[BRIEFING.COM] The stock market continued its strong start to the week as a sharp retreat in oil prices created a favorable backdrop for equities, while mega-cap stocks provided an additional boost by extending yesterday's rally. The S&P 500 (+1.2%), Nasdaq Composite (+2.0%), and DJIA (+0.7%) posted gains that were nearly identical to yesterday's advance, with the major averages now all in positive year-to-date territory.

Lingering optimism around a more permanent ceasefire continues to support the market's sharp rebound over the past several weeks. President Trump told The New York Post that in-person negotiations between the U.S. and Iran could occur within the next two days.

So far, the temporary ceasefire and the U.S. blockade of Iranian ports are holding. Crude oil futures settled today's session $7.66 lower (-7.7%) at $91.31 per barrel.

Today's advance was supported by broad-based strength, with all but the energy (-2.2%), materials (-0.3%), and consumer staples (-0.2%) sectors finishing higher.

Growth-oriented areas led the way, with communication services (+3.2%) and consumer discretionary (+2.5%) sectors posting outsized gains behind continued mega-cap leadership. Meta Platforms (META 662.46, +27.92, +4.40%) was a "magnificent seven" standout, while Amazon (AMZN 248.97, +9.08, +3.79%) traded higher after reports that the company is set to acquire Globalstar (GSAT 79.91, +7.02, +9.63%).

NVIDIA (NVDA 196.46, +7.15, +3.78%) captured a similar gain, and the information technology sector (+1.7%) also finished near the top of today's leaderboard. Micron (MU 465.66, +39.10, +9.17%) was one of the best-performing S&P 500 names today, and the PHLX Semiconductor Index (+2.0%) steadily charted session highs throughout the session.

All told, the Vanguard Mega Cap Growth ETF finished 2.0% higher, helping the market-weighted S&P 500 (+1.2%) outperform the S&P 500 Equal Weighted Index (+0.4%).

Elsewhere, investors had plenty of earnings and corporate news items of note today. The financials sector (+0.2%) captured a modest gain as the market had mixed reactions to the earnings reports of several major banking names. Citigroup (C 129.65, +3.37, +2.67%) was a standout after topping earnings expectations and issuing upside Net Interest Income guidance, while JPMorgan Chase (JPM 311.12, -2.56, -0.82%) also beat expectations but issued a modest downward revision to its FY2026 net interest income.

Meanwhile, Wells Fargo (WFC 81.73, -4.91, -5.67%) was one of the worst-performing S&P 500 components after narrowly topping EPS estimates but missing on revenues.

Airlines also had an eventful session after Bloomberg reported that United Airlines (UAL 97.17, +1.97, +2.07%) floated the possibility of a merger with American Airlines (AAL 12.13, +0.90, +8.01%).

Outside of the S&P 500, the Russell 2000 (+1.4%) captured another solid gain as the market leans into a risk-on tone, while the S&P Mid Cap 400 (+0.5%) finished with a more modest gain.

After two solid days of broad strength, the major averages are back into positive territory for the year as the market shakes off losses tied to the war in Iran. This morning's release of the March PPI report added further support to the rebound narrative, with both the headline (0.5%; Briefing.com consensus 1.2%) and core (0.1%; Briefing.com consensus 0.4%) readings coming in cooler-than-expected.

While there has yet to be a conclusive end to the conflict, the market remains confident that disruptions across global oil markets will pressure Iran into a more durable ceasefire agreement sooner rather than later.

Overall, the tone remains constructive as falling oil prices, easing inflation pressures, and renewed mega-cap leadership continue to support the market's advance. With Q1 earnings season beginning to ramp up, strength in mega-cap names is once again playing an outsized role in driving index performance, leaving the S&P 500 just 0.5% below its all-time high and within striking distance of record territory.

U.S. Treasuries had a solid outing on Tuesday, making for a continuation of an upbeat start to the week amid a growing sense that the Iran conflict will conclude soon. The 2-year note yield settled down three basis points to 3.75%, and the 10-year note yield settled down four basis points to 4.26%. 

