[BRIEFING.COM] The stock market had a choppy session today, with ongoing geopolitical and energy developments triggering several broader-market moves throughout the day. The S&P 500 (-0.2%), Nasdaq Composite (flat), and DJIA (-0.1%) finished near their flatlines as afternoon developments largely negated earlier progress. The Russell 2000 (-0.2%) and S&P Mid Cap 400 (-0.5%) followed a similar trajectory. 

Oil prices retreated sharply after comments from President Trump yesterday evening suggested the conflict involving Iran may be approaching a resolution. The president also floated the possibility of the U.S. 'taking over' the Strait of Hormuz, which helped spark yesterday's sharp decline in crude.

Crude extended those losses earlier today, although the initial relief in equities was somewhat muted as investors questioned whether tensions in the region could truly ease in the near term. Reuters reported that Iranian officials indicated the blockade would remain in place unless U.S. and Israeli strikes come to an end.

The major averages made a decisive move higher roughly an hour into the session after reports that the International Energy Agency had called an emergency meeting with member nations to review supply conditions and discuss whether strategic reserves could be released to stabilize the market if necessary.

Developments continued to emerge throughout the afternoon. Energy Secretary Chris Wright wrote on X that the U.S. Navy had escorted a tanker safely through the Strait of Hormuz, though CNBC later disputed that claim while separately reporting that a Ghana-flagged tanker had successfully transited the waterway.

Meanwhile, CBS reporter Jennifer Jacobs reported on X that U.S. intelligence has observed signs Iran may be preparing to place naval mines in the shipping lanes of the strait, using smaller vessels capable of carrying several mines. CNN later corroborated the report.

Even with the ongoing uncertainty, crude oil futures settled sharply lower on the day, dropping $10.88 (-11.5%) to $83.85 per barrel.

The energy sector (-1.3%) was a laggard again today, extending this week's losses. It was not the only sector to finish in negative territory, however, as this afternoon's developments pressured the broader market from its mid-morning highs. 

The health care sector (-0.7%) also lagged, with CNC finishing as the worst-performing S&P 500 name after the company's CEO said at a conference that Affordable Care Act membership declines could be worse than previously projected.

The utilities sector (-0.7%) logged a similar loss, while relative weakness across software stocks pressured several pockets of the market. 

Meanwhile, the information technology sector (+0.1%) spent considerable time atop the sector leaderboard with a solid gain amid strength in its chipmaker components, though the gains were whittled away throughout the afternoon, leaving the PHLX Semiconductor Index (+0.7%) with a more modest gain. 

The iShares GS Software ETF finished 2.3% lower as software names came under considerable pressure. Oracle (ORCL 149.49, -2.07, -1.37%) retreated ahead of its earnings release this afternoon. 

Weakness across other packaged software names, along with financial publishing stocks, pushed the financials (-0.6%) and industrials (-0.6%) sectors near the bottom of today's standings. 

The communication services sector (+0.3%) escaped with the widest gain as modest strength in Meta Platforms (META 654.07, +6.68, +1.03%) and Alphabet (GOOG 306.93, +0.92, +0.30%) outweighed broader weakness in the sector, including a particularly sharp slide in Paramount Skydance (PSKY 10.33, -0.86, -7.69%). 

While weakness was broad today, it was also relatively modest. Only the energy sector (-1.3%) closed with a loss wider than 1.0%.

Reports that Iran is deploying naval mines in the Strait of Hormuz added another layer of uncertainty to the situation late in the session, reminding investors that conditions in the region remain fluid even as oil prices pulled back sharply today. The prospect of disruptions to shipping through one of the world's most important energy chokepoints continues to leave markets sensitive to any new developments on the geopolitical front.

U.S. Treasuries were mixed on Tuesday with 5s and shorter tenors recording modest gains while the long bond lagged after outperforming during the market's recent slide from February highs. Treasuries reached highs in late morning action but faced some pressure after a weak $58 billion 3-year note sale. The 2-year note yield settled down two basis points to 3.57%, the 10-year note yield finished unchanged at 4.14%, and the 30-year note yield settled up three basis points to 3.77%. 

