[BRIEFING.COM] After facing some resistance, the S&P 500 (+1.0%) finally eclipsed Friday's all-time high. The Nasdaq Composite (+1.2%) and DJIA (+0.8%) also sit near session highs as the market enters the final half hour of the session.

Attention now turns to another sizable batch of earnings reports after the close, which will include the chipmaker Advanced Micro Devices (AMD 354.38, +12.84, +3.76%).

AMD enters tonight's Q1 report with a full head of steam, as shares have surged to new all-time highs in recent weeks. Still, the reaction to its record Q4 report in February is a reminder that the bar remains high, as shares traded lower despite record results and a beat. That puts the spotlight on guidance and forward commentary. Investors will be focused on Data Center growth, Instinct demand, and EPYC/server CPU momentum, especially after Intel's bullish server CPU read-through tied to inference and agentic AI workloads. Overall, an upside outlook, continued Instinct traction, strong EPYC commentary, and confidence in the roadmap could support the stock, while any questions around ramp timing, margins, or AI revenue cadence could create pressure given the recent move.

[BRIEFING.COM] The afternoon has progressed in a relatively quiet fashion, which has kept the S&P 500 (+0.9%), Nasdaq Composite (+1.1%), and DJIA (+0.7%) trading in a tight range.

Crude oil futures settled today's session $4.12 lower (-3.9%) at $102.16 per barrel, adding to the constructive backdrop for stocks today.

Strength remains broad, with ten S&P 500 sectors holding gains, while the top-weighted information technology sector (+1.8%) continues to move higher throughout the session.

[BRIEFING.COM] The S&P 500 (+0.95%) is in second place on Tuesday afternoon, up about 68 points.

Briefly, S&P 500 constituents Waters (WAT 339.24, +37.36, +12.38%), Akamai Tech (AKAM 116.33, +10.55, +9.97%), and Qualcomm (QCOM 183.62, +15.24, +9.05%) pepper the top of the standings. WAT rises after a Q1 earnings and revenue beat, driven by stronger biosciences and diagnostics growth and improving instrument demand. The stock also rallied on raised FY26 EPS guidance and management's upbeat outlook for continued momentum and new product-driven growth.

Meanwhile, Aptiv (APTV 56.30, -3.23, -5.43%) is one of today's worst laggards after issuing FY26 revenue and EPS guidance well below consensus, reflecting the exclusion of its spun-off EDS business and a smaller "New Aptiv" reporting base. Despite a Q1 beat, investors focused on weaker forward guidance and Q2 EPS outlook below expectations, weighing on the stock.

[BRIEFING.COM] The tech-heavy Nasdaq Composite (+1.05%) is in first place on Tuesday afternoon, up about 262 points.

Gold futures settled $35.20 higher (+0.8%) at $4,568.50/oz, as investors leaned into safe-haven demand amid lingering geopolitical tensions in the Middle East, including uncertainty around a fragile U.S./Iran ceasefire and risks near the Strait of Hormuz. The move was also supported by a technical rebound after recent weakness, alongside positioning ahead of key U.S. economic data and shifting expectations for interest rates.

Meanwhile, the U.S. Dollar Index is down less than -0.1% to $98.45.

[BRIEFING.COM] The Dow Jones Industrial Average (+0.65%) is up about 317 points this afternoon, in last place among the major averages.

A look inside the DJIA shows that Caterpillar (CAT 901.99, +27.21, +3.11%), Apple (AAPL 282.80, +5.97, +2.16%), and Goldman Sachs (GS 919.86, +16.59, +1.84%) are some of today's top gain getters.

Meanwhile, Visa (V 320.40, -6.45, -1.97%) is underperforming.

The DJIA is now -0.79% lower on the month.

[BRIEFING.COM] The S&P 500 (+0.8%), Nasdaq Composite (+0.9%), and DJIA (+0.5%) are recovering nicely from yesterday's weakness, supported by broad gains and leadership from tech names. The Nasdaq Composite established new record highs, while the S&P 500 sits just 0.2% below its own all-time high.

The top-weighted information technology sector (+1.5%) is one of the best-performing S&P 500 sectors, as semiconductor stocks rebound sharply from yesterday's lower finish. The PHLX Semiconductor Index is up 4.5%, with Intel (INTC 108.66, +12.88, +13.45%) leading the advance after Bloomberg reported that Apple (AAPL 282.61, +5.78, +2.09%) may source chips from the company for some of its products.