• Russell 2000: +9.0% YTD
• S&P Mid Cap 400: +8.3% YTD
• S&P 500: +1.8% YTD
• Nasdaq Composite: +1.7% YTD
• DJIA: +1.0% YTD

Reviewing today's data:

• March NFIB Small Business Optimism 95.8 (Briefing.com consensus 98.0 mln); Prior 98.8
• March PPI 0.5% (Briefing.com consensus 1.2%); Prior was revised to 0.5% from 0.7%, March Core PPI 0.1% (Briefing.com consensus 0.4%); Prior was revised to 0.3% from 0.5%
  • The key takeaway from the report is that the inflation seen at the wholesale level in March was driven largely by energy prices and gasoline prices (+15.7%) in particular. The index for final demand services was unchanged, so the market is giving itself some latitude to look through the energy price shock as something that is temporary.

[BRIEFING.COM] The major averages continue to trade in a stable range with just half an hour left in the session.

Strength at the sector level has broadened to include all but the energy (-2.3%) and materials (-0.2%) sectors.

Tomorrow morning will bring another slate of major bank earnings, including Bank of America (BAC 53.37, +0.02, +0.04%) and Morgan Stanley (MS 183.81, +2.67, +1.47%).

[BRIEFING.COM] The S&P 500 (+1.0%), Nasdaq Composite (+1.6%), and DJIA (+0.6%) remain little changed from previous values as the market enters the final hour of the session.

Today's gains across the major averages mirror those from yesterday, with this week's strength pushing the major averages back into positive year-to-date territory.

Crude oil futures settled today's session $7.66 lower (-7.7%) at $91.31 per barrel, adding to the supportive backdrop for the broader market.

[BRIEFING.COM] The S&P 500 (+0.95%) is in second place on Tuesday afternoon, up about 65 points.

Briefly, S&P 500 constituents Robinhood (HOOD 77.67, +6.00, +8.37%), Delta Air Lines (DAL 71.40, +4.35, +6.49%), and Transdigm Group (TDG 1293.58, +60.47, +4.90%) dot the top of the standings. DAL rallies on broader merger speculation involving American Airlines (AAL 12.09, +0.86, +7.66%) and United Airlines (UAL 97.09, +1.89, +7.61%), falling oil prices tied to easing geopolitical tensions, and investor optimism around lower cost pressures following its sustainability target rollback, while TDG rises after posting solid preliminary sales, announcing a $1.25 bln debt raise to fund the Stellant Systems acquisition and share buybacks, and benefiting from continued analyst optimism on commercial aerospace aftermarket demand.

Meanwhile, APA Corp. (APA 36.83, -2.66, -6.74%) is at the bottom of the average amid widespread losses in the energy sector.

[BRIEFING.COM] The Nasdaq Composite (+1.83%) is in first place among the major averages, up about 425 points.

Gold futures settled $82.70 higher (+1.7%) at $4,850.10/oz, as a weaker U.S. dollar, falling oil prices, and softer rate expectations boosted demand for the non-yielding metal. The move was further supported by lingering geopolitical uncertainty, even as optimism around U.S./Iran diplomacy improved broader risk sentiment.

Meanwhile, the U.S. Dollar Index is down -0.3% to $98.09.

[BRIEFING.COM] The Dow Jones Industrial Average (+0.59%) is in last place on Tuesday afternoon, albeit up about 283 points.

A look inside the DJIA shows that Amazon (AMZN 250.12, +10.23, +4.26%), NVIDIA (NVDA 194.76, +5.45, +2.88%), and Microsoft (MSFT 394.15, +9.78, +2.54%) hold solid gains.

Meanwhile, Chevron (CVX 185.65, -6.13, -3.20%) is today's top laggard.

The DJIA now stands +4.66% higher month-to-date.

