[BRIEFING.COM] The Dow Jones Industrial Average (+0.05%) is up about 24 points this afternoon, albeit in last place among the major averages.

A look inside the DJIA shows that Salesforce (CRM 172.56, +7.60, +4.61%), Microsoft (MSFT 381.63, +10.76, +2.90%), and IBM (IBM 236.83, +6.07, +2.63%) all rally to start the week.

Meanwhile, Coca-Cola (KO 75.92, -1.55, -2.01%) is underperforming.

The DJIA is now +3.45% higher month-to-date.

[BRIEFING.COM] The S&P 500 (+0.4%), Nasdaq Composite (+0.7%), and DJIA (flat) are showing resilience to this weekend's geopolitical developments and subsequent bounce in oil prices, with tech leadership helping offset early weakness.  Outside of the S&P 500, the Russell 2000 (+0.8%) and S&P Mid Cap 400 (+0.5%) also sport solid gains.

The major averages opened to broad losses this morning as the U.S. and Iran walked away from negotiations in Pakistan without a more permanent ceasefire. Additionally, the U.S. has implemented a blockade on all ships entering or leaving Iranian ports.

Stocks quickly bounced off their opening lows, and a lack of further geopolitical headlines has helped keep the major averages in a relatively stable range.

Sector performance is now mixed, with leadership from the top-weighted information technology sector (+0.9%) contributing to the mostly higher standing across the major averages. Software names in particular are posting wide gains today as the group rebounds from a sharp sell-off last week. Oracle (ORCL 153.36, +15.27, +11.06%) is the top-performing S&P 500 name today, while Fair Isaac (FICO 1003.56, +81.19, +8.80%), Cadence Design (CDNS 285.56, +19.90, +7.49%), and others also hold solid gains. The iShares GS Software ETF is up 5.0%.

Software-adjacent names in the financials sector (+1.0%), such as FactSet (FDS 224.71, +13.11, +6.20%) and Fidelity Nat'l Info (FIS 45.76, +2.40, +5.52%), contribute to the sector's outperformance.

The sector has shaken off an early loss, though Goldman Sachs (GS 889.57, -18.23, -2.01%) remains firmly lower despite topping earnings estimates, which continues to weigh on the DJIA.

Elsewhere, the energy sector (+0.3%) still holds a modest gain, though action has been choppy as oil prices have retreated from their earlier highs. Crude oil is back below the $100 per barrel mark, currently up $2.60 (+2.7%) to $99.16 per barrel.

Mega-cap stocks are also moving higher after a more subdued start this morning, which has the communication services (+0.4%) and consumer discretionary (+0.4%) sectors at session highs. The Vanguard Mega Cap Growth ETF is up 1.0%.

Meanwhile, five S&P 500 sectors remain in negative territory, though only the defensive utilities (-1.3%) and consumer staples (-1.2%) sectors trade more than 0.3% below their baselines. Conagra (CAG 14.42, -0.76, -5.04%) is one of the worst-performing S&P 500 names after announcing that CEO Sean Connolly will step down on May 31, 2026, with John Brase set to take over as President and CEO effective June 1.

So far, the market is taking this weekend's geopolitical developments in stride, with continued strength across mega-cap and tech names helping offset weakness tied to a higher price of oil. To that end, oil prices have also seen a considerable intraday pullback from opening highs, which has boosted participation in the broader market.

Reviewing today's data:

• Existing home sales decreased 3.6% month-over-month in March to a seasonally adjusted annual rate of 3.98 million (Briefing.com consensus 4.01 million) from an upwardly revised 4.13 million (from 4.09 million) in February. Sales were down 1.0% on a year-over-year basis.
  
  • The key takeaway from the report is that existing home sales were pressured at the start of the peak selling period by higher mortgage rates, higher prices, limited inventory, lower consumer confidence, and softer job growth.

[BRIEFING.COM] The S&P 500 (+0.2%), Nasdaq Composite (+0.4%), and DJIA (-0.3%) sit at session highs shortly after midday.

LVMH (LVMUY 108.80, -4.26, -3.77%) is moving lower after the company reported its Q1 sales report that missed expectations. The company stated that the conflict in the Middle East had a negative impact of around 1% on organic growth for the quarter.

[BRIEFING.COM] The major averages continue to trade in a relatively tight range, with none of the indices straying too far from their baselines.

