[BRIEFING.COM] The major averages had a choppy morning as this week's optimism surrounding a potential ceasefire between the U.S. and Iran faded, although the S&P 500 (+0.1%), Nasdaq Composite (+0.2%), and DJIA (-0.1%) rebounded from their opening lows to finish little changed.

The stock market opened to broad losses after President Trump said in a speech last night that the U.S. will continue strikes against Iran if a deal is not reached. Oil prices moved sharply higher in response, with crude oil futures settling today's session $11.34 higher (+11.3%) at $111.48 per barrel.

After opening with losses of 1.0% or more, the major averages rebounded sharply to flatline levels roughly an hour into the session following a Bloomberg report that Iran and Oman are drafting a proposal related to traffic through the Strait of Hormuz.

Following the early geopolitical volatility, stocks had a relatively muted session, with the major averages drifting near their flatlines through the afternoon. Strength was mixed, with six S&P 500 sectors charting gains.

The real estate sector (+1.5%) finished as the best-performing S&P 500 sector as Treasuries stabilized from earlier losses.

Gains elsewhere were modest in comparison, though the relative outperformance of the top-weighted information technology sector (+0.7%) boosted the major averages in the final half hour of the session. The sector opened sharply lower as mega-cap and tech stocks gave back some of their prior strength this morning. Sentiment improved throughout the session, and the PHLX Semiconductor Index (+0.4%) finished modestly higher after opening to considerable losses, with Intel (INTC 50.38, +2.35, +4.89%) a standout.

Ciena (CIEN 447.83, +32.44, +7.81%), Lumentum (LITE 826.88, +62.23, +8.14%), and Coherent (COHR 258.19, +10.39, +4.19%) were the top-performing S&P 500 components today.

Elsewhere, the consumer discretionary sector (-1.5%) was unable to shake off the early weakness, which was due in part to Tesla (TSLA 360.56, -20.70, -5.43%) trading sharply lower after disappointing with its Q1 deliveries.

Outside of the S&P 500, the Russell 2000 (+0.7%) outperformed, while the S&P Mid Cap 400 (+0.1%) finished flattish.

Ultimately, the major averages finished with solid week-to-date gains, though previous weakness keeps the indices below their 200-day moving averages. This week's strength was largely a result of a short-term improvement in sentiment regarding geopolitical hostilities and a reaction to oversold conditions, but uncertainty around the situation in Iran and elevated oil prices keep the market on a cautious footing heading into the long weekend.

Next week will also feature a heavy slate of economic data that includes several key inflation readings.

To that point, the market will be closed tomorrow for Good Friday.

U.S. Treasuries recorded slim gains on Thursday, putting together a resilient showing from a modestly lower start to the trading day. The 2-year note yield finished unchanged at 3.80% (-12 basis points week-to-date), and the 10-year note yield settled down one basis point to 4.31% (-13 basis points week-to-date). 

• S&P Mid Cap 400: +3.1% YTD
• Russell 2000: +1.9% YTD
• DJIA: -3.2% YTD
• S&P 500: -3.8% YTD
• Nasdaq Composite: -5.9% YTD

Reviewing today's data:

• Weekly Initial Claims 202K (Briefing.com consensus 215; Prior was revised to 211K from 210K, Weekly Continuing Claims 1.841 mln; Prior was revised to 1.816 mln from 1.819 mln
  
  • The key takeaway from the report is that initial claims remain near the 200,000 mark, reflecting a low-firing environment.
• February Trade Balance -$57.3 bln (Briefing.com consensus -$55.8 bln); Prior was revised to -$54.7 bln from -$54.5 bln
  
  • The key takeaway from the report is that February imports grew more than exports even though February nonfuel import prices (+1.1%) increased at a slower pace than non-agricultural export prices (+1.7%).

[BRIEFING.COM] The S&P 500 (-0.1%), Nasdaq Composite (-0.1%), and DJIA (-0.2%) remain a touch lower as the market enters the final half hour of the session.

President Trump signed a proclamation to strengthen tariffs imposed on imported steel, aluminum, and copper in order to more effectively address the national-security threat posed by such imports.

Though the market will be closed for Good Friday tomorrow, the March Jobs report will be released, with consensus looking for roughly 60K-65K job growth and steady unemployment at 4.4%.

[BRIEFING.COM] Action remains relatively muted as the major averages remain modestly lower entering the final hour of the session, which will be the final hour of this week's action given tomorrow's holiday closure.

Crude oil futures settled today's session futures settled today's session $11.34 higher (+11.3%) at $111.48 per barrel as recent developments point to a continuation of the conflict in Iran. The energy sector (+0.5%) is one of six S&P 500 sectors that hold a gain, though it is well off its opening highs that saw it advance over 2.0%.

[BRIEFING.COM] The major averages remain little changed from previous levels as the afternoon progresses.

Asset managers are under pressure today after Bloomberg reported that Blue Owl Capital (OWL 8.48, -0.22, -2.58%) is limiting redemptions at two of its private credit funds after a significant uptick in withdrawal requests.