• March NFIB Small Business Optimism 95.8 (Briefing.com consensus 98.0 mln); Prior 98.8
• March PPI 0.5% (Briefing.com consensus 1.2%); Prior was revised to 0.5% from 0.7%, March Core PPI 0.1% (Briefing.com consensus 0.4%); Prior was revised to 0.3% from 0.5%
  • The key takeaway from the report is that the inflation seen at the wholesale level in March was driven largely by energy prices and gasoline prices (+15.7%) in particular. The index for final demand services was unchanged, so the market is giving itself some latitude to look through the energy price shock as something that is temporary.

[BRIEFING.COM] The S&P 500 (+1.1%), Nasdaq Composite (+1.7%), and DJIA (+0.6%) are extending their gains shortly after midday.

Robinhood Markets (HOOD 79.17, +7.50, +10.46%) and Coinbase Global (COIN 186.64, +12.11, +6.94%) are among the best-performing S&P 500 components as Bitcoin trades 1.5% higher, reclaiming the $75,000 mark.

Delta Air Lines (DAL 71.87, +4.82, +7.19%) is another top-mover after Bloomberg reported the company has removed several environmental targets from its website.

United Airlines (UAL 98.67, +3.47, +3.64%) and American Airlines (AAL 12.17, +0.94, +8.38%) are sharply higher as well after United floated the possibility of a merger, according to Bloomberg.

[BRIEFING.COM] The major averages continue to chart session highs at midday. 

The health care sector (+0.9%) is one of the better-performing S&P 500 sectors today, distancing itself from the defensive consumer staples (-0.6%) and utilities (-0.1%) sectors. Biotechnology names such as Bio-Techne (TECH 60.12, +2.59, +4.50%) and Moderna (MRNA 52.86, +2.18, +4.30%) are among the top performers, pushing the iShares Nasdaq Biotech ETF 2.2% higher.

On the earnings front, Johnson & Johnson (JNJ 240.48, +2.52, +1.06%) is trading with a relatively muted reaction following its 1Q26 report, despite edging past consensus estimates and modestly raising its full-year outlook, as solid operational execution was balanced by ongoing headwinds and investment pressures.

The company delivered Q1 sales of $24.1 billion (+6.4% operationally), with strength across both segments, while raising FY26 EPS guidance to $11.45--$11.65 (from $11.43-$11.63) and revenue to $100.3-$101.3 billion, signaling steady confidence in its growth trajectory.

[BRIEFING.COM] Stocks are off to a strong start today, with the S&P 500 (+0.9%), Nasdaq Composite (+1.4%), and DJIA (+0.6%) extending yesterday's rally as oil prices retreat sharply and mega-cap tech continues to provide leadership. After reclaiming all the losses it incurred since the start of the Iran war yesterday, the S&P 500 now sits just 0.8% below its all-time high from January 28.

Crude oil is currently down $5.12 (-5.2%) to $93.95 per barrel, as the U.S.-Iran ceasefire and naval blockade appear to be holding. The energy sector (-2.1%) is sharply lower, but losses elsewhere are modest, and eight S&P 500 sectors now trade higher.

The communication services sector (+2.7%) holds the widest gain as Meta Platforms (META 659.62, +25.09, +3.95%) and Alphabet (GOOG 327.94, +8.73, +2.73%) are moving sharply higher. Mega-caps are reasserting their leadership again today, which supports growth in the consumer discretionary (+2.3%) and information technology (+0.9%) sectors as well. The Vanguard Mega Cap Growth ETF is up 1.5%.

Outside of the S&P 500, the Russell 2000 (+1.3%) is outperforming again today as the slide in oil prices supports a risk-on tone, while the S&P Mid Cap 400 (+0.6%) holds a more modest gain.

[BRIEFING.COM] The major averages continue to trade in a relatively stable range.

The financials sector (+0.3%) now trades modestly higher after a busy morning of earnings reports.

JPMorgan Chase (JPM 313.54, -0.14, -0.05%) is extending the banking sector's bullish momentum following its 1Q26 report, delivering better-than-expected EPS and revenue as resilient client activity and stable credit trends supported results. While overall performance was strong, the company modestly lowered its FY26 Net Interest Income outlook to approximately $103 billion from prior guidance of $104.5 billion, signaling a slightly more cautious forward rate and deposit backdrop.

