[BRIEFING.COM] The Nasdaq Composite (-0.23%) is today's shallowest laggard among the major averages, down about 50 points with two hours to go on Monday.

Gold futures settled $55 lower (-1.1%) at $5,103.70/oz, as a stronger U.S. dollar and rising Treasury yields pressure the metal. The move comes as surging oil prices tied to Middle East tensions fuel inflation concerns and reduce expectations for near-term Federal Reserve rate cuts, dampening demand for non-yielding assets like gold.

Meanwhile, the U.S. Dollar Index is up about +0.2% to $99.14.

[BRIEFING.COM] The Dow Jones Industrial Average (-1.00%) is firmly lower on Monday afternoon, down about 475 points.

A look inside the DJIA shows that Boeing (BA 222.57, -8.54, -3.70%), Cisco (CSCO 76.08, -2.56, -3.26%), and Home Depot (HD 347.55, -10.37, -2.90%) are underperforming.

Meanwhile, Caterpillar (CAT 689.19, +8.29, +1.22%) holds decent gains.

The DJIA is now -3.99% lower month-to-date.

[BRIEFING.COM] Stocks are off to an eventful start to the week, with the major averages making an impressive move off of their early lows. The S&P 500 (-0.3%), Nasdaq Composite (+0.1%), and DJIA (-0.7%) now sit mixed shortly after midday following sharp opening losses that saw the Nasdaq Composite briefly move below its 200-day moving average (22,101.90). 

The early losses were attributed to another sharp increase in oil prices, with oil spending much of the morning above the $100 per barrel mark, approaching $120 per barrel at its highest levels. 

While the conflict in Iran remains without an imminent solution, oil prices have stabilized 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. 

Oil currently trades $3.44 (+3.8%) higher at $94.34 per barrel, well off of its session highs. 

While the major averages now sit mixed for the day, weakness is still relatively broad, with eight S&P 500 sectors trading lower. 

Cyclical sectors are generally among the underperformers, with the financials sector (-1.8%) holding the widest loss as major banking names, asset managers, and insurance names all face considerable pressure. 

The consumer discretionary sector (-1.6%) also lags, with travel-related names among the weaker performers, though the stabilization of oil prices saw cruise lines significantly narrow their losses.

Homebuilders are also under pressure today, with the iShares U.S. Home Construction ETF down 3.0%. 

Meanwhile, the top-weighted information technology sector (+0.5%) outperforms, supported by solid gains in its chipmaker components that lift the PHLX Semiconductor Index (+1.4%) to a solid gain. 

Memory storage names such as Sandisk (SNDK 566.99, +39.66, +7.52%) are among the top movers, rebounding from recent volatility. 

Elsewhere, the consumer staples sector (+0.1%) manages a slight gain, while the energy and health care sectors trade flat. 

There was no economic data of note today.

[BRIEFING.COM] The S&P 500 (-0.2%), Nasdaq Composite (+0.2%), and DJIA (-0.6%) are at their best levels of the session shortly after midday. 

Though corporate news flow has been largely overshadowed as energy and geopolitical developments continue to dominate headlines, there are a few notable moves in the mix today. 

Hims & Hers Health (HIMS 22.37, +6.63, +42.12%) is launching higher 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 39.71, +1.13, +2.93%) and expands patient access.

This confirmation has immediate financial implications, as it restores a high-visibility revenue stream that had been undercut by regulatory scrutiny and legal challenges, and positions HIMS as a legitimate distribution channel for major branded therapies rather than solely a compounding provider.

[BRIEFING.COM] The major averages continue to improve from their session lows, with the Nasdaq Composite (-0.1%) now on the doorstep of its unchanged level.

Notably, the index had violated its 200-day moving average (22,101.90) before a stabilization in oil prices helped the major averages narrow their early losses. 

Tech gains support the Nasdaq Composite's outperformance, with the information technology sector (+0.6%) now the best-performing S&P 500 sector. 