Defensive sectors are under pressure today, with the consumer staples (-1.5%) and utilities (-1.5%) sectors occupying the bottom spots on today's leaderboard. Conagra (CAG 14.34, -0.84, -5.57%) is a notable laggard after announcing that CEO Sean Connolly will step down on May 31, 2026, with John Brase set to take over as President and CEO effective June 1. Peers such as General Mills (GIS 34.30, -1.28, -3.61%) and Kraft Heinz (KHC 22.26, -0.80, -3.49%) are also underperforming. 

The health care sector (-0.7%) is also lower today.

Revolution Medicines (RVMD 133.32, +36.88, +38.25%) is surging to all-time highs after announcing that daraxonrasib delivered an unprecedented overall survival benefit in the pivotal Phase 3 RASolute 302 trial in patients with metastatic pancreatic cancer, marking a potentially practice-changing breakthrough in one of the most difficult-to-treat cancers. However, the stock is not a component of the S&P 500.

[BRIEFING.COM] The S&P 500 (flat), Nasdaq Composite (+0.3%), and DJIA (-0.6%) are mixed just ahead of midday, as markets show a muted reaction to news that the U.S. and Iran failed to reach a more lasting ceasefire agreement over the weekend.

Goldman Sachs (GS 875.50, -32.30, -3.56%) weighs on the DJIA this morning as the company trades lower despite topping earnings estimates, though it is worth noting that the stock traded up nearly 16% over the past month. Despite the weakness, the financials sector (+0.3%) is one of just three S&P 500 sectors that trade higher this morning.

The information technology sector (+0.7%) holds the widest gain, which contributes to the outperformance of the Nasdaq Composite. Software names such as Oracle (ORCL 150.37, +12.28, +8.89%) and AppLovin (APP 419.40, +28.02, +7.16%) are among the best-performing S&P 500 names today after incurring sharp losses last week amid renewed fears of AI-disruption. The iShares GS Software ETF is up 3.9%. 

Meanwhile, the energy sector (+0.6%) also trades higher as crude oil is up $5.86 (+6.1%) to $102.43 per barrel.

Losses elsewhere are relatively modest, though the consumer staples sector (-1.2%) is a laggard as food names such as Conagra (CAG 14.30, -0.88, -5.76%) and Kraft Heinz (KHC 22.20, -0.86, -3.71%) face pressure.

[BRIEFING.COM] The major averages are little changed from previous levels. 

Goldman Sachs (GS 882.79, -25.01, -2.76%) is trading sharply lower despite delivering a clear EPS and revenue beat for Q1, with results highlighted by record net revenue in its Global Banking & Markets segment. The pullback appears to reflect a classic "sell-the-news" reaction, as the stock had rallied roughly 16% since mid-March into the print, raising the bar for investor expectations. Total net revenue rose 14% year-over-year to $17.23 billion, while EPS of $17.55 topped estimates, underscoring strong operating momentum across core businesses.

Record performances in Global Banking & Markets, combined with industry-leading M&A and equity underwriting activity, signals a meaningful rebound in capital markets and advisory demand, a positive read-through for peers as earnings season unfolds.

In other earnings news, Fastenal (FAST 46.59, -2.58, -5.25%) is losing some speed today following its Q1 report this morning. EPS grew a healthy 13.6% year-over-year to $0.30, but that was just in-line. Revenue rose 12.4% year-over-year to $2.20 billion, which was also in-line but marked the company's strongest year-over-year growth since 3Q22. Investors were likely hoping for a more upbeat read on the industrial and manufacturing environment. Without that, and given the in-line results, the reaction reflects some disappointment despite otherwise respectable performance.

[BRIEFING.COM] The S&P 500 (flat), Nasdaq Composite (+0.1%), and DJIA (-0.5%) continue to trade mixed as the market shows resilience despite failed negotiations between the U.S. and Iran over the weekend. The U.S. Navy has officially implemented a blockade of all ships entering or leaving Iranian ports.

Existing home sales decreased 3.6% month-over-month in March to a seasonally adjusted annual rate of 3.98 million (Briefing.com consensus 4.01 million) from an upwardly revised 4.13 million (from 4.09 million) in February. Sales were down 1.0% on a year-over-year basis.

The key takeaway from the report is that existing home sales were pressured at the start of the peak selling period by higher mortgage rates, higher prices, limited inventory, lower consumer confidence, and softer job growth.

[BRIEFING.COM] The stock market is rebounding from broad opening losses this morning after reports that the U.S. and Iran failed to reach a more lasting ceasefire agreement over the weekend, which sent oil prices sharply higher. The S&P 500 (flat), Nasdaq Composite (+0.2%), and DJIA (-0.4%) now sit mixed, while crude oil is off its early highs, currently up $4.85 (+5.0%) to $101.42 per barrel.