Meanwhile, memory storage names are extending their impressive post-earnings runs, with Micron (MU 637.80, +61.36, +10.64%), Western Digital (WDC 472.11, +29.75, +6.73%), and Sandisk (SNDK 1396.26, +140.40, +11.18%) all reaching fresh all-time highs today.

Elsewhere in the sector, software names are off to a lower start, with the iShares GS Software ETF down 0.7%. Palantir Technologies (PLTR 136.12, -9.91, -6.79%) is a notable laggard despite a beat-and-raise earnings report, with the stock's price action appearing more related to valuation exhaustion than any clear issue with the quarter itself.

The latest batch of earnings reports has driven several notable stock-specific moves across the market. DuPont (DD 48.89, +3.48, +7.66%) leads strength in the materials sector (+1.9%), which is the top-performing S&P 500 sector today.

The industrials sector (+1.1%) also outperforms, with Rockwell Automation (ROK 443.58, +43.27, +10.81%) sharply higher after a beat-and-raise report while Huntington Ingalls (HII 325.19, -38.18, -10.51%) lags after topping estimates but just reaffirming its FY26 guidance.

Gains are more modest elsewhere, though strength remains broad, with only the financials (flat) and communication services (flat) sectors failing to trade higher.

Fiserv (FISV 57.12, -5.68, -9.05%) and PayPal (PYPL 45.90, -4.50, -8.92%) trade lower after earnings, while Meta Platforms (META 601.25, -9.16, -1.50%) is a mega-cap laggard.

Overall, today's broad gains reflect an eagerness to move past yesterday's geopolitical-driven volatility, with a lack of further escalations adding to the constructive backdrop. Currently, crude oil is down $4.20 (-4.0%) to $102.22 per barrel.

Combined with sustained earnings momentum and a nice rebound in semiconductor names today, the major averages are once again at the doorstep of record highs.

Reviewing today's data:

• March Trade Balance -$60.3 bln (Briefing.com consensus -$60.3 bln); Prior was revised to -$57.8 bln from -$57.3 bln
  • The key takeaway from the report is that it has yet to fully capture the pickup in crude oil exports from the U.S. that has been driven by the Strait of Hormuz blockade. That pickup should be considerably higher in the next report and a boon for Q2 GDP growth forecasts.
• April S&P Global U.S. Services PMI - Final 51.0; Prior 51.3
• April ISM Non-Manufacturing Index 53.6% (Briefing.com consensus 53.9%); Prior 54.0%
  • The key takeaway from the report is that there was no real change in the key trends for the services sector, which include a modest expansion, contracting employment, and increasing prices.
• March JOLTs - Job Openings 6.886 mln; Prior was revised to 6.922 mln from 6.882 mln
• February New Home Sales 635K; Prior was revised to 583K from 587K, March New Home Sales 682K (Briefing.com consensus 654K); Prior 635K
  • The key takeaway from the report is that the bulk of the increase in sales was driven by lower-priced homes, which drove down average selling prices, but at the same time, the median price of a new home also fell. Altogether the pricing indications reflect some improved positioning for buyers.

[BRIEFING.COM] The S&P 500 (+0.8%), Nasdaq Composite (+1.0%), and DJIA (+0.5%) continue to trade in a stable range near session highs.

The financials sector (-0.2%) is now the only S&P 500 sector that trades lower pressured by several notable post-earnings retreats.

PayPal (PYPL 45.86, -4.53, -8.99%) is under pressure despite reporting a solid Q1 beat, as weak near-term guidance and ongoing investment needs overshadow otherwise healthy fundamentals. Revenue rose 7.2% year-over-year to $8.35 billion, coming in ahead of analyst expectations. The company guided Q2 adjusted EPS to decline about 9% year-over-year, well below expectations and the primary source of investor concern. PayPal reaffirmed its FY26 EPS outlook, offering some reassurance.

Meanwhile, Fiserv (FISV 56.79, -6.02, -9.58%) trades even lower despite beating Q1 expectations and reaffirming FY26 guidance.

[BRIEFING.COM] The major averages remain little changed from previous levels at midday.

While tech names are certainly making an outsized contribution to today's index-level gains, the materials sector (+1.8%) is the best performer so far.

