[BRIEFING.COM] The stock market charted another considerable retreat today after a similar showing yesterday, with the major averages finishing lower across the board for the week. The S&P 500 (-1.7%), Nasdaq Composite (-2.2%), and DJIA (-1.7%) faced broad pressure that widened throughout the session as oil prices climbed amid heightened geopolitical uncertainty.

Today's session did not give the market any clarity on how negotiations between the U.S. and Iran are progressing, if they are even happening at all. There was, however, a report from The Wall Street Journal that indicated the Pentagon is considering sending an additional 10,000 ground troops to the Middle East.

On the heels of yesterday's reports of neighboring Gulf states preparing for possible military intervention, the market now enters the weekend with a heightened state of anxiety around a potential ground conflict.

Today's climb in oil prices saw WTI crude end the week close to where it started, which is notable considering Monday saw a double-digit pullback. Crude oil futures settled today's session $5.08 higher (+5.4%) at $99.51 per barrel. The energy sector (+1.9%) was a standout, finishing the week with a 6.3% gain.

There were also some rotational gains realized in the defensive consumer staples (+0.8%) and utilities (+0.6%) sectors, with a few noteworthy single-stock moves in the mix. Entergy (ETR 109.88, +7.02, +6.82%) was the top-performing S&P 500 component following an expanded agreement with Meta Platforms (META 525.72, -21.82, -3.99%) to support the hyperscale data center in Northeast Louisiana, while Brown-Forman Corporation (BF-B 27.24, +1.50, +5.83%) saw an extension of yesterday's gains after confirming acquisition interest from Pernod-Ricard (PDRDY 47.12, -0.18, -0.38%).

The other eight S&P 500 sectors traded lower, with sharp losses across some of the weightiest sectors stinging the major averages for a second consecutive session.

The consumer discretionary sector (-3.1%) faced the widest loss, with all but two of its components finishing lower. Cruise lines such as Norwegian Cruise Line (NCLH 18.49, -1.36, -6.85%) were among the sector's worst performers after Carnival (CCL 24.19, -1.09, -4.31%) topped earnings estimates but issued disappointing guidance in response to the recent surge in fuel prices.

The sector also suffered from poor mega-cap leadership, with Amazon (AMZN 199.34, -8.20, -3.95%) and Tesla (TSLA 361.83, -10.28, -2.76%) both lagging today.

Lingering weakness across mega-cap stocks weighed on the communication services (-2.3%) and information technology (-2.0%) sectors as well. The Vanguard Mega Cap Growth ETF shed 2.3% today, and all of the "magnificent seven" stocks charted lower finishes.

Meta Platforms (META 525.72, -21.82, -3.99%) was the worst-performer of the group, facing an extension of yesterday's losses after a jury found the company liable in a social media addiction trial.

In the technology sector, losses were particularly acute across software names as Datadog (DDOG 114.48, -9.82, -7.90%) and other packaged software companies were among some of the worst-performing S&P 500 components. The iShares GS Software ETF (IGV) finished 3.6% lower.

Elsewhere, the financials sector logged a similar retreat as all but one of its components traded lower. Citigroup (C 107.32, -5.09, -4.53%) was a laggard across major banking names after Bloomberg reported the company is interested in buying a regional bank, though Citigroup denied the report.

Meanwhile, Coinbase Global (COIN 161.14, -12.24, -7.06%) and Robinhood Markets (HOOD 66.02, -4.33, -6.15%) saw comparable losses as Bitcoin slid 4%.

The market's clear risk-off tone also weighed on smaller-cap stocks, with the Russell 2000 (-1.8%) and S&P Mid Cap 400 (-1.6%) faring similarly to the major averages.

The CBOE Volatility Index surged 13.3% to 31.08, suggesting a heightened sense of unease heading into the weekend.

Today's weakness was largely a continuation of recent pressures that stocks have faced since the start of the war in Iran, which has pushed energy prices higher and drastically tempered the macro outlook. The major averages continue to slip further below their respective 200-day moving averages, while the market enters the weekend vulnerable to further geopolitical volatility.