[BRIEFING.COM] The S&P 500 (-0.6%), Nasdaq Composite (-0.3%), and DJIA (-1.0%) trade lower as the surge in oil prices continues to put pressure on the market, though the major averages are considerably improved from their opening lows as oil prices have stabilized from their highest levels.

The price of oil surged well past the $100 per barrel mark this morning, with reports that the UAE and Kuwait have reduced oil production as the Strait of Hormuz remains nearly closed.

Prices somewhat stabilized but remained above the $100 mark, as Financial Times reported that the G7 will discuss the joint release of energy reserves. CNBC reported shortly after the open that the G7 are set to meet again tomorrow, which has provided the market with a sliver of optimism. Bloomberg recently reported that the G7 is ready to release global stockpiles if needed. 

Currently, crude oil is up $4.72 (+5.2%) to $95.62 per barrel, well off of its early highs.

Losses across the broader market have narrowed with the stabilization in oil prices, though they remain relatively broad with eight S&P 500 sectors trading lower. 

With the exception of the energy sector (+0.5%), cyclical sectors are among today's laggards. Meanwhile, the defensive consumer staples (+0.1%), health care (-0.1%), and utilities (-0.4%) sectors trade near their flatlines. 

The top-weighted information technology sector (+0.3%) manages to trade modestly higher as semiconductor stocks rebound from recent weakness, which contributes to the outperformance of the Nasdaq Composite this morning. 

Meanwhile, the Russell 2000 (-1.1%) and S&P Mid Cap 400 (-1.0%) trail the major averages. 

[BRIEFING.COM] The major averages continue to improve to their best levels this morning, though they remain firmly lower. 

CNBC reports that the G7 meeting has ended with no confirmation of an oil reserve release, but the G7 will have another meeting tomorrow. The energy sector (+0.9%) holds a nice gain as the price of oil rmeains above the $100 per barrel mark, while the information technology sector (+0.1%) now holds a slight gain.

[BRIEFING.COM] The S&P 500 (-1.2%), Nasdaq Composite (-1.0%), and DJIA (-1.6%) remain firmly lower an hour into today's action. 

The top-weighted information technology sector (-0.4%) is one of the better-performing S&P 500 sectors so far, now within 0.5% of its flatline. Sandisk (SNDK 558.74, +31.41, +5.96%) is an outperformer as memory storage names reclaim a chunk of recent weakness, while NVIDIA (NVDA 178.36, +0.54, +0.30%) has moved into positive territory. The PHLX Semiconductor Index is now down a modest 0.6%. 

Meanwhile, software names have seen their recent rebound effort stalled, as the iShares GS Software ETF trades 1.5% lower. Oracle (ORCL 147.89, -5.07, -3.31%) is a laggard ahead of its earnings release later this week,

[BRIEFING.COM] The S&P 500 (-1.3%), Nasdaq Composite (-1.3%), and DJIA (-1.5%) are lower across the board this morning as rising oil prices continue to put broad pressure on the market. 

Ten S&P 500 sectors hold early losses, with only the energy sector (+0.2%) trading modestly higher amid the surge in oil prices. Crude oil is currently up $9.11 (+10.0%) to $100.01 per barrel. 

The consumer discretionary sector (-2.7%) is the worst-performing S&P 500 sector this morning as all of its components trade lower. Tesla (TSLA 383.59, -13.14, -3.31%) is a "Mag Seven" laggard amid a tough morning for mega-cap stocks, while cruise lines and other travel-related names are once again some of the worst-performing S&P 500 names. 

The financials sector (-2.2%) holds a similar loss as asset managers face a continuation of recent weakness while major banking names also trade in the red. 

Similar to Friday's action, the defensive consumer staples (-0.4%) and health care (-0.5%) sectors hold more modest losses. 

The stock market is on track for another lower opening as the rising price of oil continues to cause disruption. 

Oil is off of its morning highs after Financial Times reported that the G7 nations are considering a joint release of energy reserves. However, oil remains above the $100/bbl mark, currently up $9.80 (+10.8%) to $100.70 per barrel.

The S&P 500 futures currently trade 77 points below fair value. 