• S&P Mid Cap 400: +3.7% YTD
• Russell 2000: +2.7% YTD
• DJIA: -0.7% YTD
• S&P 500: -0.9% YTD
• Nasdaq Composite: -2.3% YTD

Reviewing today's data:

• February NFIB Small Business Optimism 98.8 (Briefing.com consensus 99.5); Prior 99.3
• February Existing Home Sales 4.09 mln (Briefing.com consensus 3.88 mln); Prior was revised to 4.02 mln from 3.91 mln
  
  • The key takeaway from the report is that sales increased despite continued pressure on affordability as median prices grew for the 32nd month in a row.

[BRIEFING.COM] The major averages are now defending their unchanged levels as the market enters the final half-hour of the session. 

Investors will receive a modest batch of earnings reports after the close, including that of Oracle (ORCL 151.05, -0.51, -0.34%). 

Oracle's earnings reaction will likely hinge less on the Q3 results themselves and more on forward commentary around AI demand, CapEx spending, and free cash flow. While strong OCI growth and a massive RPO backlog highlight robust demand for Oracle's AI infrastructure, investors remain uneasy about the pace of spending required to build that capacity. The key debate centers on whether Oracle can generate enough AI-driven revenue to justify the sharp rise in capital expenditures while maintaining balance sheet discipline. As such, guidance for MayQ, along with commentary on CapEx and free cash flow trends, will be the primary catalysts for the stock following the report.

The information technology sector (flat) has spent much of today's session atop the sector leaderboard but is now defending its flatline. Software stocks have been a point of weakness, with the iShares GS Software ETF down 2.3%. 

[BRIEFING.COM] The S&P 500 (+0.1%), Nasdaq Composite (+0.2%), and DJIA (+0.2%) continue to hold modest gains this afternoon, though sector strength is more of a mixed bag. 

Geopolitical developments involving Iran continue to generate headlines as the market enters the final hour of the session. 

Energy Secretary Chris Wright said via X that the U.S. Navy has successfully escorted a tanker through the Strait of Hormuz, though CNBC refuted the claim shortly after. CNBC also reported that a Ghana-flagged tanker successfully passed through the strait. 

However, CBS reporter Jennifer Jacobs said via X that "U.S. intelligence assets have begun to see indications Iran is taking steps to deploy mines in Strait of Hormuz shipping lane. Iran is using smaller crafts that can carry 2 to 3 mines each."

Crude oil futures settled today's session $10.88 lower (-11.5%) at $83.85 per barrel. 

[BRIEFING.COM] The S&P 500 (-0.09%) has slipped below flat lines in recent trade in reaction to reports that Iran may be deploying mines in the Strait of Hormuz, which in turn is sending oil prices higher.

Briefly, S&P 500 constituents Vertex Pharma (VRTX 499.26, +38.39, +8.33%), Corning (GLW 137.16, +8.11, +6.28%), and Tapestry (TPR 149.50, +4.00, +2.75%) pepper the top of the standings. VRTX rises after the company reported positive interim Phase 3 RAINIER trial results for povetacicept in IgA nephropathy, while GLW advances on optimism from Citigroup analysts following management meetings, highlighting strong near- and mid-term growth prospects, double-digit sales expansion through 2028, and potential for significant free cash flow, with additional support from large U.S. telecom CAPEX plans boosting optical demand.

Meanwhile, Fair Isaac (FICO 1307.38, -133.82, -9.29%) is one of today's top laggards despite a dearth of corporate news.

[BRIEFING.COM] The tech-heavy Nasdaq Composite (+0.73%) is in second place on Tuesday afternoon, up about 165 points.

Gold futures settled $138.40 higher (+2.7%) at $5,242.10/oz, as a weaker U.S. dollar and renewed safe-haven demand tied to ongoing Middle East tensions lifted prices. The move also reflects continued central-bank buying and lingering expectations that the Federal Reserve could still ease policy later this year.