U.S. Treasuries had a mixed showing on Friday, which returned longer and shorter tenors to little changed for the week that saw fresh 2026 highs in yields across the curve. The two-year note yield settled down six basis points (+3 basis points this week), and the 10-year note yield settled up two basis points to 4.44% (+5 basis points this week). 

• S&P Mid Cap 400: +0.2% YTD
• Russell 2000: -1.3% YTD
• DJIA: -6.0% YTD
• S&P 500: -7.0% YTD
• Nasdaq Composite: -9.9% YTD

Reviewing today's data:

• The final reading of the University of Michigan Consumer Sentiment for March fell to 53.3 (Briefing.com consensus: 55.5) from the preliminary reading of 55.5. The final reading for February was 56.6. In the same period a year ago, the index stood at 57.0.
  
  • The key takeaway from the report is that it conveyed large drops in sentiment among consumers with middle and higher incomes, who were dealing with rising gas prices and falling stock prices in the wake of the Iran war.

[BRIEFING.COM] The major averages remain firmly lower as this week's action draws to a close.

Crude oil futures settled today's session $5.08 higher (+5.4%) at $99.51 per barrel, with a steady climb over the past several days negating nearly all of the dip from earlier in the week. 

The New York Times recently reported that France, the U.K., and other European allies are weighing a naval escort plan to protect tankers in the Strait of Hormuz. 

[BRIEFING.COM] The S&P 500 (-1.5%), Nasdaq Composite (-2.0%), and DJIA (-1.6%) are charting session lows as the market enters the final hour of the session.

Not much has changed at the sector level throughout the afternoon. The energy sector (+1.7%) remains a standout, while the consumer staples (+1.0%) and utilities (+0.9%) sectors also maintain their gains. The materials sector (0.3%) trades modestly lower and rounds out the four S&P 500 sectors tracking for a weekly gain.

When taken another step further back, only the energy sector (+12.6% month-to-date) is on pace to end March with a gain, with just two sessions remaining for the month.

What is equally troubling is the extent of some of the losses that have accumulated in March. The communication services sector (-11.4% month-to-date) holds the widest loss, while the health care (-9.9% month-to-date), industrials (-9.8% month-to-date), and materials (-9.1% month-to-date) sectors also flirt with double-digit losses.

The top-weighted information technology sector (-6.3% month-to-date) is one of the 'better' performers, highlighting the pressure that stocks have been under since the start of the war in Iran.

[BRIEFING.COM] The S&P 500 (-1.49%) is down about 96 points this afternoon, probing session lows.

Briefly, S&P 500 constituents Align Tech (ALGN 164.29, -13.04, -7.35%), Norwegian Cruise Line (NCLH 18.46, -1.39, -7.00%), and Starbucks (SBUX 85.82, -5.40, -5.92%) dot the bottom of the average. NCLH falls as investors react to board shakeup, activist Elliott's involvement, and a pricey CEO compensation package, raising concerns about governance and strategic uncertainty.

Meanwhile, LyondellBasell (LYB 80.88, +3.16, +4.07%) is near the top of the standings.

[BRIEFING.COM] The Nasdaq Composite (-1.97%) is down now about 421 points, leading losses among the majors with about two hours to go on Friday.

Gold futures settled $116.20 higher (+2.7%) at $4,492.50/oz, trimming losses to about -1.8% on the week, on dip-buying and technical support after a sharp earlier selloff, with ongoing Middle East tensions helping sustain safe-haven demand. Still, the metal finished lower on the week as higher rate expectations, a stronger dollar, and prior liquidation in crowded positions continued to weigh on prices.

Meanwhile, the U.S. Dollar Index is up about +0.2% to $100.17.

[BRIEFING.COM] The Dow Jones Industrial Average (-1.18%) is down 543 points, narrowly the shallowest declining major average as the markets are hit hard all around.

A look inside the DJIA shows that UnitedHealth (UNH 257.13, -10.92, -4.07%), Visa (V 295.51, -10.02, -3.28%), and Amazon (AMZN 201.09, -6.45, -3.11%) are solidly lower.

