[BRIEFING.COM] The stock market rallied today as a two-week ceasefire agreement between the U.S. and Iran culminated in a sharp retreat in oil prices and a meaningful improvement in sentiment across equities.

The S&P 500 (+2.3%), Nasdaq Composite (+2.8%), and DJIA (+2.9%) posted broad gains that saw the major averages reclaim their 200-day moving averages, with the S&P 500 closing just above its 50-day moving average (6,765) as well. The Russell 2000 (+2.7%) and S&P Mid Cap 400 (+2.7%) notched similar gains as the broader market displayed a clear risk-on disposition today.

Bloomberg reported that the U.S. and Iran are set to hold talks to seek a more permanent end to the war soon, marking a much more conciliatory tone in comparison to yesterday's rhetoric. However, the situation remains delicate, with Israeli strikes against targets in Lebanon drawing condemnation from Iran and threats to abandon the agreement.

Still, today's action marked a definitive step towards a resolution. Tanker traffic has yet to pick up through the Strait of Hormuz, but crude oil futures still settled today's session $18.45 lower (-16.4%) at $94.40 per barrel.

The energy sector (-3.7%) faced a sharp retreat as a result, but the ten other S&P 500 sectors finished with gains of 1.0% or wider.

The industrials sector (+3.8%) led the advance, supported by strong gains across airline names such as United Airlines (UAL 96.30, +7.01, +7.85%) amid the retreat in oil prices. Delta Air Lines (DAL 68.08, +2.46, +3.75%) beat earnings expectations, and the company emphasized that it is not seeing any slowdown in summer travel demand despite higher ticket prices and macro headwinds.

Similarly, cruise lines such as Carnival (CCL 28.03, +2.83, +11.23%) posted double-digit gains today as oil slid, helping the consumer discretionary sector (+2.8%) finish near the top of the leaderboard as well.

Elsewhere in the sector, homebuilders also captured solid gains amid hopes that an easing of the Iran conflict may bring mortgage rates back down.

Amazon (AMZN 221.25, +7.48, +3.50%) provided solid mega-cap leadership, though Tesla (TSLA 343.23, -3.42, -0.99%) continues its recent slide, finishing as the only "magnificent seven" stock without a gain today.

Meanwhile, Meta Platforms (META 612.42, +37.37, +6.50%) captured a monster gain following the unveiling of Muse Spark, its first step toward personal superintelligence with multimodal, multi-agent AI.

Chipmakers were also a point of strength as today's bullish session reignited momentum in the AI trade. The PHLX Semiconductor Index finished 6.3% higher, helping the broader information technology sector (+2.8%) shake off relative weakness across its software components.

Today's data was limited, though the March FOMC minutes showed inflation remains above target, with higher oil prices adding near-term pressure. While officials still expect a gradual return to 2%, geopolitical risks could delay progress.

Investors will turn their attention to tomorrow's February PCE Price Index (Briefing.com consensus 0.4%), the Fed's preferred measure of inflation. While today's temporary ceasefire sparked a broad relief rally, focus now shifts to the path toward a more durable resolution-particularly the reopening of the Strait of Hormuz, which would help alleviate pressure on oil prices and the resulting inflation concerns.

U.S. Treasuries finished Wednesday with solid gains across the curve, though intraday action saw a steady retreat from opening highs. The 2-year note yield settled down four basis points to 3.79%, and the 10-year note yield settled down five basis points to 4.29%. 

• S&P Mid Cap 400: +6.6% YTD
• Russell 2000: +5.6% YTD
• DJIA: -0.3% YTD
• S&P 500: -0.9% YTD
• Nasdaq Composite: -2.6% YTD

Reviewing today's data:

• Weekly MBA Mortgage Applications Index -0.8%; Prior -10.4%

[BRIEFING.COM] The major averages continue to trade in a relatively tight range just before the close.

While today was relatively light on the data front, tomorrow's action will feature a full slate of economic data, including the PCE Price Index for February (Briefing.com consensus 0.4%), the Fed's preferred inflation gauge.