After a 1.6% slide yesterday, there is some broad-based buying activity across the sector, with all but two components trading higher.

Metal names such as Freeport-McMoRan (FCX 57.58, +2.01, +3.62%) and Steel Dynamics (STLD 237.70, +7.88, +3.43%) are among the outperformers, while DuPont (DD 49.48, +4.08, +8.97%) holds an even wider gain after beating EPS expectations and reporting in-line revenues.

[BRIEFING.COM] Stocks are posting broad gains today as investors buy into yesterday's weakness, while a retreat in oil prices assuages recent geopolitical angst. Tech and mega-cap names are once again among the market's leaders, helping the Nasdaq Composite (+1.0%) rise to fresh record highs while the S&P 500 (+0.8%) sits just below its own all-time high.

In particular, semiconductor stocks are back in the driver's seat, with the PHLX Semiconductor Index up 4.0%. Intel (INTC 109.09, +13.31, +13.90%) is the top-performing name in both the information technology sector (+1.4%) and the S&P 500 as a whole after Bloomberg reported that Apple (AAPL 280.16, +3.33, +1.20%) held talks with the company to produce main processors for its devices.

Strength in the broader market leaves only the real estate sector (-0.3%) in negative territory, helping the DJIA (+0.6%) trade nicely higher.

Outside of the S&P 500, the Russell 2000 (+1.5%) and S&P Mid Cap 400 (+1.2%) are outperforming, reflecting today's risk-on tone.

[BRIEFING.COM] The S&P 500 (+0.7%), Nasdaq Composite (+0.9%), and DJIA (+0.5%) trade in a stable range near session highs.

Despite the broad strength, several notable names are trading lower this morning in reaction to earnings.

Palantir Technologies (PLTR 137.09, -8.94, -6.12%) is among the laggards despite another beat-and-raise quarter. The EPS upside was stronger relative to recent quarters, while revenue growth continued to accelerate, increasing 84.7% year-over-year to $1.63 billion. Guidance was also strong, with Q2 revenue expected at $1.797-1.801 billion, nicely above expectations, while FY26 revenue guidance was raised to $7.650-7.662 billion from $7.182-7.198 billion, implying roughly 71% growth.

Palantir continues to report remarkable growth, with AIP adoption across commercial and government customers driving the acceleration. The raised FY26 guidance across the board also reinforces expectations for continued strength in AIP adoption and U.S. demand. The negative reaction appears more related to valuation exhaustion than any clear issue with the quarter itself; however, given the still-elevated valuation, investors will continue to scrutinize whether Palantir can sustain this level of strength, particularly in U.S. commercial and government.

[BRIEFING.COM] The major averages are charting a higher path this morning amid broad strength and leadership across mega-cap and tech names.

The ISM Services PMI dipped to 53.6% in April (Briefing.com consensus: 53.9%) from 54.0% in March. The dividing line between expansion and contraction is 50.0%, so the April reading reflects services sector activity growing at a slightly slower pace than the prior month.

The key takeaway from the report is that there was no real change in the key trends for the services sector, which include a modest expansion, contracting employment, and increasing prices.

New home sales increased 7.4% month-over-month in March to a seasonally adjusted annual rate of 682,000 (Briefing.com consensus: 654,000). On a year-over-year basis, new home sales were up 3.3%.

The key takeaway from the report is that the bulk of the increase in sales was driven by lower-priced homes, which drove down average selling prices, but at the same time, the median price of a new home also fell. Altogether the pricing indications reflect some improved positioning for buyers.

[BRIEFING.COM] The S&P 500 (+0.7%), Nasdaq Composite (+0.9%), and DJIA (+0.4%) are higher as stocks are off to a broad early rebound from yesterday's weakness. Solid leadership across mega-cap and tech names has the Nasdaq Composite charting new all-time highs, while the S&P 500 is less than 0.5% off its own record levels.

The information technology sector (+1.3%) is outperforming, with semiconductor names rebounding from a weaker showing yesterday. Intel (INTC 105.13, +9.35, +9.76%) and Micron (MU 635.18, +58.73, +10.19%) are among the best-performing S&P 500 components, and the PHLX Semiconductor Index is up 3.1%.

Meanwhile, Palantir Technologies (PLTR 138.01, -8.02, -5.49%) trades lower despite an impressive earnings report, with software names generally lagging today.