The underperformance of the DJIA is somewhat attributed to shares of Goldman Sachs (GS 871.65, -36.15, -3.98%) trading considerably lower this morning. The company topped earnings estimates, but its fixed income division missed expectations. The stock is one of the worst-performing S&P 500 names this morning, though the broader financials sector (-0.1%) sits near the middle of the pack.

Losses across the seven S&P 500 sectors that trade lower are limited to 0.6% or narrower, while the energy sector (+0.2%) trades higher amid the higher price of oil, and the health care sector (+0.2%) and communication services (+0.2%) also hold modest gains.

The top-weighted information technology sector (+0.2%) also moved into positive territory as software names recover some of last week's pronounced weakness.

Just released, existing home sales decreased 3.6% month-over-month in March to a seasonally adjusted annual rate of 3.98million (Briefing.com consensus 4.01 million) from a revised 4.13 million (from 4.09 million) in February.

The stock market is poised for a lower open this morning, pressured by a spike in crude oil prices following the breakdown of U.S.-Iran negotiations over the weekend.

A U.S. blockade of the Strait of Hormuz is set to take effect this morning, adding a new layer to the conflict.

Still, futures are well off their worst levels of the morning. That said, Dow futures remain under pressure, weighed down by Goldman Sachs (GS 868.44, -39.46, -4.3%), which continues to slide in the premarket despite topping earnings estimates, as weakness in its fixed income division offset the headline beat.

Equity indices in the Asia-Pacific region had a mostly lower showing to begin the week amid renewed concerns about the U.S.-Iran conflict broadening into a prolonged war. Oil prices climbed again, putting some pressure on JGBs, which lifted yields on most tenors to fresh cycle highs. Japan's trade minister Akazawa said that tighter central bank policy could held with inflation. China Securities Daily observed that demand for savings bonds has been hot, with many banks reaching their quotas quickly. ANZ now expects the Reserve Bank of New Zealand to hike rates in July, September, and October. South Korea's exports through the first ten days of April were up 36.7% yr/yr with chip exports jumping 152.0%.

• In economic data:
  • China's March New Loans CNY2.99 trln (expected CNY3.465 trln; last CNY900.0 bln), March outstanding loan growth 5.8% yr/yr (expected 5.9%; last 6.0%), and March total social financing CNY5.23 trln (expected CNY5.40 trln; last CNY2.38 trln)
  • India's March CPI 3.40% yr/yr (expected 3.48%; last 3.21%)
  • New Zealand's March Performance of Services Index 46.0 (last 47.6)

---Equity Markets---

• Japan's Nikkei: -0.7%
• Hong Kong's Hang Seng: -0.9%
• China's Shanghai Composite: +0.1%
• India's Sensex: -0.9%
• South Korea's Kospi: -0.9%
• Australia's ASX All Ordinaries: -0.5%

Major European indices trade with losses across the board after the U.S. and Iran failed to reach a peace deal over the weekend. Brent and WTI crude oil have climbed back above $100/bbl, pressuring sentiment. Hungary will have a more EU-friendly government after a Sunday election unseated Prime Minister Orban's party. Germany's economic ministry expects that high energy prices, supply issues, and economic pressures will persist for the remainder of the year. Standard & Poor's affirmed the U.K.'s AA rating with a Stable outlook.

• No data today

---Equity Markets---

• STOXX Europe 600: -0.8%
• Germany's DAX: -1.4%
• U.K.'s FTSE 100: -0.4%
• France's CAC 40: -0.9%
• Italy's FTSE MIB: -0.9%
• Spain's IBEX 35: -1.6%

The S&P 500 futures currently 44 trade points below fair value.

Revolution Medicines (RVMD 132.91, +36.48, + 37.8%) is trading sharply higher in the premarket after reporting positive topline results from its Phase 3 trial evaluating daraxonrasib. The study showed that pancreatic cancer patients receiving the daily oral therapy achieved statistically significant and clinically meaningful improvements in both progression-free survival (PFS) and overall survival (OS) versus standard-of-care intravenous cytotoxic chemotherapy.

On the geopolitical front, Axios reports that mediators from various countries will continue talks with the U.S. and Iran in an effort to resolve disagreements.

Equity futures point to a lower opening this morning after the U.S. and Iran failed to reach an agreement this weekend, sending oil prices higher and reigniting concerns of a prolonged conflict. President Trump announced via Truth Social that the U.S. Navy will begin a blockade on the Strait of Hormuz, and threatened further strikes against Iran.