Meanwhile, the U.S. Dollar Index is down less than -0.1% to $98.67.

[BRIEFING.COM] The Dow Jones Industrial Average (+0.99%) is in first place among the major averages on Tuesday afternoon, up more than 473 points.

A look inside the DJIA shows that Caterpillar (CAT 728.83, +24.01, +3.41%), Honeywell (HON 245.13, +7.54, +3.17%), and Cisco (CSCO 78.59, +2.38, +3.13%) are holding decent gains.

Meanwhile, Chevron (CVX 186.52, -2.92, -1.54%) is today's top laggard.

The DJIA is now more than 1500 points higher (+3.42%) off yesterday's lows.

Elsewhere, U.S. Treasuries hover just below highs that were reached in mid-morning trade with shorter tenors maintaining their lead while the long bond lags, holding a slim loss. That said, the front end has faced some recent pressure after the U.S. Treasury kicked off this week's note and bond auction slate with a weak $58 bln 3-yr note sale. The auction drew a high yield of 3.579%, which tailed the when-issued yield by 1.1 bps while the bid-to-cover ratio (2.55x vs 2.62x average) and indirect takedown (59.8% vs 63.2% average) were below average.

[BRIEFING.COM] The S&P 500 (+0.5%), Nasdaq Composite (+0.7%), and DJIA (+0.5%) have recovered from early declines and are now trading with modest gains as the market continues to navigate a steady stream of geopolitical and energy-related headlines.

Oil prices fell sharply yesterday after President Trump suggested the conflict in Iran may be nearing its end and said he is considering the possibility of the U.S. 'taking over' the Strait of Hormuz.

Although crude extended its pullback this morning, stocks initially struggled to build on the relief as investors remained skeptical about the likelihood of a swift resolution to the conflict. Reuters reported that Iran indicated the blockade would remain in place until U.S. and Israeli strikes stop.

The major averages made a decisive move higher roughly an hour into the session after reports that the International Energy Agency had called an emergency meeting with member nations to review supply conditions and discuss whether strategic reserves could be released to stabilize the market if necessary.

Oil moved sharply lower in response, with crude currently trading $10.65 (-11.2%) lower at $84.12 per barrel. 

The energy sector (-0.5%) sits at the bottom of today's sector leaderboard as a result, currently one of just two sectors that hold a week-to-date loss. 

The health care sector (-0.1%) joins the energy sector in negative territory today but remains modestly higher for the week. Centene (CNC 38.74, -4.58, -10.57%) is one of the worst-performing S&P 500 names after the company's CEO said at a conference that Affordable Care Act membership declines could be worse than previously projected.

Meanwhile, the other nine S&P 500 sectors trade modestly higher, with most sectors flipping into positive territory shortly after the IEA energy headlines. 

The consumer discretionary sector (+0.7%) currently holds the widest gain, supported by relatively broad strength and decent gains in Tesla (TSLA 403.49, +4.81, +1.21%) and Amazon (AMZN 215.17, +1.68, +0.79%). 

Meanwhile, travel-related names such as Expedia Group (EXPE 233.04, -8.50, -3.52%) and cruise lines continue to struggle despite the move lower in oil prices. 

The information technology sector (+0.7%) holds an identical gain, supported by another strong session from its chipmaker components that push the PHLX Semiconductor Index 2.1% higher. Memory storage names such as Western Digital (WDC 278.66, +16.60, +6.33%) and Micron (MU 412.35, +23.03, +5.92%) are once again among the top movers for the second consecutive session. 

Ciena (CIEN 344.72, +26.18, +8.22%) holds the widest gain in the sector after AT&T (T 27.88, +0.34, +1.25%) announced a $250+ billion commitment over five years to expand its fiber, 5G wireless, and satellite networks across the U.S.

Elsewhere in the sector, software names are facing renewed pressure after a solid rebound last week and a modest gain yesterday. The iShares GS Software ETF is down 1.8%.