Citigroup (C 128.70, +2.42, +1.92%) also topped earnings estimates this morning, and notably expects to see Net Interest Income excluding Markets up 5-6% for FY26.

Meanwhile, Wells Fargo (WFC 81.87, -4.77, -5.51%) trades sharply lower after beating EPS estimates by $0.02 but missing on revenues. The company reaffirmed its FY26 Net Interest Income outlook, expecting stable NII and a controlled expense base.

On the macro front, Treasury Secretary Scott Bessent told CNBC that he still believes rates should be cut, but understands if the Fed wants to wait for clarity.

[BRIEFING.COM] The S&P 500 (+0.7%), Nasdaq Composite (+1.2%), and DJIA (+0.4%) are maintaining their opening strength. With the early gains, the S&P 500 now sits just 1.0% below its all-time high of 7,002.28 from January 28.

Bloomberg reported that a sanctioned oil tanker linked to China turned around after testing the U.S. blockade in the Strait of Hormuz.

In other geopolitical news, The Wall Street Journal reported that Turkey will meet with other Gulf nations to discuss proposals designed to end the Iran war.

Crude oil continues to retreat, currently down $5.57 (-5.6%) to $93.51 per barrel.

[BRIEFING.COM] The S&P 500 (+0.5%), Nasdaq Composite (+1.0%), and DJIA (+0.3%) trade higher as mega-cap and tech names extend yesterday's gains against a backdrop of mixed strength in the broader market. Stocks are supported by a retreat in oil prices, with crude oil currently down $4.25 (-4.3%) to $94.83 per barrel. The lower price of oil weighs on the energy sector (-1.7%), but is supporting gains elsewhere.

In particular, the consumer discretionary sector (+1.6%) holds the widest gain as oil-sensitive stocks outperform, while Amazon (AMZN 246.29, +6.40, +2.67%) and Tesla (TSLA 359.25, +6.83, +1.94%) provide solid mega-cap leadership.

The market's largest components are on the move higher again today, with the Vanguard Mega Cap Growth ETF up 1.1%.

The communication services (+1.4%) and information technology (+0.8%) sectors are beneficiaries, with software stocks continuing their rebound rally. The iShares GS Software ETF is up 1.5% and Oracle (ORCL 165.64, +10.02, +6.44%) is one of the best-performing S&P 500 names after a double-digit advance yesterday.

Meanwhile, the financials sector sits flat after a busy morning of earnings reports. Citigroup (C 127.89, +1.61, +1.27%) holds a nice gain while Wells Fargo (WFC 82.15, -4.49, -5.18%) is the worst-performing S&P 500 component after beating earnings estimates but missing on revenues.

Losses are generally modest elsewhere, though the defensive consumer staples (-0.7%) and utilities (-0.4%) sectors are under pressure again today.

The stock market is on track for a modestly higher opening this morning as investors react to the March PPI release and a busy slate of earnings reports.

The Producer Price Index for final demand increased 0.5% month-over-month in March (Briefing.com consensus: 1.2%) following a downwardly revised 0.5% increase (from 0.7%) in February. The index for final demand, less foods and energy, rose just 0.1% (Briefing.com consensus: 0.4%) following a downwardly revised 0.3% increase (from 0.5%) in February.

These changes left the index for final demand up 4.0% year-over-year, versus 3.4% in February, and the index for final demand, less foods and energy, up 3.8% year-over-year, unchanged from February.

The key takeaway from the report is that the inflation seen at the wholesale level in March was driven largely by energy prices and gasoline prices (+15.7%) in particular. The index for final demand services was unchanged, so the market is giving itself some latitude to look through the energy price shock as something that is temporary.

On the earnings front, Citigroup (C 128.24, +1.96, +1.6%) beat EPS expectations by $0.43, beat revenue expectations, and sees Net Interest Income excluding Markets up 5-6% for FY26.

The S&P 500 futures currently trade 14 points above fair value. 