The consumer discretionary sector (+1.2%) holds a similar gain, with Amazon (AMZN 275.53, +3.48, +1.28%) continuing to trade higher following yesterday's announcement of Amazon Supply Chain Services.

The Vanguard Mega Cap Growth ETF is up 0.6%.

Early strength is broad, with only the real estate sector (-0.2%) and energy (-0.3%) sectors trading lower. 

The final reading for the April S&P Global U.S. Services PMI registered at 51.0, from the preliminary level of 51.3.

The ISM Services PMI hit 53.6% in April (Briefing.com consensus 53.9%), down from 54.0% in March.

The March JOLTS report saw 6.866 job openings, down from the upwardly revised previous level of 6.922 million (from 6.882 million).

New Home Sales increased to 682K in March (Briefing.com consensus 654K), from the February level of 587K.

The stock market is on track for a higher opening this morning as a pullback in oil prices, more earnings buzz, and an inclination to buy yesterday's dip combine to create a favorable backdrop for stocks.

On the data front, the March trade deficit widened to $60.3 billion, as expected, from a downwardly revised $57.8 billion (from -$57.3 billion) in February. The widening was the result of exports increasing $6.2 billion more than February exports and imports increasing $8.7 billion more than February imports.

The key takeaway from the report is that it has yet to fully capture the pickup in crude oil exports from the U.S. that has been driven by the Strait of Hormuz blockade. That pickup should be considerably higher in the next report and a boon for Q2 GDP growth forecasts.

The S&P 500 futures currently trade 36 points above fair value.

Equity indices in the Asia-Pacific region had a mixed showing on Tuesday while markets in China, Japan, and South Korea were closed for holidays. Emerging market currencies have faced pressure with India's rupee and Indonesia's rupiah falling to fresh record lows against the dollar with the rupiah pressured by expectations for a Q1 contraction. The Reserve Bank of Australia raised its cash rate by 25 bps to 4.35%, as expected, hinting at a near-term pause in the tightening cycle.

• In economic data:
  • Singapore's March Retail Sales 3.7% m/m (last -4.3%); 4.8% yr/yr (last 8.3%)
  • Hong Kong's Q1 GDP 2.9% qtr/qtr (last 1.0%); 5.9% yr/yr (expected 3.5%; last 3.8%)
  • Australia's April Services PMI 50.7 (expected 50.3; last 46.3) and ANZ Commodity Price Index -0.8% m/m (last 4.2%)

---Equity Markets---

• Japan's Nikkei: CLOSED
• Hong Kong's Hang Seng: -0.8%
• China's Shanghai Composite: CLOSED
• India's Sensex: -0.3%
• South Korea's Kospi: CLOSED
• Australia's ASX All Ordinaries: -0.2%

Major European indices trade in the green while the U.K.'s FTSE (-1.3%) lags with financials and consumer names among the laggards. U.K.'s Gilts also lag with the 10-yr yield up nine basis points to 5.31% while other sovereign debt is little changed. HSBC missed Q1 profit expectations while UniCredit reported record results. Military contractor Rheinmetall missed Q1 revenue expectations. European Central Bank policymaker Nagel said that the ECB should be ready to act any time, echoing comments from other officials.

• In economic data:
  • Spain's April Unemployment Change -62,700 (expected -18,600; last -22,900)
  • Swiss April CPI 0.3% m/m, as expected (last 0.2%); 0.6% yr/yr (last 0.3%)

---Equity Markets---

• STOXX Europe 600: +0.4%
• Germany's DAX: +1.2%
• U.K.'s FTSE 100: -1.4%
• France's CAC 40: +0.7%
• Italy's FTSE MIB: +2.0%
• Spain's IBEX 35: +1.1%

The S&P 500 futures currently trade 37 points above fair value.

Trump administration officials reiterated the notion that the U.S.-Iran ceasefire is holding at a Pentagon press conference despite numerous attacks against U.S. forces in the region, with several officials urging Iran to "keep attacks under the threshold."

Just released, the March Trade Balance came in at -$60.3 billion (Briefing.com consensus -$60.3 billion) from a prior revised level of -$57.8 billion (from -$57.3 billion).

Equity futures point to a higher opening this morning after the major averages finished lower to start the week amid an escalation in hostilities between the U.S. and Iran that sent oil prices higher. Further escalation from yesterday afternoon's exchange has not yet been reported, which is resulting in tamer oil prices this morning.