Equity indices in the Asia-Pacific region had a poor start to the week amid a continued rise in the price of oil, which has soared past the $100/bbl mark to its highest level since mid-2022. Japanese refiners requested a release from the national reserve, but an official decision has not been made yet. Later in the night, FT reported that G7 nations are discussing a potential joint reserve release, which helped pressure crude oil futures from a high near $120/bbl. Japan's real wages for January increased for the first time in 13 months with base salaries growing at their fastest pace since 1992.

• In economic data:
  • China's February CPI 1.0% m/m (last 0.2%); 1.3% yr/yr (expected 0.9%; last 0.2%). February PPI -0.9% yr/yr (expected -1.1%; last -1.4%)
  • Japan's January Overall Wage Income 3.0% yr/yr (expected 2.5%; last 2.4%). January Leading Index 112.4 (expected 113.0; last 110.3) and January Coincident Indicator 2.5% m/m (last -0.5%)

---Equity Markets---

• Japan's Nikkei: -5.2%
• Hong Kong's Hang Seng: -1.4%
• China's Shanghai Composite: -0.7%
• India's Sensex: -1.7%
• South Korea's Kospi: -6.0%
• Australia's ASX All Ordinaries: -2.9%

Major European indices trade in the red amid pressure on sentiment stemming from an ongoing rise in the price of oil. Lufthansa and ASML are among the laggards while British homebuilder Barratt Redrow is also under pressure amid rising Gilt yields. French President Macron said that G7 officials are likely to hold a joint call this week to address surging energy prices.

• In economic data:
  • Eurozone's March Sentix Investor Confidence -3.1, as expected (last 4.2)
  • Germany's January Factory Orders -11.1% m/m (expected -4.2%; last 6.4%). January Industrial Production -0.5% m/m (expected 1.0%; last -1.0%); -1.1% yr/yr (last 0.4%)
  • Swiss February SECO Consumer Climate -30 (expected -29; last -30)

---Equity Markets---

• STOXX Europe 600: -1.8%
• Germany's DAX: -1.6%
• U.K.'s FTSE 100: -1.4%
• France's CAC 40: -2.2%
• Italy's FTSE MIB: -1.6%
• Spain's IBEX 35: -1.8%

The S&P 500 futures currently trade 66 points below fair value as the price of oil remains above $100 per barrel. 

Live Nation Entertainment (LVY 165.80, +9.67, +6.2%) trades higher in the premarket after Bloomberg reported the company is nearing a settlement in its antitrust case that avoids the sale of Ticketmaster. 

Equity futures point to a lower opening to start the week as crude oil surges past the $100 per barrel mark to its highest level since mid-2022. The sharp rise in oil prices amid the conflict in Iran was the central theme to last week's action that saw the major averages finish firmly lower across the board. 

Bloomberg reports that the UAE and Kuwait have reduced oil production as the Strait of Hormuz remains nearly closed. 

President Trump says there is no timetable for the Iran war, telling reporters, "I never project that, whatever it takes," according to CBS News.

Crude oil futures have pulled back from their highest levels after reports that the G7 will discuss the joint release of energy reserves, according to Financial Times. 

The market has an important week of economic data that will include the February CPI report (Briefing.com consensus 0.3%) on Wednesday and the January PCE Price Index on Friday (Briefing.com consensus 0.3%). The spike in oil prices will not show up in these prints, though it is worth noting that the expected monetary policy path has been muddied as investors fear the higher energy prices will seep into inflation readings. 

Earnings are on the lighter side this week, though the market will hear from Oracle (ORCL 151.01, -1.95, -1.3%) on Wednesday, which traded nicely higher last week as software names put together a solid rebound from recent lows. 

In corporate news:

• China is warning of global chip shortages, according to Reuters. 
• NVIDIA (NVDA 176.10, -1.78, -1.0%) backed Nscale has reached a $14.6 billion valuation, according to CBS News. 
• Novo Nordisk (NVO 39.06, +0.48, +1.2%) is aiming to sell its weight loss drugs on the Him & Hers (HIMS 22.60, +6.86, +43.6%) platform, according to Bloomberg. 