Equity indices in the Asia-Pacific region had a positive showing on Tuesday with South Korea's Kospi (+2.7%) and Japan's Nikkei (+2.4%) reaching levels from early March while markets in India were closed for a holiday. China reported a much smaller-than-expected trade surplus for March as import growth exceeded estimates by a wide margin while export growth missed expectations. Furthermore, exports in yuan terms decreased. The trade surplus with the U.S. narrowed to $16.8 bln, the smallest gap since late 2003. The market is no longer expecting the Bank of Japan to announce a rate hike on April 30 with the next hike being forecast for June.

• In economic data:
  • China's March trade surplus $51.13 bln (expected $107.20 bln; last $213.62 bln). March Imports 27.8% yr/yr (expected 11.1%; last 19.8%) and Exports 2.5% yr/yr (expected 8.3%; last 21.8%)
  • Japan's February Industrial Production -2.0% m/m (expected -2.1%; last 4.3%) and Capacity Utilization -0.1% m/m (last 2.9%)
  • Singapore's Q1 GDP -1.3% qtr/qtr (expected -0.5%; last 1.3%); 4.6% yr/yr (expected 5.4%; last 5.7%)
  • Australia's March NAB Business Survey 6 (last 6) and NAB Business Confidence -29 (last 0). April Westpac Consumer Sentiment -12.5% (last 1.2%)
  • New Zealand's February Visitor Arrivals 1.7% m/m (last 1.1%)

---Equity Markets---

• Japan's Nikkei: +2.4%
• Hong Kong's Hang Seng: +0.8%
• China's Shanghai Composite: +1.0%
• India's Sensex: CLOSED
• South Korea's Kospi: +2.7%
• Australia's ASX All Ordinaries: +0.6%

Major European indices trade on a higher note while the U.K.'s FTSE (+0.1%) lags amid weakness in energy and consumer names. Luxury goods names are among the laggards in the region after disappointing Q1 results from LVMH. The Bank of France expects domestic Q1 GDP growth of 0.3%, according to its monthly economic survey. European Central Bank policymaker Rehn said that rate decisions are not locked in ahead of time and that the inflationary impact of the Iran war remains unclear.

• In economic data:
  • Germany's March WPI 2.7% m/m (expected 0.4%; last 0.6%); 4.1% yr/yr (last 1.2%)
  • Spain's March CPI 1.2% m/m (expected 1.0%; last 0.4%); 3.4% yr/yr (expected 3.3%; last 2.3%). March Core CPI 2.9% yr/yr (expected 2.7%; last 2.7%)

---Equity Markets---

• STOXX Europe 600: +0.8%
• Germany's DAX: +1.1%
• U.K.'s FTSE 100: +0.1%
• France's CAC 40: +0.8%
• Italy's FTSE MIB: +1.0%
• Spain's IBEX 35: +0.9%

The S&P 500 futures currently trade 17 points above fair value.

The Producer Price Index for final demand increased 0.5% month-over-month (Briefing.com consensus: 1.2%) in March following a downwardly revised 0.5% increase in February (from 0.7%).

The Producer Price Index for final demand, less foods and energy, increased 0.1% month-over-month (Briefing.com consensus: 0.4%) following a downwardly revised 0.3% increase (from 0.5%) in February.

Equity futures point to a slightly higher opening this morning after the major averages steadily improved from opening losses to post solid gains yesterday. Software stocks saw a notable buy-the-dip bid while mega-caps extended their recent gains, with several cyclical sectors posting solid gains. Notably, the strength saw the S&P 500 erase all the losses it incurred since the start of the Iran war.

Despite the U.S. and Iran walking away from negotiations over the weekend, yesterday's action suggested the market is still optimistic that a deal will be reached soon. Bloomberg reported that the U.S. and Iran are in talks to hold another meeting to discuss a longer-term ceasefire. Recent reports suggest that nuclear policy is a point of division between the two nations, with The New York Times reporting that the U.S. proposed a 20-year suspension of all Iranian nuclear activity, while Iran responded with a proposal to suspend activity for five years.