Stocks are coming off a winning week in which the major indices each advanced by 3% or more following the announcement of a two-week ceasefire between the U.S. and Iran. The announcement resulted in solid gains across the major averages and a sharp retreat in oil prices, with some enthusiasm across mega-cap and the broader AI trade supporting the major averages.

Currently, crude oil is up $7.43 (+7.7%) to $104.00 per barrel.

While geopolitical developments continue to shape market direction in the near term, investors are gearing up for Q1 earnings season, with the major banks kicking off the action this week.

Today's economic data is limited to the 10:00 ET release of March Existing Home Sales (Briefing.com consensus 4.09 million).

In corporate news:

• Best Buy (BBY 59.94, -2.43, -3.90) trades lower in the premarket afterGoldman Sachs downgraded the stock to Sell from Buy with a target of $59.
• Fastenal (FAST 47.24, -1.93, -3.9%) reported EPS and revenues in-line.
• Goldman Sachs (GS 875.00, -32.80, -3.6%) beat EPS expectations by $1.08 and beat revenue expectations.

Reviewing overnight developments:

Equity indices in the Asia-Pacific region had a mostly lower showing to begin the week amid renewed concerns about the U.S.-Iran conflict broadening into a prolonged war. Japan's Nikkei: -0.7%, Hong Kong's Hang Seng: -0.9%, China's Shanghai Composite: +0.1%, India's Sensex: -0.9%, South Korea's Kospi: -0.9%, Australia's ASX All Ordinaries: -0.5%.

In news:

• Oil prices climbed again, putting some pressure on JGBs, which lifted yields on most tenors to fresh cycle highs.
• Japan's trade minister Akazawa said that tighter central bank policy could held with inflation.
• China Securities Daily observed that demand for savings bonds has been hot, with many banks reaching their quotas quickly.
• ANZ now expects the Reserve Bank of New Zealand to hike rates in July, September, and October.
• South Korea's exports through the first ten days of April were up 36.7% yr/yr with chip exports jumping 152.0%.

In economic data:

• China's March New Loans CNY2.99 trln (expected CNY3.465 trln; last CNY900.0 bln), March outstanding loan growth 5.8% yr/yr (expected 5.9%; last 6.0%), and March total social financing CNY5.23 trln (expected CNY5.40 trln; last CNY2.38 trln)
• India's March CPI 3.40% yr/yr (expected 3.48%; last 3.21%)
• New Zealand's March Performance of Services Index 46.0 (last 47.6)

Major European indices trade with losses across the board after the U.S. and Iran failed to reach a peace deal over the weekend. STOXX Europe 600: -1.0%, Germany's DAX: -1.5%, U.K.'s FTSE 100: -0.6%, France's CAC 40: -1.1%, Italy's FTSE MIB: -1.1%, Spain's IBEX 35: -1.9%.

In news:

• . Brent and WTI crude oil have climbed back above $100/bbl, pressuring sentiment.
• Hungary will have a more EU-friendly government after a Sunday election unseated Prime Minister Orban's party.
• Germany's economic ministry expects that high energy prices, supply issues, and economic pressures will persist for the remainder of the year.
• Standard & Poor's affirmed the U.K.'s AA rating with a Stable outlook.

There is no economic data of note. 

[BRIEFING.COM] The stock market ended a constructive week on a subdued note, with the S&P 500 (-0.1%), Nasdaq Composite (+0.4%), and DJIA (-0.6%) spending today's session in a relatively tight range near their baselines.

It was a quiet day on the geopolitical front ahead of this weekend's talks between the U.S. and Iran that will be led by Vice President Vance. President Trump told The New York Post that the U.S. military will resume strikes against Iran if negotiations do not result in a deal, but that had little effect on stocks or oil prices. WTI crude traded in a stable range around the $98 per barrel mark, and crude oil futures settled today's session $1.34 lower (-1.4%) at $96.55 per barrel.

The market received a full slate of economic data this morning, which offered an early look at how the Iran conflict is affecting inflation and consumer sentiment readings. The headline March CPI reading (0.9%; Briefing.com consensus: 0.7%) came in hotter-than-expected due to the surge in energy prices, while the core reading (0.2%; Briefing.com consensus: 0.3%) was better than feared. Additionally, the preliminary reading for the University of Michigan Consumer Sentiment Index for April fell to 47.6 (Briefing.com consensus: 52.0), though the market had a muted response to the report as nearly all responses to the survey were captured before the two-week ceasefire agreement announced on April 7.

Strength was mixed today, with four S&P 500 sectors finishing in positive territory.