Outside of the S&P 500, the Russell 2000 (+0.9%) and S&P Mid Cap 400 (+0.5%) followed a similar path to that of the major averages this morning. 

The market now trades in a relatively stable range following this morning's developments on the energy front, with investors awaiting further updates on whether the IEA will take action to release emergency reserves.

Reviewing today's data:

• February NFIB Small Business Optimism 98.8 (Briefing.com consensus 99.5); Prior 99.3
• February Existing Home Sales 4.09 mln (Briefing.com consensus 3.88 mln); Prior was revised to 4.02 mln from 3.91 mln
  
  • The key takeaway from the report is that sales increased despite continued pressure on affordability as median prices grew for the 32nd month in a row.

[BRIEFING.COM] The major averages are little changed from previous levels, continuing to trade with modest gains. 

Ciena (CIEN 343.69, +25.15, +7.90%) is one of the best-performing S&P 500 names today, surging higher after AT&T (T 27.85, +0.32, +1.16%) announced a $250+ billion commitment over five years to expand its fiber, 5G wireless, and satellite networks across the U.S. As a key supplier of high-capacity optical networking gear, Ciena stands to capture significant order flow from AT&T's massive fiber backbone upgrades, building on their long-standing supplier partnership and recent multi-year contracts.

Meanwhile, Centene (CNC 38.89, -4.43, -10.23%) is sharply lower after the company's CEO said at a conference that Affordable Care Act membership declines could be worse than previously projected.

[BRIEFING.COM] The S&P 500 (+0.4%), Nasdaq Composite (+0.6%), and DJIA (+0.5%) continue to trade higher across the board at midday. 

Hewlett Packard Enterprise (HPE 21.80, -0.01, -0.05%) reported a mixed Q1 (Jan) earnings report, beating on EPS but coming up slightly short on revenue. Shares are trading modestly lower following results. The company's Q2 (Apr) guidance was somewhat stronger with in-line EPS and revenue guidance that came in above expectations.

Investor sentiment may be tempered by management's commentary that component shortages - particularly in DRAM and NAND - could persist into 2027, which suggests ongoing cost pressures across the IT hardware industry. That said, HPE continues to benefit from strong demand tied to AI infrastructure buildouts, as reflected in its growing AI systems backlog and robust data center switching orders.

Kohl's (KSS 15.37, +0.57, +3.85%) holds a nice gain after the department store retailer delivered a strong earnings beat in its Q4 report, even though revenue came in slightly below expectations. The upside EPS surprise, combined with cautious sentiment heading into the release, has sparked a relief rally as investors respond to signs of improving operational discipline and stabilization in the business. While top-line trends remain challenged, management emphasized progress in strengthening the company's foundation through better inventory management, expense control, and targeted merchandising initiatives.

[BRIEFING.COM] The S&P 500 (+0.4%), Nasdaq Composite (+0.6%), and DJIA (+0.5%) have once again swapped their opening losses for modest gains amid another busy day of geopolitical and energy headlines. 

Oil moved sharply lower yesterday following commentary from President Trump that the war in Iran could be drawing to a close, along with a comment that he is considering "taking over" the Strait of Hormuz. 

While the retreat in oil prices continued into this morning, the relief rally in stocks met some initial resistance as investors questioned the feasibility of a quick end to the conflict. Reuters reported that Iran stated the blockade will continue until strikes from the U.S. and Israel cease. 

Stocks moved higher in broad fashion about an hour into the session following reports that the International Energy Agency convened an emergency meeting of its member governments to evaluate global supply conditions and determine whether strategic petroleum reserves should be released to the market if needed.

Nine S&P 500 sectors trade higher, leaving just the energy (-0.2%) and health care (-0.1%) sectors in negative territory. Crude oil is currently down $11.32 (-11.9%) to $83.45 per barrel.

Gains across the other sectors are relatively modest, though they are led by the top-weighted information technology sector (+0.7%) as semiconductor names put together another strong performance.