In addition to developments on the geopolitical front, Q1 earnings are ramping up, with several major banking names reporting earnings this morning.

On the data front, the market will receive the March PPI (Briefing.com consensus 1.2%) and Core PPI (Briefing.com consensus 0.4%) readings at 8:30 a.m. ET. Last week's release of the March CPI saw the headline figure come in hotter-than-expected due to the recent surge in oil prices, while the core reading was slightly cooler-than-expected.

The NFIB Small Business Optimism Index contracted to 95.8 in March (Briefing.com consensus 98.0), from a prior reading of 98.8.

In corporate news:

• Amazon (AMZN 241.64, +1.75, +0.7%) is close to a deal to acquire Globalstar (GSAT 79.44, +6.554, +9.0%), according to Bloomberg.
• Johnson & Johnson (JNJ 235.81, -2.15, -0.9%) beat EPS expectations by $0.02, beat revenue expectations, raised its FY26 guidance, and increased its quarterly dividend by 3.1%.
• JPMorgan Chase (JPM 311.47, -2.21, -0.7%) beat EPS expectations by $0.49 and beat revenue expectations.
• United Airlines (UAL 97.83, +2.63, +2.8%) floated the possibility of a merger with American Airlines (AAL, 12.08, +0.85, +7.6%), according to Bloomberg.
• Wells Fargo (WFC 84.90, -1.74, -2.0%) beat EPS expectations by $0.02 and missed revenue estimates.

Reviewing overnight developments:

Equity indices in the Asia-Pacific region had a positive showing on Tuesday with South Korea's Kospi (+2.7%) and Japan's Nikkei (+2.4%) reaching levels from early March while markets in India were closed for a holiday. Japan's Nikkei: +2.4%, Hong Kong's Hang Seng: +0.8%, China's Shanghai Composite: +1.0%, India's Sensex: CLOSED, South Korea's Kospi: +2.7%, Australia's ASX All Ordinaries: +0.6%.

In news:

• China reported a much smaller-than-expected trade surplus for March as import growth exceeded estimates by a wide margin while export growth missed expectations. Furthermore, exports in yuan terms decreased.
• The trade surplus with the U.S. narrowed to $16.8 bln, the smallest gap since late 2003.
• The market is no longer expecting the Bank of Japan to announce a rate hike on April 30 with the next hike being forecast for June.

In economic data:

• China's March trade surplus $51.13 bln (expected $107.20 bln; last $213.62 bln). March Imports 27.8% yr/yr (expected 11.1%; last 19.8%) and Exports 2.5% yr/yr (expected 8.3%; last 21.8%)
• Japan's February Industrial Production -2.0% m/m (expected -2.1%; last 4.3%) and Capacity Utilization -0.1% m/m (last 2.9%)
• Singapore's Q1 GDP -1.3% qtr/qtr (expected -0.5%; last 1.3%); 4.6% yr/yr (expected 5.4%; last 5.7%)
• Australia's March NAB Business Survey 6 (last 6) and NAB Business Confidence -29 (last 0). April Westpac Consumer Sentiment -12.5% (last 1.2%)
• New Zealand's February Visitor Arrivals 1.7% m/m (last 1.1%)

Major European indices trade on a higher note while the U.K.'s FTSE (+0.1%) lags amid weakness in energy and consumer names. STOXX Europe 600: +0.6%, Germany's DAX: +1.0%, U.K.'s FTSE 100: +0.1%, France's CAC 40: +0.6%, Italy's FTSE MIB: +0.8%, Spain's IBEX 35: +0.7%.

In news:

• Luxury goods names are among the laggards in the region after disappointing Q1 results from LVMH.
• The Bank of France expects domestic Q1 GDP growth of 0.3%, according to its monthly economic survey.
• European Central Bank policymaker Rehn said that rate decisions are not locked in ahead of time and that the inflationary impact of the Iran war remains unclear.