The ceasefire agreement (though temporary) and subsequent slide in oil prices have combined for a modest uptick in the market's implied rate cut expectations, with the CME FedWatch tool now assigning a 24.8% probability to at least a 25-basis point rate reduction at the December FOMC meeting, up from 14.1% yesterday.

[BRIEFING.COM] The S&P 500 (+2.1%), Nasdaq Composite (+2.4%), and DJIA (+2.4%) remain firmly higher as the market enters the final hour of the session.

Iranian Parliament Speaker Mohammad Bagher Ghalibaf said on X that several key provisions of Iran's proposed 10-point framework have already been violated before talks have begun, adding that under such conditions, "a bilateral ceasefire or negotiations is unreasonable," raising further doubts about the durability of the agreement.

On a related note, crude oil futures settled today's session $18.45 lower (-16.4%) at $94.40 per barrel.

[BRIEFING.COM] The S&P 500 (+2.40%) is in "last" place on Wednesday afternoon, up about 159 points following the release of the FOMC's March 17-18 meeting minutes.

The March minutes show a Fed that remains data-dependent amid elevated uncertainty, particularly driven by developments in the Middle East and AI-related business disruptions. Almost all participants supported keeping the federal funds rate unchanged at 3.50-3.75%, viewing the current stance as broadly consistent with neutral, while one member preferred a modest cut to support labor demand. Several participants highlighted the potential value of "two-sided" language in future statements, reflecting that rates could move higher if inflation remains above target or lower if economic conditions soften.

Participants judged the labor market to be broadly in balance, with the unemployment rate steady near 4.4% and low job growth roughly in line with slower labor force expansion. Payroll gains have been modest, though risks remain skewed to the downside amid AI-related uncertainties and potential global shocks.

Inflation remains a central focus, with total PCE running above 2% and near-term pressures amplified by higher oil prices. Participants generally expect inflation to gradually return to the 2% target over the next year, though timing remains uncertain. Some noted that the ongoing Middle East conflict and elevated energy costs could delay progress, while AI-driven productivity gains and decelerating housing services inflation may ease pressures.

Economic activity continues at a solid pace, supported by resilient consumer spending, household wealth gains, and strong business investment. The Fed staff projects real GDP growth roughly in line with potential, with unemployment gradually moving toward its longer-run natural rate and inflation trending toward 2% by the end of next year.

[BRIEFING.COM] The tech-heavy Nasdaq Composite (+2.93%) is in the lead on Wednesday afternoon, up 645 points.

Gold futures settled $92.50 higher (+2.0%) at $4,777.20/oz, fueled by a U.S.-Iran ceasefire that weakened the dollar, pushed down Treasury yields, and eased energy-driven inflation concerns. The rally also reflects short-covering and renewed safe-haven demand as investors price in lower real rates and ongoing geopolitical uncertainty.

Meanwhile, the U.S. Dollar Index is down about -0.7% to $98.95.

[BRIEFING.COM] The Dow Jones Industrial Average (+2.55%) is in second place on Wednesday afternoon, up about 1187 points.

A look inside the DJIA shows that Sherwin-Williams (SHW 335.62, +21.66, +6.90%), Caterpillar (CAT 766.93, +42.49, +5.87%), and Home Depot (HD 335.25, +16.48, +5.17%) show solid gains.

Meanwhile, Chevron (CVX 190.40, -111.14, -5.53%) slides to the bottom of the average.

The DJIA now stands +2.72% higher week-to-date.

Elsewhere, U.S. Treasuries have pulled back from their morning highs, giving back roughly half of their gains. The intraday pullback has developed in steady fashion while equities have sustained their big opening gains, remaining not far from their starting levels. Treasuries remain at their intraday lows in immediate reaction to today's $39 bln 10-yr note reopening, which met weak demand. The sale drew a high yield of 4.282%, tailing the when-issued yield by 0.2 basis points, while the bid-to-cover ratio (2.43x vs 2.52x) and indirect takedown (65.3% vs 71.3% average) were below average.

[BRIEFING.COM] Stocks are riding a wave of enthusiasm after the U.S. and Iran agreed on a two-week ceasefire just before last night's negotiation deadline. The S&P 500 (+2.6%), Nasdaq Composite (+3.1%), and DJIA (+2.7%) each reclaimed their respective 200-day moving averages amid a sharp retreat in oil prices.