Outside of the S&P 500, the Russell 2000 (+0.9%) and S&P Mid Cap 400 (+0.7%) hold slightly wider gains. 

[BRIEFING.COM] The S&P 500 (+0.5%), Nasdaq Composite (+0.7%), and DJIA (+0.5%) now trade higher across the board after IEA Executive Director Fatih Birol released a statement saying, "I have convened an extraordinary meeting of IEA Member governments, which will take place later today to assess the current security of supply and market conditions to inform a subsequent decision on whether to make emergency stocks of IEA countries available to the market. 

Oil prices continue to move lower, currently below the $85 per barrel mark.

[BRIEFING.COM] The S&P 500 (-0.1%), Nasdaq Composite (+0.1%), and DJIA (-0.1%) remain near their baselines as action remains flattish, with seven S&P 500 sectors currently trading within 0.2% of their unchanged levels. 

Existing home sales increased 1.7% month-over-month in February to a seasonally adjusted annual rate of 4.09 million (Briefing.com consensus 3.88 million) from a revised 4.02 million (from 3.91 million) in January. Sales were down 1.4% on a year-over-year basis.

The key takeaway from the report is that sales increased despite continued pressure on affordability as median prices grew for the 32nd month in a row.

[BRIEFING.COM] The S&P 500 (-0.4%), Nasdaq Composite (-0.2%), and DJIA (-0.6%) sit lower shortly after the open. Oil is extending yesterday's move lower, though the relief rally has stalled as the market now looks for a possible end to the conflict in Iran and a meaningful increase in production throughout the area. 

The energy sector (-1.3%) lags this morning amid the decrease in oil prices, with crude oil currently down $6.35 (-6.7%) to $88.41 per barrel. 

The financials sector (-0.9%) also lags, with particular weakness across financial services and broker names that have recently traded lower due to fears of AI disruption. 

Software stocks are also under renewed pressure this morning, with the iShares GS Software ETF down 1.9%. 

However, the information technology sector (-0.1%) remains near its flatline as chipmakers are off to another solid start, pushing the PHLX Semiconductor Index 1.0% higher. 

Some lingering strength across several mega-cap stocks, including Tesla (TSLA 405.66, +6.98, +1.75%) and Meta Platforms (META 653.66, +6.27, +0.97%), helps keep the consumer discretionary and communication services sectors on their flatlines, while the broader market trends lower. 

Just released, existing home sales increased 1.7% month-over-month in February to a seasonally adjusted annual rate of 4.09 million (Briefing.com consensus 3.88 million) from an upwardly revised 4.02 million (from 3.91 million) in January.

The stock market is on track for a modestly lower opening as the market remains focused on developments in Iran and changes to the price of oil. 

Oil is extending its move lower, currently holding around $88 per barrel shortly before the stock market opens.

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

Equity indices in the Asia-Pacific region bounced on Tuesday with South Korea's Kospi (+5.4%) reclaiming the bulk of its loss from Monday. China reported a smaller-than-expected trade surplus for February, though exports jumped 39.6% yr/yr. Exports to the U.S. were down almost 17% while exports to the EU and Southeast Asia grew 20%. Japan's final GDP report for Q4 beat expectations with help from strong business spending while South Korea's GDP contracted in Q4.

• In economic data:
  • China's February trade surplus $90.98 bln (expected surplus of $177.4 bln; last surplus of $114.1 bln). February Imports 13.8% yr/yr (expected 6.3%; last 5.7%) and Exports 39.6% yr/yr (expected 7.1%; last 6.6%)
  • Japan's Q4 GDP 0.3% qtr/qtr (expected 0.1%; last -0.6%); 1.3% yr/yr (expected 0.2%; last -2.3%). Q4 GDP Price Index 3.4% yr/yr, as expected (last 3.4%). January Household Spending -2.5% m/m (expected 0.8%; last -2.2%); -1.0% yr/yr (expected 2.4%; last -2.6%). February Machine Tool Orders 24.2% yr/yr (expected 25.3%; last 10.6%)
  • South Korea's Q1 GDP -0.2% qtr/qtr (expected -0.3%; last 1.3%); 1.6% yr/yr (expected 1.7%; last 1.8%)
  • Australia's Westpac Consumer Sentiment 1.2% m/m (last -2.6%) February NAB Business Confidence -1 (last 4) and February NAB Business Survey 7 (last 7). January Building Approvals -7.2% m/m, as expected (last -14.9%); -15.7% yr/yr (expected 8.1%; last 0.4%). January Private House Approvals 1.1% m/m, as expected (last 0.4%)