Meanwhile, Coca-Cola (KO 75.81, +1.12, +1.50%) is one of today's better performers.

The DJIA is poised to end the week down about -0.36%.

[BRIEFING.COM] The S&P 500 (-1.0%), Nasdaq Composite (-1.5%), and DJIA (-1.1%) are back near their session lows as stocks chart a lower course on the final day of a tough week. 

Like many previous sessions this month, stocks are facing broad pressure as the price of oil climbs, with crude oil currently up $4.04 (+4.3%) to $98.52 per barrel. The state of negotiations between the U.S. and Iran remains unclear at best, while the market is increasingly anxious about a potential ground conflict after The Wall Street Journal reported that the Pentagon is considering sending an additional 10,00 troops to the Middle East. 

Eight S&P 500 sectors trade lower, with tech and cyclical sectors the hardest hit (that is, with the exception of the energy sector, which trades 1.9% higher). 

The consumer discretionary sector (-2.3%) is the worst performer as nearly all of its components trade lower. Amazon (AMZN 201.09, -6.45, -3.11%) and Tesla (TSLA 364.34, -7.77, -2.09%) provide poor mega-cap leadership amid another weak day for the market's largest components, with the Vanguard Mega Cap Growth ETF down 1.5%. 

Elsewhere in the sector, Carnival (CCL 24.30, -0.98, -3.90%) moves lower after topping earnings estimates but issuing disappointing guidance in response to rising fuel prices. Combined with today's higher price of oil, cruise lines are some of the worst-performing components of the sector. 

bPlatforms (META 529.04, -18.50, -3.38%) is another mega-cap stock that trades sharply lower, facing unrelenting pressure after a court found the company and Alphabet's (GOOG 276.17, -4.57, -1.63%) YouTube liable in a social media addiction trial.  The communication services sector (-1.6%) is once again near the bottom of the sector leaderboard as a result. 

Within the information technology sector (-1.2%), semiconductor names are weaker today, but the losses are tame in comparison to yesterday's retreat. However, software stocks face renewed pressure, with Datadog (DDOG 113.50, -10.80, -8.69%) and Palo Alto Networks (PANW 145.85, -10.51, -6.72%) among the worst-performing S&P 500 names. The iShares GS Software ETF is down 3.4%. 

Coinbase Global (COIN 161.53, -11.85, -6.83%) is also near the bottom of the S&P 500 leaderboard as today's risk-off tone is evident across cryptocurrencies, with Bitcoin retreating 4.2%.  The stock is the worst performing name in the financials sector (-1.7%), which is another one of today's laggards. 

Elsewhere in the sector, Citigroup (C 108.71, -3.70, -3.29%) faced a sharp intraday retreat after Bloomberg reported the company is interested in buying a regional bank. 

While growth stocks face pressure today, there is some solid rotational interest in the defensive utilities (+1.3%) and consumer staples (+1.1%) sectors. Entergy (ETR 111.44, +8.58, +8.34%) is the best-performing S&P 500 component after announcing an additional agreement with Meta Platforms (META) to support a hyperscaler data center in Northeast Louisiana, while Brown-Forman Corporation (BF-B 27.29, +1.55, +6.02%) sees an extension of yesterday's gains after confirming acquisition interest from Pernod-Ricard (PDRDY 47.12, -0.18, -0.38%).

Outside of the S&P 500, the Russell 2000 (-1.1%) and S&P Mid Cap 400 (-0.9%) hold losses comparable to those of the major averages. 

So far, a risk-off tone into the afternoon reflects growing geopolitical uncertainty and rising energy prices, which continue to weigh heavily on sentiment and limit any meaningful rebound attempts.

Reviewing today's data:

• The final reading of the University of Michigan Consumer Sentiment for March fell to 53.3 (Briefing.com consensus: 55.5) from the preliminary reading of 55.5. The final reading for February was 56.6. In the same period a year ago, the index stood at 57.0.
  
  • The key takeaway from the report is that it conveyed large drops in sentiment among consumers with middle and higher incomes, who were dealing with rising gas prices and falling stock prices in the wake of the Iran war.