There is still a degree of fluidity to the situation, as Israeli strikes against targets in Lebanon drew the ire of Iran and threatened to upend the agreement. However, Bloomberg reported that the U.S. and Iran are set to hold talks to seek a more permanent end to the war soon, marking a much more conciliatory tone in comparison to yesterday's rhetoric.

Crude oil is currently down $17.77 (-15.7%) to $95.18 per barrel amid hopes that tanker traffic through the Strait of Hormuz will soon return to some level of normalcy.

While the retreat in oil prices weighs heavily on the energy sector (-4.9%), it has given the other ten S&P 500 sectors a runway to chart some impressive gains amid a definitive risk-on rally.

Oil-sensitive stocks such as airlines and cruise lines are among the outperformers, contributing to gains across the industrials (+3.7%) and consumer discretionary (+3.4%) sectors. Delta Air Lines (DAL 69.48, +3.86, +5.88%) trades higher after topping earnings estimates, with the company emphasizing that it is not seeing any slowdown in summer travel demand despite higher ticket prices and macro headwinds.

Elsewhere, mega-cap and tech names are also buoyed by the improvement in risk sentiment.

The communication services sector (+4.4%) now holds the widest gain, with Meta Platforms (META 628.05, +53.00, +9.22%) a mega-cap standout after the company unveiled Muse Spark, its first step toward personal superintelligence with multimodal, multi-agent AI.

In the information technology sector (+3.0%), strength is broad, and chipmakers such as Intel (INTC 58.64, +5.74, +10.84%) are seeing a continuation of yesterday's strength, pushing the PHLX Semiconductor Index 6.0% higher.

Outside of the S&P 500, the Russell 2000 (+3.1%) and S&P Mid Cap 400 (+3.1%) hold gains comparable to those across the major averages.

Today's rally reflects a sharp shift in tone as easing geopolitical tensions and falling oil prices support risk assets. However, with the situation still fluid, markets remain highly sensitive to any developments that could threaten the durability of the ceasefire.

Reviewing today's data:

• Weekly MBA Mortgage Applications Index -0.8%; Prior -10.4%

[BRIEFING.COM] The S&P 500 (+2.4%), Nasdaq Composite (+2.9%), and DJIA (+2.6) continue to trade in a relatively tight range shortly after midday.

Meta Platforms (META 621.28, +46.23, +8.04%) has made a sharp move higher after the company unveiled Muse Spark, its first step toward personal superintelligence with multimodal, multi-agent AI. The communication services sector (+3.9%) now holds the widest gain today.

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

The stock market benefits from strong mega-cap leadership today, with the Vanguard Mega Cap Growth ETF up 2.7%.

Alphabet (GOOG 315.64, +11.71, +3.85%) is a standout, extending yesterday's strength after announcing a long-term TPU partnership with Broadcom (AVGO 348.92, +14.95, +4.48%), while Apple (AAPL 257.79, +4.29, +1.69%)recovers some of yesterday's weakness after Bloomberg reported the company's foldable iPhone is still slated for a September 2026 launch.

Meanwhile, Tesla (TSLA 348.71, +2.06, +0.59%) is largely missing out on the action, facing continued pressure after missing delivery estimates last week.

[BRIEFING.COM] The stock market opened to broad gains following last night's two-week ceasefire agreement between the U.S. and Iran.

The S&P 500 (+2.1%), Nasdaq Composite (+2.5%), and DJIA (+2.2%) have all reclaimed their 200-day moving averages, though they are now off their best levels of the morning following reports of Israeli strikes against Lebanon, which threatens the ceasefire agreement. Bloomberg reported that the U.S. and Iran are set to hold talks to seek a more permanent end to the war soon.

For now, stocks are supported by a sharp retreat in oil prices, with WTI Crude currently down $17.33 (-15.3%) to $95.62 per barrel. The energy sector (-4.8%) is a notable laggard, but the ten other S&P 500 sectors trade higher with some impressive gains in the mix.