Reviewing overnight developments: 

Equity indices in the Asia-Pacific region had a poor start to the week amid a continued rise in the price of oil, which has soared past the $100/bbl mark to its highest level since mid-2022. Japan's Nikkei: -5.2%, Hong Kong's Hang Seng: -1.4%, China's Shanghai Composite: -0.7%, India's Sensex: -1.7%, South Korea's Kospi: -6.0%, Australia's ASX All Ordinaries: -2.9%.

In news:

• Japanese refiners requested a release from the national reserve, but an official decision has not been made yet.
• Later in the night, Financial Times reported that G7 nations are discussing a potential joint reserve release, which helped pressure crude oil futures from a high near $120/bbl.
• Japan's real wages for January increased for the first time in 13 months with base salaries growing at their fastest pace since 1992.

In economic data:

• China's February CPI 1.0% m/m (last 0.2%); 1.3% yr/yr (expected 0.9%; last 0.2%). February PPI -0.9% yr/yr (expected -1.1%; last -1.4%)
• Japan's January Overall Wage Income 3.0% yr/yr (expected 2.5%; last 2.4%). January Leading Index 112.4 (expected 113.0; last 110.3) and January Coincident Indicator 2.5% m/m (last -0.5%)

Major European indices trade in the red amid pressure on sentiment stemming from an ongoing rise in the price of oil. STOXX Europe 600: -1.6%, Germany's DAX: -1.3%, U.K.'s FTSE 100: -1.1%, France's CAC 40: -1.9%, Italy's FTSE MIB: -1.6%, Spain's IBEX 35: -1.4%.

In news:

• Lufthansa and ASML are among the laggards while British homebuilder Barratt Redrow is also under pressure amid rising Gilt yields.
• French President Macron said that G7 officials are likely to hold a joint call this week to address surging energy prices.

In economic data:

• Eurozone's March Sentix Investor Confidence -3.1, as expected (last 4.2)
• Germany's January Factory Orders -11.1% m/m (expected -4.2%; last 6.4%). January Industrial Production -0.5% m/m (expected 1.0%; last -1.0%); -1.1% yr/yr (last 0.4%)
• Swiss February SECO Consumer Climate -30 (expected -29; last -30)

[BRIEFING.COM] Stocks finished lower again today as the unrelenting surge in oil prices continued to weigh broadly on the market. The S&P 500 (-1.3%), Nasdaq Composite (-1.6%), and DJIA (-1.0%) finished near their session lows, with today's weakness resulting in losses across the board for the major averages. 

Headlines were once again dominated by the surge in oil prices, with crude oil futures settling today's session $9.89 higher (+12.2%) at $90.86 per barrel. Financial Times reported that Qatar's energy minister, Saad al-Kaabi, warned that all Gulf oil producers could be forced to halt production in the coming days as the conflict endangers operations.

Additionally, President Trump said via Truth Social that a deal to end the war in Iran cannot be achieved without an unconditional surrender, though he somewhat softened his tone in an interview with Axios by saying "unconditional surrender" could mean the complete destruction of the regime's military instead of a formal surrender. 

Altogether, oil climbed $23.80 per barrel, or 35.5%, this week, which has prompted inflation concerns that have further diminished the market's expectation for a rate cut. However, a disappointing employment situation report for February (-92,000; Briefing.com consensus 60,000) gave rate cut expectations a modest boost and further complicated the expected monetary policy path. 

As for today's action, breadth figures were once again dismal, with just two S&P 500 sectors charting a modest gain. 

The energy sector (+0.1%) eked out a gain amid the higher price of oil while the consumer staples sector (+0.3%) finished as the top performer. Costco (COST 998.10, +15.53, +1.58%) notched a nice gain following its earnings report, while Kroger (KR 74.16, +2.58, +3.61%) continued its own post-earnings run. 

Defensive sectors were relative outperformers today, as the utilities (-0.4%) and health care (-0.8%) sectors finished with the narrowest losses today. 