---Equity Markets---

• Japan's Nikkei: +2.9%
• Hong Kong's Hang Seng: +2.2%
• China's Shanghai Composite: +0.7%
• India's Sensex: +0.8%
• South Korea's Kospi: +5.4%
• Australia's ASX All Ordinaries: +1.1%

Major European indices trade in the green, recovering some of their recent losses with help from a pullback in the price of oil. G7 officials will hold another call today, looking to agree on a coordinated oil reserve release. British homebuilder Persimmon issued upbeat deliveries guidance for the year while Renault announced its updated margin targets. Volkswagen missed Q4 expectations and announced job cuts. European Central Bank policymaker Muller said that the likelihood of a rate hike has increased, but there is no need to rush to a decision.

• In economic data:
  • Germany's January trade surplus EUR21.2 bln (expected surplus of EUR15.4 bln; last surplus of EUR17.4 bln). January Imports -5.9% m/m (last 1.3%) and Exports -2.3% m/m (last 3.9%)
  • France's January trade deficit EUR1.8 bln (expected deficit of EUR5.2 bln; last deficit of EUR4.3 bln). January Current Account surplus EUR2.1 bln (last surplus of EUR100 mln)

---Equity Markets---

• STOXX Europe 600: +1.8%
• Germany's DAX: +2.2%
• U.K.'s FTSE 100: +1.5%
• France's CAC 40: +1.6%
• Italy's FTSE MIB: +2.3%
• Spain's IBEX 35: +2.3%

The S&P 500 futures currently trade 22 points below fair value. 

Equity futures are moving lower this morning as oil creeps back above the $90 per barrel mark. Crude oil is currently down $4.48 (-4.7%) to $90.29 per barrel. 

Bloomberg reported that the largest refinery in the UAE has halted production after a drone strike in the area

Equity futures point to a modestly lower opening this morning following a choppy session for stocks that was driven by some major swings in the price of oil. The major averages opened to losses wider than 1.0% as oil surged past $100 per barrel, though stocks rallied late in the session as oil prices plunged after President Trump told CBS News that the war in Iran could be over soon. 

President Trump doubled down on his rhetoric in an address yesterday evening, telling reporters that U.S. military operations in Iran are well ahead of schedule and that the war is nearly complete. The president also threatened renewed action against Iran if it does anything to stop the flow of oil from the region. 

Currently, oil is down $5.02 (-5.3%) to $89.75 per barrel. 

On a related note, G7 energy ministers will discuss a potential global stockpile release this morning. 

Energy and geopolitical developments largely dominated headlines yesterday as swings in oil prices dictated price action. Corporate news flow is once again on the lighter side this morning, though there are still a few earnings reports in the mix. 

The market will receive just a few economic data releases today, including February Existing Home Sales at 10:00 a.m. ET (Briefing.com consensus 3.88 million). The February NFIB Small Business Optimism Index contracted to 98.8 (Briefing.com consensus 99.5) from a prior reading of 99.3. 

Key inflation readings lie ahead, with the market set to receive the February CPI readings (Briefing.com consensus 0.3%) tomorrow, as well as the January PCE Price Index (Briefing.com consensus 0.3%) on Friday.

In corporate news:

• SpaceX is considering a Nasdaq listing, according to Reuters. 
• Hewlett Packard Enterprise (HPE 22.10, +0.29, +1.3%) beat EPS expectations by $0.06 and reported revenues in-line. The company guided Q2 EPS in-line with revenues above consensus and raised its FY26 EPS guidance while reaffirming FY26 revenue guidance.
• NVIDIA (NVDA 182.34, -0.31, -0.2%) is aiming to launch an open-source AI agent platform, according to Wired. 