[BRIEFING.COM] The major averages remain little changed from previous levels, trading firmly below their flatlines shortly after midday. 

The financials sector (-1.6%) is a laggard, with Citigroup (C 108.25, -4.16, -3.70%) making a sharp move lower after Bloomberg reported the company is interested in buying a regional bank. Citigroup denied the report, but the stock remains lower. 

Elsewhere in the sector, Coinbase Global (COIN 161.83, -11.55, -6.66%) is one of the worst-performing S&P 500 names today as Bitcoin slides 4.2%, back below the $66,000 mark. 

[BRIEFING.COM] Stocks are off their session lows, with the S&P 500 (-0.7%) and DJIA (-0.8%) holding similar gains, while some lingering weakness across mega-cap tech keeps the Nasdaq Composite (-1.2%) seated with a wider loss. 

The utilities (+1.4%) and consumer staples (+1.0%) sectors are sporting solid gains as investors rotate into more defensive holdings today. Both sectors are supported by broad strength, with several notable outperformers in the mix. 

Entergy (ETR 110.85, +7.99, +7.77%) is the best-performing S&P 500 component after announcing an additional agreement with Meta Platforms (META 529.25, -18.29, -3.34%) to support a hyperscaler data center in Northeast Louisiana. 

Meanwhile, Brown-Forman Corporation (BF-B 27.22, +1.48, +5.75%) sees an extension of yesterday's gains after confirming acquisition interest from Pernod-Ricard (PDRDY 47.12, -0.18, -0.38%).

[BRIEFING.COM] The stock market is under pressure again today, with broad weakness and lingering pressure across mega-cap names putting the S&P 500 (-0.7), Nasdaq Composite (-1.1%), and DJIA (-0.7%) on track for a lower finish to the week.

Geopolitical developments are once again in full focus as the war in Iran remains a whirlwind of headlines. CBS News recently reported that Iran is expected to respond to the U.S. 15-point peace proposal sometime today, a proposal that Iranian officials have continually rejected throughout the week.

The current disposition of the stock market does not reflect a great deal of optimism regarding a possible de-escalation. Adding to the unease is a Wall Street Journal report that the Pentagon is considering sending 10,000 additional troops to the Middle East.

As for the stocks themselves, the market is off its session lows, but there is still a negative tilt, with seven S&P 500 sectors trading lower. Losses are most pronounced across tech and cyclical sectors, with the consumer discretionary sector (-1.8%) trailing the furthest. Amazon (AMZN 201.42, -6.12, -2.95%) is a mega-cap laggard amid another tough day for the group, as the Vanguard Mega Cap Growth ETF moves 1.1% lower.

Meanwhile, the information technology sector (-0.7%) has seen a modest improvement from its worst levels, which has led to some improvement at the index level. Semiconductor names are down modestly, but there is pronounced weakness across software stocks, as reflected in the iShares GS Software ETF's (-2.4%) loss.

Elsewhere, there is some solid buying interest in the defensive utilities (+1.6%) and consumer staples (+1.2%) sectors amid the risk-off tone, while the energy sector (+1.9%) outperforms as oil prices climb.

[BRIEFING.COM] The major averages are trading in a relatively stable range below their flatlines. 

Tech stocks are under pressure again today, with the information technology sector down 1.2%. The PHLX Semiconductor Index (-1.2%) holds an identical loss after a sharp retreat yesterday. 

Today, however, it is software stocks that are bearing the brunt of the weakness. The iShares GS Software ETF (IGV 77.46, -2.29, -2.87%) is down sharply as names such as Datadog (DDOG 114.02, -10.28, -8.27%) and Palo Alto Networks (PANW 147.36, -9.00, -5.76%) are among the worst-performing S&P 500 components today.

[BRIEFING.COM] The S&P 500 (-0.8%), Nasdaq Composite (-1.1%), and DJIA (-0.9%) now all sit in negative week-to-date territory. 

The final reading of the University of Michigan Consumer Sentiment for March fell to 53.3 (Briefing.com consensus: 55.5) from the preliminary reading of 55.5. The final reading for February was 56.6. In the same period a year ago, the index stood at 57.0.