President Trump has so far not declared Iran in violation of the ongoing ceasefire after yesterday's drone attacks, according to The Wall Street Journal. Crude oil is currently down $2.52 (-2.4%) to $103.90 per barrel.

With geopolitics once again on the back burner, the market can turn its attention to a busy week of earnings that will see roughly 120 S&P 500 companies report earnings.

So far, 70% of the index's components have reported their earnings, with the Q1 blended growth rate currently sitting at 27.5%.

In addition to the earnings buzz, the market has a moderate batch of economic data on the slate for this morning, including the March trade balance (Briefing.com consensus: -$60.3 billion), the April ISM Manufacturing Index (Briefing.com consensus: 53.9%), and New Home Sales for March (Briefing.com consensus: 654K).

In corporate news:

• Apple (AAPL 275.71, -1.12, -0.4%) is considering using Intel (INTC 99.34, +3.56, +3.7%) and Samsung (SSNLF) to construct main device chips in the U.S., according to Bloomberg.
• Marathon Petroleum (MPC 254.77, +2.23, +0.9%) beat EPS expectations by $0.91 and beat revenue expectations.
• Pfizer (PFE 26.86, +0.56, +2.1%) beat EPS expectations by $0.03, beat revenue expectations, and reaffirmed its FY26 EPS in-line, with revenues in-line.
• Palantir Technologies (PLTR 141.79, -4.24, -2.9%) beat EPS expectations by $0.05, beat revenue expectations, and guided Q2 and FY26 revenues above consensus.

Reviewing overnight developments:

Equity indices in the Asia-Pacific region had a mixed showing on Tuesday while markets in China, Japan, and South Korea were closed for holidays. Japan's Nikkei: CLOSED, Hong Kong's Hang Seng: -0.8%, China's Shanghai Composite: CLOSED, India's Sensex: -0.3%, South Korea's Kospi: CLOSED, Australia's ASX All Ordinaries: -0.2%.

In news:

• Emerging market currencies have faced pressure with India's rupee and Indonesia's rupiah falling to fresh record lows against the dollar with the rupiah pressured by expectations for a Q1 contraction.
• The Reserve Bank of Australia raised its cash rate by 25 bps to 4.35%, as expected, hinting at a near-term pause in the tightening cycle.

In economic data:

• Singapore's March Retail Sales 3.7% m/m (last -4.3%); 4.8% yr/yr (last 8.3%)
• Hong Kong's Q1 GDP 2.9% qtr/qtr (last 1.0%); 5.9% yr/yr (expected 3.5%; last 3.8%)
• Australia's April Services PMI 50.7 (expected 50.3; last 46.3) and ANZ Commodity Price Index -0.8% m/m (last 4.2%)

Major European indices trade in the green while the U.K.'s FTSE (-1.3%) lags with financials and consumer names among the laggards. STOXX Europe 600: +0.5%, Germany's DAX: +1.0%, U.K.'s FTSE 100: -1.3%, France's CAC 40: +0.4%, Italy's FTSE MIB: +1.8%, Spain's IBEX 35: +1.0%.

In news:

• U.K.'s Gilts also lag with the 10-yr yield up nine basis points to 5.31% while other sovereign debt is little changed.
• HSBC missed Q1 profit expectations while UniCredit reported record results.
• Military contractor Rheinmetall missed Q1 revenue expectations.
• European Central Bank policymaker Nagel said that the ECB should be ready to act any time, echoing comments from other officials.

In economic data:

• Spain's April Unemployment Change -62,700 (expected -18,600; last -22,900)
• Swiss April CPI 0.3% m/m, as expected (last 0.2%); 0.6% yr/yr (last 0.3%)

[BRIEFING.COM] The S&P 500 (-0.4%) and Nasdaq Composite (-0.2%) took a modest step back from Friday's record highs as renewed hostilities between the U.S. and Iran prompted a spike in oil prices, weighing on stocks. There was some early enthusiasm across select tech and mega-cap names, which saw the two indices trade higher for most of the morning before mounting pressure forced them lower.

Meanwhile, the DJIA (-1.1%) spent the entire session below its flatline.