Reviewing overnight developments:

Equity indices in the Asia-Pacific region bounced on Tuesday with South Korea's Kospi (+5.4%) reclaiming the bulk of its loss from Monday. Japan's Nikkei: +2.9%, Hong Kong's Hang Seng: +2.2%, China's Shanghai Composite: +0.7%, India's Sensex: +0.8%. South Korea's Kospi: +5.4%. Australia's ASX All Ordinaries: +1.1%.

In news:

• China reported a smaller-than-expected trade surplus for February, though exports jumped 39.6% yr/yr.
• Exports to the U.S. were down almost 17% while exports to the EU and Southeast Asia grew 20%.
• Japan's final GDP report for Q4 beat expectations with help from strong business spending while South Korea's GDP contracted in Q4.

In economic data:

• China's February trade surplus $90.98 bln (expected surplus of $177.4 bln; last surplus of $114.1 bln). February Imports 13.8% yr/yr (expected 6.3%; last 5.7%) and Exports 39.6% yr/yr (expected 7.1%; last 6.6%)
• Japan's Q4 GDP 0.3% qtr/qtr (expected 0.1%; last -0.6%); 1.3% yr/yr (expected 0.2%; last -2.3%). Q4 GDP Price Index 3.4% yr/yr, as expected (last 3.4%). January Household Spending -2.5% m/m (expected 0.8%; last -2.2%); -1.0% yr/yr (expected 2.4%; last -2.6%). February Machine Tool Orders 24.2% yr/yr (expected 25.3%; last 10.6%)
• South Korea's Q1 GDP -0.2% qtr/qtr (expected -0.3%; last 1.3%); 1.6% yr/yr (expected 1.7%; last 1.8%)
• Australia's Westpac Consumer Sentiment 1.2% m/m (last -2.6%) February NAB Business Confidence -1 (last 4) and February NAB Business Survey 7 (last 7). January Building Approvals -7.2% m/m, as expected (last -14.9%); -15.7% yr/yr (expected 8.1%; last 0.4%). January Private House Approvals 1.1% m/m, as expected (last 0.4%)

Major European indices trade in the green, recovering some of their recent losses with help from a pullback in the price of oil. STOXX Europe 600: +1.8%, Germany's DAX: +2.2%, U.K.'s FTSE 100: +1.4%, France's CAC 40: +1.5%, Italy's FTSE MIB: +2.2%, Spain's IBEX 35: +2.3%.

In news:

• G7 officials will hold another call today, looking to agree on a coordinated oil reserve release.
• British homebuilder Persimmon issued upbeat deliveries guidance for the year while Renault announced its updated margin targets.
• Volkswagen missed Q4 expectations and announced job cuts.
• European Central Bank policymaker Muller said that the likelihood of a rate hike has increased, but there is no need to rush to a decision.

In economic data:

• Germany's January trade surplus EUR21.2 bln (expected surplus of EUR15.4 bln; last surplus of EUR17.4 bln). January Imports -5.9% m/m (last 1.3%) and Exports -2.3% m/m (last 3.9%)
• France's January trade deficit EUR1.8 bln (expected deficit of EUR5.2 bln; last deficit of EUR4.3 bln). January Current Account surplus EUR2.1 bln (last surplus of EUR100 mln)

[BRIEFING.COM] The stock market had an eventful start to the week, with the S&P 500 (+0.8%), Nasdaq Composite (+1.4%), and DJIA (+0.5%) rebounding from sharp early losses as oil prices made a decisive move lower this afternoon amid geopolitical developments in Iran.

Oil surged past $100 per barrel this morning, testing the $120 mark and prompting the major averages to open with losses wider than 1%. The Nasdaq Composite briefly moved below its 200-day moving average (22,101.90).