Oil-sensitive stocks such as cruise lines and airlines occupy many of the top spots on the S&P 500 leaderboard, pushing the industrials (+3.5%) and consumer discretionary (+2.9%) sectors firmly higher. Delta Air Lines (DAL 69.63, +4.01, +6.11%) adds support after topping earnings estimates, with the company emphasizing that it is not seeing any slowdown in summer travel demand despite higher ticket prices and macro headwinds.

Outside of the S&P 500, the Russell 2000 (+2.7%) and S&P Mid Cap 400 (+2.7%) sport similar gains amid the decisive upward shift in risk sentiment.

[BRIEFING.COM] The S&P 500 (+2.2%), Nasdaq Composite (+2.6%), and DJIA (+2.3%) have given back some of their early strength following reports that the passage of oil tankers through the Strait of Hormuz has been stopped because of Israeli attacks on Lebanon (home of the Iranian proxy Hezbollah). President Trump said Lebanon wasn't included in the original deal, but it will be "taken care of," according to CNBC.

Crude oil is off its earlier lows, currently down $17.59 (-15.6%) to $95.22 per barrel.

[BRIEFING.COM] The S&P 500 (+2.3%), Nasdaq Composite (+2.8%), and DJIA (+2.6%) are maintaining their solid early gains as the broader market rallies amid the ceasefire enthusiasm.

Delta Air Lines (DAL 70.34, +4.72, +7.19%) is taking off following its Q1 results and Q2 outlook, as investors focus on strong underlying demand trends and better-than-expected revenue performance, including a record March quarter with revenue rising 9.4% year-over-year to $14.2 billion.

The company also guided to low-teens revenue growth for Q2 on flat capacity, exceeding expectations and reinforcing confidence in sustained pricing power and demand resilience.

Notably, Delta emphasized that it is not seeing any slowdown in summer travel demand despite higher ticket prices and macro headwinds, a key bullish signal for the broader airline sector. While Q2 EPS guidance of $1.00-$1.50 came in below expectations due to elevated fuel costs, that concern is being alleviated by a sharp decline in crude oil prices following the Iran ceasefire, improving the earnings outlook.

[BRIEFING.COM] The S&P 500 (+2.3%), Nasdaq Composite (+2.8%), and DJIA (+2.8%) are sharply higher this morning amid a risk-on rally that follows the announcement of a two-week ceasefire between the U.S. and Iran. However, stocks are a touch off their opening highs after reports that Iran is considering strikes against Israel because Israel did not agree to a ceasefire in Lebanon.

The major averages each reclaimed their respective 200-day moving averages at the open, with the S&P 500 also eclipsing its 50-day moving average (6,765).

Nine S&P 500 sectors trade higher, led by the industrials (+3.8%) and consumer discretionary (+3.5%) sectors as airlines and cruise lines trade sharply higher amid retreating oil prices.

Crude oil is currently down $19.82 (-17.5%) to $93.13 per barrel. Unsurprisingly, the energy sector (-5.4%) is at the bottom of the sector leaderboard.

Meanwhile, the top-weighted information technology sector (+3.1%) springs higher, supported by a 5.5% gain in the PHLX Semiconductor Index.

The stock market remains on track for a sharply higher opening, with the major averages well positioned to reclaim their respective 200-day moving averages at the open.

Crude oil prices are remaining stable under the $93 per barrel mark, putting the market on track for a 'risk-on' rally this morning.

The S&P 500 futures currently trade 178 points above fair value.

Equity indices in the Asia-Pacific region ended the midweek session on a broadly higher note, encouraged by President Trump delaying the deadline for strikes on Iran's infrastructure due to progress in talks. Japan's cash earnings for February grew at their fastest pace since September while real cash earnings increased for the second month in a row. Japan's Finance Minister Katayama said that it is still uncertain if an extra budget will be needed. The Reserve Bank of India left its policy rate at 5.25%, as expected, while the Reserve Bank of New Zealand left its official cash rate at 2.25%, which was also expected, though RBNZ policymakers discussed a rate hike.