Stocks moved lower in broad fashion just before midday in response to headlines that the UAE intercepted a wave of missiles from Iran. More reports of Iranian cruise missile attacks against U.S. military ships in the region followed, with the U.S. Central Command saying they sank several Iranian boats in response. The escalation in hostilities throws an already tenuous ceasefire further into question, weighing on stocks and U.S. Treasuries as oil prices spiked.

Crude oil futures settled today's session $4.44 higher (+4.4%) at $106.28 per barrel. As a result, the energy sector (+0.6%) was the only S&P 500 sector to escape with a gain.

There was, however, some resilience across the top-weighted information technology sector (-0.2%), with its rebound from session lows helping limit losses at the index level. Several prominent chipmaker names, such as Advanced Micro Devices (AMD 341.54, -19.00, -5.27%) and Intel (INTC 95.78, -3.84, -3.85%), moved lower, pressuring the PHLX Semiconductor Index (-0.6%). Meanwhile, memory names, such as Micron (MU 576.45, +34.24, +6.31%) and Sandisk (SNDK 1256.01, +69.01, +5.81%), extended their impressive post-earnings run.

Software names also posted a strong showing, with Oracle (ORCL 180.36, +8.53, +4.96%) surging higher and Palantir Technologies (PLTR 146.03, +1.96, +1.36%) notching a solid gain ahead of its earnings after the close. The iShares GS Software ETF finished 2.1% higher.

The consumer discretionary sector (-0.2%) was another relative outperformer, despite just three of its components finishing higher. Amazon (AMZN 272.07, +3.81, +1.42%) and Tesla's (TSLA 392.56, +1.74, +0.45%) mega-cap leadership nearly offset the broader weakness, with Amazon trading higher after announcing the launch of Amazon Supply Chain Services, which will allow the company to offer the entire shipping process for other businesses, not just its own packages.

The announcement weighed heavily on courier names such as UPS (UPS 96.31, -11.26, -10.47%), C.H. Robinson (CHRW 161.24, -16.06, -9.06%), and FedEx (FDX 357.80, -35.87, -9.11%), which were among the worst-performing S&P 500 components. The industrials sector (-1.2%) lagged as a result.

Elsewhere in the consumer discretionary sector, eBay (EBAY 109.33, +5.26, +5.05%)  moved higher after GameStop (GME 23.84, -2.69, -10.14%) made an unsolicited $56 billion cash and stock bid for the company, while Norwegian Cruise Line (NCLH 17.20, -1.61, -8.56%) moved lower after missing revenue estimates and issuing disappointing guidance.

Tyson Foods (TSN 68.75, +5.07, +7.96%) was a standout after topping earnings estimates, but the stock's gain did little to help broader weakness in the consumer staples (-0.7%) sector.

The materials sector (-1.6%) finished with the widest loss, as the surge in oil prices weighed on construction names such as CRH Plc. (CRH 110.80, -4.65, -4.03%) and Vulcan Materials (VMC 287.72, -9.60, -3.23%).

On a related note, the iShares U.S. Home Construction ETF finished 3.8% lower.

Overall, today's session highlighted that "higher for longer" oil prices stemming from the U.S.-Iran conflict remain a headwind for risk assets in the near term. However, today's pullback was modest in the context of the market's recent strength, with the S&P 500 and Nasdaq Composite still near record highs following a five-week winning streak. Recent sessions have shown a tendency for investors to largely look past geopolitical headlines, with strong earnings growth providing a notable tailwind. That dynamic will be tested again this week, as another busy slate of earnings reports is set to drive market direction.

U.S. Treasuries started the week with a daylong slide that sent yields on 10s and 30s to their highest closing levels since mid-July while yields on shorter tenors settled near their highs from March. The 2-year note yield settled up seven basis points to 3.96%, the 10-year note yield settled up seven basis points to 4.45%, and the 30-year note yield settled up six basis points to 5.03%.

• Russell 2000: +12.7% YTD
• S&P Mid Cap 400: +9.4% YTD
• Nasdaq Composite: +7.9% YTD
• S&P 500: +5.2% YTD
• DJIA: +1.8% YTD

Reviewing today's data:

• March Factory Orders 1.5% (Briefing.com consensus 0.5%); Prior was revised to 0.3% from 0.0%
  • The key takeaway from the report is that factory order activity ramped up in March, driven by widespread strength that was punctuated by a big increase (3.4%) in new orders for nondefense capital goods excluding aircraft.