The key takeaway from the report is that it conveyed large drops in sentiment among consumers with middle and higher incomes, who were dealing with rising gas prices and falling stock prices in the wake of the Iran war.

[BRIEFING.COM] The S&P 500 (-0.9%), Nasdaq Composite (-1.2%), and DJIA (-1.0%) opened to a continuation of recent weakness as rising oil prices continue to pressure stocks in broad fashion. The war in Iran remains devoid of a clear de-escalation path, and crude oil is currently up $3.02 (+3.2%) to $97.50 per barrel.

Eight S&P 500 sectors trade lower, with particular weakness across tech and cyclical stocks. Similar to yesterday's action, mega-cap stocks are under considerable early pressure, which weighs on the major averages. The Vanguard Meg Cap Growth ETF is down 1.5%. 

Amazon (AMZN 201.67, -5.87, -2.83%) and Tesla (TSLA 362.51, -9.60, -2.58%) are among the early laggards, pushing the consumer discretionary sector (-2.1%) lower. The financials (-1.5%), information technolgoy (-1.2%), and communication services (-1.2%) sectors are also off to poor starts. 

Meanwhile, the energy sector (+1.2%) outperforms amid the rising price of oil, while the defensive consumer staples (+1.1%) and utilities (+0.9%) sectors garner some buying interest. 

Just released, the final reading of the University of Michigan Consumer Sentiment for March fell to 53.3 (Briefing.com consensus 55.5) from the preliminary reading of 55.5. 

The stock market is on track for another lower opening as higher oil prices and rising Treasury yields have eroded most of the early week momentum. 

There is little in the way of corporate news flow or economic data this morning, which will keep investors attuned to any developments surrounding the war in Iran. 

The S&P 500 enters today's session 0.5% lower for the week, while the Nasdaq Composite is down 1.1%, and the DJIA is up 0.8%. The major averages are all down roughly 6% for the month of March. 

The S&P 500 futures currently trade 24 points below fair value. 

Equity indices in the Asia-Pacific region had a mostly lower finish to the week with geopolitical worries persisting into the weekend after it was reported that the Pentagon is sending an additional 10,000 troops to the Middle East. Japan's Finance Minister Katayama warned about a potential intervention in the currency market after the yen approached 160/dollar, its weakest level since mid-2024. Separately, the Japanese government confirmed a provisional budget of JPY8.6 trln. China has yet to confirm the rescheduled mid-May meeting between Presidents Trump and Xi. China imposed a 55% additional tariff on beef imports from Australia.

• In economic data:
  • China's February Industrial Profit 15.2% YTD (last 0.6%)

---Equity Markets---

• Japan's Nikkei: -0.4% 
• Hong Kong's Hang Seng: +0.4% 
• China's Shanghai Composite: +0.6%
• India's Sensex: -2.3%
• South Korea's Kospi: -0.4% 
• Australia's ASX All Ordinaries: -0.2%

Major European indices are on course for a lower finish to the week amid elevated geopolitical uncertainty into the weekend. European Central Bank policymaker Patsalides said that there is insufficient information at this time to decide whether an immediate rate hike is needed. AstraZeneca reported positive trial results while Novartis announced an acquisition.

• In economic data:
  • U.K.'s February Retail Sales -0.4% m/m (expected -0.6%; last 2.0%); 2.5% yr/yr (expected 2.1%; last 4.8%). February Core Retail Sales -0.4% m/m (expected -0.8%; last 2.2%); 3.4% yr/yr (expected 2.9%; last 5.9%)
  • Italy's February non-EU trade surplus EUR5.53 bln (last surplus of EUR2.23 bln)
  • Spain's flash March CPI 1.0% m/m (expected 1.2%; last 0.4%); 3.3% yr/yr (expected 3.6%; last 2.3%). Flash March Core CPI 2.7% yr/yr (last 2.7%)

---Equity Markets---

• STOXX Europe 600: -1.1%
• Germany's DAX: -1.1%
• U.K.'s FTSE 100: -0.3% 
• France's CAC 40: -0.6% 
• Italy's FTSE MIB: -0.9% 
• Spain's IBEX 35: -1.0%

The S&P 500 futures currently trade 26 points below fair value. 