In economic data:

• Germany's March WPI 2.7% m/m (expected 0.4%; last 0.6%); 4.1% yr/yr (last 1.2%)
• Spain's March CPI 1.2% m/m (expected 1.0%; last 0.4%); 3.4% yr/yr (expected 3.3%; last 2.3%). March Core CPI 2.9% yr/yr (expected 2.7%; last 2.7%)

[BRIEFING.COM] The stock market started the week on a solid note, with the major averages trading higher throughout the session as tech leadership, broadening strength, and an intraday pullback in oil prices helped offset opening weakness tied to weekend geopolitical headlines. Today's steady upward climb pushed the S&P 500 back into positive territory for the year, and saw the index reclaim all of its losses since the start of the war in Iran.

The S&P 500 (+1.0%), Nasdaq Composite (+1.2%), and DJIA (+0.6%) opened to broad losses on the heels of the U.S. and Iran failing to agree to a more durable ceasefire this weekend. Additionally, President Trump announced a blockade of all ships entering and leaving Iranian ports.

However, the early losses quickly began to fade, suggesting that the market remains confident that a potential end to the conflict could be imminent and that it will spur a sharp upward move across equities.

This afternoon, CNN reporter Alayna Treene posted on X that the Trump administration is discussing "a potential second, in-person meeting with Iranian officials before the ceasefire between Washington & Tehran expires next week," reinforcing hopes for a near-term off-ramp.

The major averages were supported by a strong showing from the information technology sector (+1.3%), which was one of the first S&P 500 sectors to move into positive territory this morning. Software stocks garnered a strong buy-the-dip rebound from Friday's selloff that came amid renewed fears of AI disruption. Oracle (ORCL 155.64, +17.54, +12.71%) was the top-performing S&P 500 component today, and the iShares GS Software ETF finished 5.4% higher.

Microsoft (MSFT 384.37, +13.50, +3.64%) was a mega-cap standout amid a solid session for the market's heavyweights, which pushed the Vanguard Mega Cap Growth ETF 1.5% higher.

The financials sector (+1.7%) was the other notable outperformer in today's session, supported by broad strength that saw only Goldman Sachs (GS 890.79, -17.01, -1.87%) finish in negative territory. The company topped earnings estimates, but succumbed to some "sell the news" pressure after an impressive run-up to its earnings report over the last month. However, the company's record performance 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.

Elsewhere, the consumer discretionary (+0.9%) and communication services (+0.8%) sectors notched similar gains as mega-cap stocks charted fresh highs throughout the afternoon.

Only the defensive utilities (-1.2%) and consumer staples (-1.0%) sectors finished lower. Conagra (CAG 14.51, -0.67, -4.41%) was 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.

While the energy sector (+0.3%) managed a modest gain, it retreated sharply from its earlier highs in tandem with oil prices. WTI crude oil reached an overnight high of around $105 per barrel, but crude oil futures settled today's session $2.42 higher (+2.5%) at $98.97 per barrel.

Outside of the S&P 500, the Russell 2000 (+1.5%) outperformed as the market leaned into a risk-on tone throughout the session, while the S&P Mid Cap 400 (+1.1%) captured a gain similar to that of the major averages.

Today's action underscores the enthusiasm across the market that has pushed the major averages considerably higher over the past two weeks. Oil prices are stabilizing, and the mega-caps are reasserting their leadership, which has quickly negated losses incurred since the start of the Iran war. While volatility in oil prices will likely continue to cause price swings in the near term, the market's resilience highlights a willingness to look past near-term macro developments as the Q1 earnings season ramps up.

U.S. Treasuries began the week with modest gains across the curve as the market maintained some overall optimism even though U.S.-Iran negotiations failed to produce a peace deal over the weekend. The 2-year note yield settled down two basis points to 3.78%, and the 10-year note yield settled down two basis points to 4.30%. 

• S&P Mid Cap 400: +7.8% YTD
• Russell 2000: +7.6% YTD
• S&P 500: +0.6% YTD
• DJIA: +0.3% YTD
• Nasdaq Composite: -0.3% YTD

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.