The top-weighted information technology sector (+0.8%) captured the widest gain, which helped prevent further losses at the index level. Semiconductor stocks put together another strong showing after Taiwan Semiconductor Manufacturing (TSM 370.60, +5.11, +1.40%) reported upside Q1 revenues, which resulted in solid gains across large chipmakers such as Advanced Micro Devices (AMD 245.04, +8.40, +3.55%) and NVIDIA (NVDA 188.74, +4.84, +2.63%).

Super Micro Computer (SMCI 25.26, +2.04, +8.79%) and Coherent (COHR 307.50, +23.33, +8.21%) captured even wider gains, and the PHLX Semiconductor Index finished 2.3% higher.

Though not a component of the S&P 500, CoreWeave (CRWV 102.00, +10.00, +10.87%) posted another double-digit gain after announcing a multi-year agreement with Anthropic to support the development and training of its Claude family of AI models.

Conversely, Anthropic's launch of its Managed Agents platform weighed heavily on Akamai Tech (AKAM 91.35, -18.26, -16.66%) amid intensifying fears around AI-driven disruption of traditional SaaS and cloud workflows. The broader software space lagged again today, with the iShares GS Software ETF finishing 2.6% lower.

Elsewhere, solid gains in Amazon (AMZN 238.38, +4.73, +2.02%) and Tesla (TSLA 349.00, +3.38, +0.98%) helped the consumer discretionary sector (+0.6%) finish near the top of the leaderboard.

The Vanguard Mega Cap Growth ETF finished 0.4% higher, contributing to the outperformance of the market-weighted S&P 500 (-0.1%) relative to the S&P 500 Equal Weighted Index (-0.8%).

The materials (+0.6%) and real estate (+0.2%) sectors also captured gains, while the other seven S&P 500 sectors finished lower.

The defensive consumer staples (-1.4%) and health care sectors (-1.3%) were the worst performers, while the energy sector (-0.8%) lagged amid the stabilization in oil prices.

Meanwhile, the financials sector (-1.1%) also underperformed, but major banking names such as Goldman Sachs (GS 907.80, +4.08, +0.45%) and Citigroup (C 124.36, -0.56, -0.45%) were among the more resilient components ahead of their earnings releases next week.

Outside of the S&P 500, the Russell 2000 (-0.2%) and S&P Mid Cap 400 (-0.3%) charted modest losses.

Overall, AI-driven enthusiasm in semiconductor and mega-cap growth names helped offset broader weakness across most sectors, keeping the major averages relatively contained. Looking ahead, the market will remain highly attuned to any developments out of this weekend's U.S.-Iran talks, which could upend the progress stocks made this week.

U.S. Treasuries had a modestly lower showing on Friday, giving back a chunk of their midweek gains. The 2-year note yield settled up two basis points to 3.80% (-3 basis points this week), and the 10-year note yield settled up two basis points to 4.32% (-3 basis points this week). 

• S&P Mid Cap 400: +6.6% YTD
• Russell 2000: +6.0% YTD
• DJIA: -0.3% YTD
• S&P 500: -0.4% YTD
• Nasdaq Composite: -1.5% YTD

 Reviewing today's data:

• March CPI 0.9% (Briefing.com consensus 0.7%); Prior 0.3%, March Core CPI 0.2% (Briefing.com consensus 0.3%); Prior 0.2%
  • The key takeaway from the report is that headline inflation was driven by the index for energy, which rose 10.9% in March, and although core inflation was seemingly subdued in March, the concern is that the energy price shock will bleed through more to core inflation in April.
• February Factory Orders 0.0% (Briefing.com consensus 0.5%); Prior was revised to 0.0% from 0.1%
  • The key takeaway from the report is that factory orders weren't as flat as the headline suggests. On the contrary, they were quite strong when the volatile transportation component was excluded.
• April Univ. of Michigan Consumer Sentiment - Prelim 47.6 (Briefing.com consensus 52.0); Prior 53.3
  • The key takeaway from the report is that the fallout from the Iran conflict was the driver of the big drop in sentiment and big rise in year-ahead inflation expectations in April (note: nearly all responses to the survey were captured before the two-week ceasefire agreement announced on April 7).
• The Treasury Department reported a $164.1 billion deficit for March (Briefing.com consensus -$160.0 bln), which was a bit wider than the $160.5 billion deficit reported for March 2025. Receipts totaled $385.0 billion, while outlays reached $549.0 billion.
  
  • The key takeaway from the report is that net interest costs hit nearly $100 billion in March, trailing only Social Security payments as the government's largest outlay.