• In economic data:
  • Japan's February Average Cash Earnings 3.3% yr/yr (expected 2.7%; last 2.5%) and Overall Wage Income 3.3% yr/yr (expected 2.7%; last 2.5%). February Current Account surplus JPY2.71 trln (expected surplus of JPY2.40 trln; last surplus of JPY3.13 trln). March Economy Watchers Current Index 42.2 (expected 48.0; last 48.9)
  • South Korea's February Current Account surplus $23.19 bln (last surplus of $13.26 bln)
  • Hong Kong's March Manufacturing PMI 49.3 (last 53.3)

---Equity Markets---

• Japan's Nikkei: +5.4%
• Hong Kong's Hang Seng: +3.1%
• China's Shanghai Composite: +2.7%
• India's Sensex: +4.0%
• South Korea's Kospi: +6.9%
• Australia's ASX All Ordinaries: +2.7%

Major European indices trade with solid gains alongside a drop in energy prices after President Trump agreed to a two-week ceasefire with Iran. Sovereign debt also trades broadly higher with Germany's 10-yr yield falling 15 basis points to a three-week low of 2.93% while Italy's 10-yr yield is down 23 basis points to 3.69%, which also marks a three-week low. Germany reported weak Factory Orders growth for February (0.9%; expected 3.0%), making for just a small rebound from a sharp drop in January (-11.1%).

• In economic data:
  • Eurozone's February Retail Sales -0.2% m/m, as expected (last 0.0%); 1.7% yr/yr (expected 1.6%; last 2.1%). February PPI -0.7% m/m (expected -0.6%: last 0.8%); -3.0% yr/yr, as expected (last -2.0%)
  • Germany's February Factory Orders 0.9% m/m (expected 3.0%; last -11.1%)
  • U.K.'s March Halifax House Price Index -0.5% m/m (expected 0.2%; last 0.3%); 0.8% yr/yr (expected 1.5%; last 1.2%)
  • France's February trade deficit EUR5.8 bln (expected deficit of EUR2.4 bln; last deficit of EUR2.0 bln)
  • Swiss March Unemployment Rate 3.0%, as expected (last 3.0%)

---Equity Markets---

• STOXX Europe 600: +4.4%
• Germany's DAX: +5.2%
• U.K.'s FTSE 100: +3.0%
• France's CAC 40: +4.9%
• Italy's FTSE MIB: +4.2%
• Spain's IBEX 35: +4.5%

The S&P 500 futures currently trade 177 points above fair value.

CNN reporter Alayna Treene said on X, "Iranian President Masoud Pezeshkian has confirmed that his country will take part in ceasefire talks in Islamabad on Friday, according to a statement from Pakistani Prime Minister Shehbaz Sharif's office on Wednesday."

On the earnings front, Levi Strauss & Co (LEVI 21.88, +2.17, +11.0%) beat EPS expectations by $0.05, beat revenue expectations, and raised FY26 EPS and revenue guidance.

Equity futures point to a sharply higher open after the U.S. and Iran agreed on a two-week ceasefire to allow further negotiations.

Notably, Iran will allow ships to pass through the Strait of Hormuz during the ceasefire period, which has sent oil prices retreating. WTI Crude oil is currently down $19.64 (-17.4%) to $93.31 per barrel.

Stocks are coming off a choppy, mostly higher finish in yesterday's action, as the two-week ceasefire proposal set forth by Pakistan helped the major averages rise from earlier losses.

It is also worth noting that China intervened shortly before last night's 8:00 p.m. ET deadline to push Iran towards accepting the ceasefire, according to The New York Times.

CNBC reported that Vice President JD Vance has called the agreement a "fragile truce," underscoring the idea that the market will likely remain vulnerable to geopolitical volatility until a more permanent deal is reached. However, in a market that has been driven by oil prices, the sharp retreat in reaction to the ceasefire puts stocks on a sharp upward trajectory.

On the data front, the MBA Mortgage Applications Index for the week ended April 4 decreased 0.8%, from a prior decrease of 10.4%.