Meanwhile, the consumer discretionary sector (-2.0%) lagged today, with particular weakness across cruise lines such as Carnival (CCL 25.80, -1.36, -4.99%) and Norwegian Cruise Line (NCLH 20.06, -0.86, -4.13%).

Airlines and trucking names were also underperformers as oil prices climbed, with Old Dominion (ODFL 193.97, -16.71, -7.93%) being one of the worst-performing S&P 500 names today. However, the industrials sector (-1.3%) saw its losses somewhat softened by strength in aerospace and defense names as the iShares DJ Aerospace ETF finished 0.8% higher. 

The information technology sector (-1.8%) finished near its session lows as selling pressure ramped across semiconductor names this afternoon, sending the PHLX Semiconductor Index 3.9% lower. Software names once again displayed relative strength, although Oracle (ORCL 152.93, -1.86, -1.20%) sold off sharply late in the session after Bloomberg reported that the company is ending plans to expand a flagship data center in Texas with OpenAI. 

In other corporate news, Financial Times reported that BlackRock (BLK 955.45, -79.55, -7.69%) has limited withdrawals from its HPS Corporate Lending Fund, a headline that weighed on asset manager names in the financials sector (-1.4%). 

Outside of the S&P 500, the Russell 2000 (-2.3%) and S&P Mid Cap 400 (-2.4%) underperformed as the market displayed a clear risk-off disposition today. 

Ultimately, today's session marked a lower finish to a particularly tough week for stocks. Rising oil prices continue to weigh on the market with no clear end in sight for the conflict in Iran, prompting concerns about margins and inflationary pressures. Inflation readings will take center stage next week with a busy week of economic data, though it will not yet reflect this week's energy surge. The major averages will enter the consequential week firmly lower across the board for the year.

U.S. Treasuries followed four days of selling with a volatile Friday session that produced a modest bounce in shorter tenors, while the long bond underperformed after showing some relative strength earlier this week. The 2-year note yield settled down four basis points to 3.56% (+18 basis points this week), the 10-year note yield settled down one basis point to 4.13% (+13 basis points this week), and the 30-year note yield finished unchanged at 4.76% (+14 basis points this week). 

• S&P Mid Cap 400: +3.2% YTD
• Russell 2000: +1.8% YTD
• DJIA: -1.2% YTD
• S&P 500: -1.5% YTD
• Nasdaq Composite: -3.7% YTD

Reviewing today's data:

• February Nonfarm Payrolls -92K (Briefing.com consensus 60K); Prior was revised to 126K from 130K, February Nonfarm Private Payrolls -86K (Briefing.com consensus 78K); Prior was revised to 146K from 172K, February Unemployment Rate 4.4% (Briefing.com consensus 4.3%); Prior 4.3%, February Average Hourly Earnings 0.4% (Briefing.com consensus 0.3%); Prior 0.4%, February Average Workweek 34.3 (Briefing.com consensus 34.3); Prior 34.3
  • The key takeaway from the report, however, is that it muddles the economic view for the Fed, with its twin planks of negative job growth and higher wage inflation. Accordingly, look for the Fed to sit on its policy hands, unwilling to cut rates for now as it also contends with the spike in oil prices and the uncertainty of the Iran war.
• January Retail Sales -0.2% (Briefing.com consensus -0.1%); Prior 0.0%, January Retail Sales, ex-auto 0.0% (Briefing.com consensus 0.2%); Prior 0.0%
  • The key takeaway from the report is that sales activity was disrupted by the winter storms, so the result isn't as disappointing as it looks, which comes through in the fact that nonstore retailer sales were up a robust 1.9% month-over-month.
• January Business Inventories 0.1%; Prior 0.0%
• Consumer credit increased by $8.1 billion in January (Briefing.com consensus: $9.9 billion) following an upwardly revised $25.2 billion increase (from $24.0 billion) in December.
  
  • The key takeaway from the report is that the credit expansion was modest but fairly balanced in January, with revolving and nonrevolving credit both increasing for the month.