Unity Software (U 19.42, +2.29, +13.4%) is sharply hihgher in the premarket after the company raised its Q1 revenue guidance above consensus. The company will sunsetting its ironSource Ads Network. 

Equity futures point to a lower opening this morning as geopolitical volatility and climbing oil prices continue to exert broad pressure on the market. The major averages each closed more than 1% lower in yesterday's action as optimism of a near-term negotiation between the U.S. and Iran faded. 

The state of the conflict and its potential resolution remain murky to say the least. President Trump said via Truth Social that the U.S. wil temporarily halt strikes against Iranian energy, showing an eagerness to strike a deal to end the conflict. However, The Wall Street Journal reported that the Pentagon is considering sending 10,000 additional ground troops to the Middle East, escalating concerns of a potential ground conflict. 

Higher oil prices and geopolitical concerns weighed on the market yesterday, with particular weakness across mega-cap and tech stocks. Some of the mega-cap weakness stemmed from separate factors, but the losses culminated in the worst day for the S&P 500 since the conflict with Iran began

Crude oil is currently up $2.29 (+2.4%) to $96.77 per barrel. 

Yesterday's weakness leaves the major averages entering today's session mostly lower for the week, with the major averages nearing correction territory as they slip further below their 200-day moving averages.

In corporate news:

• OpenAI's annualized ad revenue surpasses $100 million, according to The Information. 
• Antrhopic is eying a Q4 IPO, according to The Information. 
• Apple (AAPL 252.55, -0.34, -0.1%) plans to make Siri available to external AI assistants with its iOS 27 update.
• Brown-Forman (BF.B 25.85, +0.11, +0.4%) and Pernod Ricard (RI) confirm merger talks, according to Reuters. 

Reviewing overnight developments:

Equity indices in the Asia-Pacific region had a mostly lower finish to the week with geopolitical worries persisting into the weekend after it was reported that the Pentagon is sending an additional 10,000 troops to the Middle East. Japan's Nikkei: -0.4%, Hong Kong's Hang Seng: +0.4%, China's Shanghai Composite: +0.6%, India's Sensex: -2.3%, South Korea's Kospi: -0.4%, Australia's ASX All Ordinaries: -0.2%.

In news:

• Japan's Finance Minister Katayama warned about a potential intervention in the currency market after the yen approached 160/dollar, its weakest level since mid-2024.
• Separately, the Japanese government confirmed a provisional budget of JPY8.6 trln.
• China has yet to confirm the rescheduled mid-May meeting between Presidents Trump and Xi.
• China imposed a 55% additional tariff on beef imports from Australia.

In economic data:

• China's February Industrial Profit 15.2% YTD (last 0.6%)

Major European indices are on course for a lower finish to the week amid elevated geopolitical uncertainty into the weekend. STOXX Europe 600: -1.4%, Germany's DAX: -1.5%, U.K.'s FTSE 100: -0.7%, France's CAC 40: -1.0%, Italy's FTSE MIB: -1.4%, Spain's IBEX 35: -1.4%.

In news:

• European Central Bank policymaker Patsalides said that there is insufficient information at this time to decide whether an immediate rate hike is needed.
• AstraZeneca reported positive trial results while Novartis announced an acquisition.

In economic data:

• U.K.'s February Retail Sales -0.4% m/m (expected -0.6%; last 2.0%); 2.5% yr/yr (expected 2.1%; last 4.8%). February Core Retail Sales -0.4% m/m (expected -0.8%; last 2.2%); 3.4% yr/yr (expected 2.9%; last 5.9%)
• Italy's February non-EU trade surplus EUR5.53 bln (last surplus of EUR2.23 bln)
• Spain's flash March CPI 1.0% m/m (expected 1.2%; last 0.4%); 3.3% yr/yr (expected 3.6%; last 2.3%). Flash March Core CPI 2.7% yr/yr (last 2.7%)

[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.