In corporate news:

• Apple's (AAPL 259.28, +5.78, +2.3%) foldable iPhone is on track for a September 2026 debut, easing previous concerns of manufacturing issues, according to Bloomberg.
• Delta Air Lines (DAL 73.75, +8.13, +12.4%) beat EPS expectations by $0.06, beat revenue expectations, and guided Q2 EPS below consensus.
• Exxon Mobil (XOM 155.14, -8.77, -5.4%) provided guidance and updates on Middle East operations, with the company now seeing Q4 Non-GAAP earnings of $7.3 billion.

Reviewing overnight developments:

Equity indices in the Asia-Pacific region ended the midweek session on a broadly higher note, encouraged by President Trump delaying the deadline for strikes on Iran's infrastructure due to progress in talks. Japan's Nikkei: +5.4%, Hong Kong's Hang Seng: +3.1%, China's Shanghai Composite: +2.7%, India's Sensex: +4.0%, South Korea's Kospi: +6.9%, Australia's ASX All Ordinaries: +2.7%.

In news: 

• Japan's cash earnings for February grew at their fastest pace since September while real cash earnings increased for the second month in a row.
• Japan's Finance Minister Katayama said that it is still uncertain if an extra budget will be needed.
• The Reserve Bank of India left its policy rate at 5.25%, as expected, while the Reserve Bank of New Zealand left its official cash rate at 2.25%, which was also expected, though RBNZ policymakers discussed a rate hike.

In economic data:

• Japan's February Average Cash Earnings 3.3% yr/yr (expected 2.7%; last 2.5%) and Overall Wage Income 3.3% yr/yr (expected 2.7%; last 2.5%). February Current Account surplus JPY2.71 trln (expected surplus of JPY2.40 trln; last surplus of JPY3.13 trln). March Economy Watchers Current Index 42.2 (expected 48.0; last 48.9)
• South Korea's February Current Account surplus $23.19 bln (last surplus of $13.26 bln)
• Hong Kong's March Manufacturing PMI 49.3 (last 53.3)

Major European indices trade with solid gains alongside a drop in energy prices after President Trump agreed to a two-week ceasefire with Iran. STOXX Europe 600: +4.2%, Germany's DAX: +5.1%, U.K.'s FTSE 100: +3.0%, France's CAC 40: +4.8%, Italy's FTSE MIB: +4.2%, Spain's IBEX 35: +4.3%.

In news:

• Sovereign debt also trades broadly higher with Germany's 10-yr yield falling 15 basis points to a three-week low of 2.93% while Italy's 10-yr yield is down 23 basis points to 3.69%, which also marks a three-week low.
• Germany reported weak Factory Orders growth for February (0.9%; expected 3.0%), making for just a small rebound from a sharp drop in January (-11.1%).

In economic data:

• Eurozone's February Retail Sales -0.2% m/m, as expected (last 0.0%); 1.7% yr/yr (expected 1.6%; last 2.1%). February PPI -0.7% m/m (expected -0.6%: last 0.8%); -3.0% yr/yr, as expected (last -2.0%)
• Germany's February Factory Orders 0.9% m/m (expected 3.0%; last -11.1%)
• U.K.'s March Halifax House Price Index -0.5% m/m (expected 0.2%; last 0.3%); 0.8% yr/yr (expected 1.5%; last 1.2%)
• France's February trade deficit EUR5.8 bln (expected deficit of EUR2.4 bln; last deficit of EUR2.0 bln)
• Swiss March Unemployment Rate 3.0%, as expected (last 3.0%)

[BRIEFING.COM] Stocks had a choppy session, with the major averages facing several intraday swings amid conflicting reports regarding the state of ceasefire negotiations between the U.S. and Iran.

The S&P 500 (+0.1%), Nasdaq Composite (+0.1%), and DJIA (-0.2%) opened to losses of roughly 1.0% as President Trump's 8:00 p.m. ET deadline loomed, with the president threatening a "whole civilization will die tonight" if a deal is not struck.

The major averages fluctuated throughout the session amid conflicting reports of where negotiations stood or if communications between the U.S. and Iran were even open.