Oil stabilized around the $100 mark following headlines that the G7 will meet again tomorrow to discuss a release of global oil stockpiles to combat the surge in prices. CNBC reported that the meeting will occur tomorrow morning, with talks among G7 nations currently "positive" around a release.

The major averages spent much of the session trading with more modest losses, though weakness remained relatively broad-based. 

Crude oil futures finished today's session $3.87 higher (+4.3%) at $94.73 a barrel, though another price swing remained in store. President Trump told CBS News in a phone interview that the war in Iran "could be over soon" as the U.S. is very far ahead of his initial 4-to-5-week estimated time frame. Additionally, President Trump noted that ships are moving through the Strait of Hormuz, though he is considering "taking it over."

Oil prices fell below their flatlines, sending stocks higher in broad fashion. As of just before 4:30 p.m. ET, crude oil is currently trading $5.56 (-6.1%) lower at $85.34 a barrel. 

Nine S&P 500 sectors would finish with gains, leaving just the energy (-0.4%) and financials (-0.5%) sectors in negative territory. 

While the energy sector moved lower amid the decrease in oil prices, the financials sector was a laggard throughout the session and finished well above its session lows. Insurance names such as Arthur J. Gallagher (AJG 217.78, -10.35, -4.54%) were among the worst performers, while major banking names put up mixed performances. 

Meanwhile, the top-weighted information technology sector (+1.8%) posted the widest gain. The sector held a modest gain for much of the session even while the broader market traded lower, supported by strength in its semiconductor components. NVIDIA (NVDA 182.65, +4.83, +2.72%) was a mega-cap standout, while memory storage names such as Sandisk (SNDK 588.73, +61.40, +11.64%) posted the widest gains, helping the PHLX Semiconductor Index finish 3.9% higher. 

Elsewhere, the communication services sector (+1.1%) also notched a solid gain as Alphabet (GOOG 306.01, +7.71, +2.58%) provided strong leadership. 

Live Nation (LYV 165.80, +9.67, +6.19%) topped the sector's leaderboard after the company reached a settlement with the Department of Justice in an antitrust case that will allow the company to keep Ticketmaster. 

The health care sector (+0.9%) rounds out the top three performing sectors, supported by broad strength in its components and a strong performance from Moderna (MRNA 55.74, +3.22, +6.13%). 

Though not components of the sector, Hims & Hers Health (HIMS 22.16, +6.42, +40.79%) traded sharply higher today after confirming a strategic pivot for its U.S. weight-loss business that entails bringing FDA-approved Wegovy and Ozempic (semaglutide) medications onto its telehealth platform and moving away from broadly marketed compounded GLP-1 products, a shift that resolves a legal dispute with Novo Nordisk A/S (NVO 39.78, +1.20, +3.11%) and expands patient access.

Meanwhile, the Russell 2000 (+1.1%) and S&P Mid Cap 400 (+1.0%) notched solid gains of their own, surging higher as oil prices fell this afternoon. 

Altogether, the broader market made an impressive intraday move as oil prices stabilized and then moved lower this afternoon. While the geopolitical backdrop remains fluid, the market will look for further color from tomorrow's Group of Seven energy meeting, where officials are expected to discuss a potential coordinated release of global oil stockpiles. At the same time, developments surrounding the situation in Iran remain a key driver of price action. Ideally for equities, oil prices will continue to move lower in the near term before the recent spike begins to meaningfully weigh on corporate margins or feed through into broader inflation pressures.

There was no economic data of note today. 

U.S. Treasuries started the new week with a continuation of the recent volatility, but an intraday bounce saved the long bond from another lower finish while 5s and shorter tenors added to last week's losses. The 2-year note yield settled up three basis points to 3.59%, and the 10-year note yield finished unchanged at 4.14%. 

• S&P Mid Cap 400: +4.2% YTD
• Russell 2000: +2.9% YTD
• DJIA: -0.7% YTD
• S&P 500: -0.7% YTD
• Nasdaq Composite: -2.4% YTD