equity markets is also notable given some ugly economic sentiment readings for the eurozone and Germany. The ECB will take that into account when it meets Thursday, although it is not expected to prompt a change in its key interest rates at this juncture.

In economic data:

• Eurozone's March ZEW Economic Sentiment -8.5 (expected 26.5; prior 39.4)
• Germany's March ZEW Economic Sentiment -0.5 (expected 39.0; prior 58.3)
• Switzerland's February PPI -0.3% m/m (expected 0.0%; prior -0.2%) and -2.7% yr/yr (prior -2.2%)
• Italy's February CPI 0.7% m/m (expected 0.8%; prior 0.4%) and 1.5% yr/yr (expected 1.6%; prior 1.0%)

[BRIEFING.COM] Stocks hit the ground running to start the week, with the S&P 500 (+1.0%), Nasdaq Composite (+1.2%), and DJIA (+0.8%) taking back a meaningful chunk of the previous week's losses. The Nasdaq Composite closed above its 200-day moving average (22,191.85), which it closed below last week. 

The market was supported by some relief in oil prices today after a surge past the $100 per barrel mark weighed heavily on stocks last week. The Wall Street Journal reported that the Trump administration plans to announce a multi-country coalition that will escort ships through the Strait of Hormuz, with the announcement to come as soon as this week. While oil price action was still relatively choppy today, optimism that shipping through the Strait of Hormuz could meaningfully pick up in the near term helped crude oil futures settle today's session $5.26 lower (-5.4%) at $93.35 per barrel. 

Strength was broad throughout the session, with all eleven S&P 500 sectors finishing higher. 

The information technology sector (+1.4%) led the advance, supported by solid gains across semiconductor names. NVIDIA (NVDA 183.19, +2.94, +1.63%) garnered a fair share of attention today as the company's CEO, Jensen Huang, delivered his keynote address at NVIDIA's GTC conference. Notably, Mr. Huang said that last year he saw $500 billion of purchase orders for Blackwell and Rubin by 2026, and he now sees at least $1 trillion by 2027.

Memory storage names such as Sandisk (SNDK 703.63, +42.01, +6.35%) and Western Digital (WDC 286.21, +13.92, +5.11%) finished with even wider gains, with Micron (MU 441.80, +15.67, +3.68%) also trading higher before its earnings release tomorrow after the close. 

The PHLX Semiconductor Index finished 2.0% higher. 

In other AI-related news, Meta Platforms (META 627.45, +13.74, +2.24%) was a mega-cap standout today after Reuters reported the company is planning to lay off up to 20% of its workforce as AI costs rise. The communication services sector posted a gain of 1.0%.

The consumer discretionary sector (+1.3%) was another top mover, also supported by strength in its mega-cap components. Shares of Amazon (AMZN 211.74, +4.07, +1.96%) rose to session highs after NVIDIA CEO Jensen Huang said OpenAI will be brought to AWS.

The Vanguard Mega Cap Growth ETF (+1.2%) notched a solid gain today, though it remains 7.1% lower on a year-to-date basis. 

Elsewhere in the sector, cruise lines such as Norwegian Cruise Line (NCLH 19.84, +0.98, +5.17%) outperformed amid the retreat in oil prices.

Airlines such as United Airlines (UAL 90.28, +3.68, +4.25%) logged similar gains, adding to strength in the industrials sector (+0.9%). 

Meanwhile, Mosaic (MOS 27.67, -1.64, -5.60%) and CF Industries (CF 122.37, -7.20, -5.56%) were the worst-performing S&P 500 names, giving back some of their recent strength as supply chain fears around shipping through the Strait of Hormuz recently sent the stocks surging. 

Food and alcohol stocks were also relative laggards today, keeping the consumer staples sector (+0.1%) near its flatline despite a solid move in Dollar Tree (DLTR 114.36, +6.90, +6.42%) after the company narrowly topped EPS estimates but issued an encouraging comparable sales forecast. 

Outside of the S&P 500, the Russell 2000 (+0.9%) and S&P Mid Cap 400 (+0.7%) notched gains similar to those across the major averages. 

All told, today's session marked a solid rebound from previous weakness that saw the major averages test their 200-day moving averages. While a meaningful retreat in oil prices provided the catalyst for a broad buy-the-dip effort, the war in Iran remains without a clear resolution in sight, which could prompt more volatility in the near term. The market will also navigate the March FOMC decision on Wednesday (along with a plethora of other central banks this week), with investors eager to see the effect that the recent surge in oil prices has on the summary of economic projections and the Fed's expected policy outlook. 

U.S. Treasuries had a good run today, logging most of their gains in the overnight trade as oil prices came down. There was some giveback during the cash session, but ultimately securities across the curve regrouped and settled today near their best levels of the session in terms of price and yield. The 2-year note yield settled down five basis points to 3.68%, and the 10-year note yield settled down seven basis points to 4.22%. 

• S&P Mid Cap 400: +1.8% YTD
• Russell 2000: +0.9% YTD
• S&P 500: -2.1% YTD
• DJIA: -2.3% YTD
• Nasdaq Composite: -3.7% YTD

Reviewing today's data:

• March Empire State Manufacturing -0.2 (Briefing.com consensus 0.5%); Prior 7.1
• February Industrial Production 0.2% (Briefing.com consensus 0.4%); Prior 0.7%, February Capacity Utilization 76.3% (Briefing.com consensus 76.0%); Prior was revised to 76.3% from 76.2%
  
  • The key takeaway from the report is that it marked the fourth straight monthly increase in industrial production, although that streak masks some otherwise tepid output. At 102.6 percent of its 2017 average, total industrial production was just 1.4% above its year-earlier level.
• March NAHB Housing Market Index 38; Prior was revised to 37 from 36