In the final hour of the session, Pakistani Prime Minister Shehbaz Sharif requested that President Trump extend the deadline for two weeks and that Iran open the Strait of Hormuz for a corresponding period of two weeks. Pakistan is a key mediator in the negotiations, and White House Press Secretary Karoline Leavitt said that the President has been made aware of the proposal, and a response will come.

Crude oil futures settled today's session $0.60 higher (+0.5%) at $112.85 per barrel, which was well off session highs, but retreated even further following the Pakistani peace proposal.

The late session rally saw five S&P 500 sectors finish with gains after participation was notably weaker for most of the session.

The communication services sector (+1.0%) captured the widest gain, with Paramount Skydance (PSKY 10.90, +1.05, +10.66%) finishing as the best-performing S&P 500 component after the company confirmed commitments from Saudi-wealth funds for its takeover of Warner Bros. Discovery (WBD 27.37, -0.04, -0.15%).

Alphabet (GOOG 303.93, +6.27, +2.11%) was a mega-cap standout after announcing a long-term partnership with Broadcom (AVGO 333.97, +19.54, +6.21%), in which Broadcom will work to develop and supply custom Tensor Processing Units (TPUs) to Google.

Strength across chipmaker names helped the information technology sector (+0.4%) notch a higher finish after holding an early loss that exceeded 1.0%. Apple (AAPL 253.50, -5.36, -2.07%) was a laggard today after Nikkei Asia reported that its foldable iPhone will likely be delayed due to engineering hurdles.

Elsewhere, managed care names such as UnitedHealth (UNH 307.73, +26.37, +9.37%) and Humana (HUM 197.15, +14.50, +7.94%) rallied after the Centers for Medicare & Medicaid Services released its CY27 Medicare Advantage (MA) and Part D Rate Announcement, which came in meaningfully better than expected and eased concerns about ongoing margin pressure.

The health care sector (+0.2%) notched a modest gain, while the utilities sector (+0.3%) finished similarly, and the energy sector (+0.8%) outperformed.

Meanwhile, the consumer staples (-1.8%) and consumer discretionary (-0.9%) sectors were today's worst performers, with particular weakness across specialty stores and homebuilders.

Similar to the S&P 500 and Nasdaq Composite, the Russell 2000 (+0.2%) and S&P Mid Cap 400 (+0.1%) eked out a gain as the broader market rallied in the final hour of the session.

Today's action underscores that oil prices are continuing to drive the stock market, with the major averages whipsawing intraday amid conflicting reports on U.S.-Iran ceasefire negotiations ahead of tonight's 8:00 p.m. ET deadline. The approaching deadline adds urgency to the headlines, keeping volatility elevated. Until there is more clarity on the outcome, markets are likely to remain sensitive to every development in the U.S.-Iran talks.

U.S. Treasuries had a mixed showing on Tuesday, as shorter tenors recovered from a lower start while longer tenors could not stay out of the red. The bounce off morning lows found some midday resistance, but a strong $58 bln 3-year note auction gave the complex an afternoon boost that helped 5s and shorter tenors finish in the green. The 2-year note yield settled down two basis points to 3.83%, and the 10-year note yield settled up one basis point to 4.34%. 

• S&P Mid Cap 400: +3.7% YTD
• Russell 2000: +2.5% YTD
• DJIA: -3.1% YTD
• S&P 500: -3.3% YTD
• Nasdaq Composite: -5.3% YTD

Reviewing today's data:

• Durable goods orders decreased 1.4% month-over-month in February (Briefing.com consensus: 0.5%) following a downwardly revised 0.5% decline (from 0.0%) in January. Excluding transportation, durable goods orders increased 0.8% (Briefing.com consensus: 0.5%) following a downwardly revised 0.3% increase (from 0.4%) in January.
  
  • The key takeaway from the report is that the weakness in February was concentrated largely in transportation and capital goods orders. Otherwise, order activity was decent, highlighted by a 0.6% increase in new orders for nondefense capital goods, excluding aircraft-a proxy for business spending.
• Consumer credit increased by $9.5 billion in February (Briefing.com consensus $7.0 billion) after increasing by a revised $7.7 billion (from $8.1 billion) in January. Nonrevolving credit increased by $8.8 billion while revolving credit increased by $700 million.