Though not a member of the S&P 500 itself, the Blue Owl headline weighs on peers such as Ares Management (ARES 102.02, -3.78, -3.58%) and Apollo Global Management (APO 106.96, -3.29, -2.98%), which are the worst performing components of the financials sector (+0.2%).

[BRIEFING.COM] The S&P 500 (-0.3%), Nasdaq Composite (-0.4%), and DJIA (-0.5%) are drifting modestly lower this afternoon.

While corporate news flow has been on the lighter side today, Rubrik (RBRK 51.22, +2.63, +5.41%) makes a nice move higher after disclosing that a director bought 10,638 shares. The purchase is being viewed as a nice vote of confidence in a stock that has been roughly cut in half since last June.

[BRIEFING.COM] The major averages are little changed from previous levels, trading modestly lower in the early afternoon.

Bloomberg reported that lawmakers will soon introduce legislation to restrict exports of chipmaking tools to China, though the headline has had little effect on the PHLX Semiconductor Index (-0.1%), which sits near session highs.

[BRIEFING.COM] The S&P 500 (-0.2%), Nasdaq Composite (-0.3%), and DJIA (-0.4%) sit modestly lower shortly after midday, with developments on the geopolitical front driving several considerable swings.

Stocks opened to broad losses after President Trump gave an address regarding Iran last night, in which he signaled the U.S. will continue military operations and "send them back to the stone age." The rhetoric clashed with the recent ceasefire optimism theme that drove stocks higher over the previous two sessions and sent oil prices sharply higher, with WTI crude oil currently up $10.91 (+10.9%) to $111.03 per barrel.

After facing opening losses of 1.0% or wider, the major averages made a sharp move to their flatlines about an hour into the session after Bloomberg reported that Iran and Oman are drafting a proposal regarding traffic through the Strait of Hormuz. Crude oil came down a few dollars in the initial reaction to the headline but remains sharply higher for the day.

Meanwhile, the major averages now trade in a relatively stable range just below their flatlines. Outside of the geopolitical volatility, it has been a somewhat quiet session ahead of tomorrow's holiday closure, though there are still a few notable moves at the sector level.

The consumer discretionary sector (-1.3%) was among the early laggards as mega-cap and tech names opened lower, and it remains firmly lower despite the intraday bounce. The sector faces poor leadership from Tesla (TSLA 364.10, -17.16, -4.50%), which is among the worst-performing S&P 500 names after its Q1 deliveries fell short of expectations.

Elsewhere in the sector, NIKE (NKE 43.78, -0.84, -1.89%) has not yet garnered any buy-the-dip interest after it shed 15% yesterday following its earnings release.

The information technology (+0.2%) sector also opened with a loss wider than 1.0%, but now trades modestly higher. Ciena (CIEN 446.97, +31.58, +7.60%) and Lumentum (LITE 801.59, +36.94, +4.83%) are the best-performing S&P 500 components, while strength across major chipmaker and software names is mixed.

Elsewhere, the energy sector (+0.2%) opened to a gain that exceeded 2.3%, though it has since surrendered the bulk of the early strength.

Outside of the S&P 500, the Russell 2000 (+0.3%) and S&P Mid Cap 400 (-0.2%) are little changed from their baselines after following a similar path to that of the major averages.

Overall, the market now appears to be drifting, with investors reluctant to take on additional risk ahead of the holiday and ongoing uncertainty surrounding developments in the Middle East.

Reviewing today's data:

• Weekly Initial Claims 202K (Briefing.com consensus 215; Prior was revised to 211K from 210K, Weekly Continuing Claims 1.841 mln; Prior was revised to 1.816 mln from 1.819 mln
  
  • The key takeaway from the report is that initial claims remain near the 200,000 mark, reflecting a low-firing environment.
• February Trade Balance -$57.3 bln (Briefing.com consensus -$55.8 bln); Prior was revised to -$54.7 bln from -$54.5 bln
  
  • The key takeaway from the report is that February imports grew more than exports even though February nonfuel import prices (+1.1%) increased at a slower pace than non-agricultural export prices (+1.7%).

[BRIEFING.COM] The S&P 500 (-0.4%), Nasdaq Composite (-0.5%), and DJIA (-0.5%) are off their session highs that saw them reclaim their flatlines, but remain significantly improved from their opening lows.

The information technology sector (-0.2%) is back in modestly negative territory, as relative weakness across chipmakers sends the PHLX Semiconductor Index 0.6% lower. Micron (MU 361.70, -6.16, -1.67%) is the sector's worst performer after notching a double-digit gain yesterday. Elsewhere in the sector, Ciena (CIEN 442.61, +27.22, +6.55%) and Lumentum (LITE 807.50, +42.85, +5.60%) are the best-performing S&P 500 components.

[BRIEFING.COM] The major averages continue to trade a touch below their flatlines at midday.

Tesla (TSLA 365.80, -15.46, -4.05%) is now one of the worst-performing S&P 500 names today after the company announced that it produced over 408,000 vehicles in the first quarter and delivered over 358,000. CNBC reports that deliveries fell short of expectations, with Analysts polled by StreetAccount looking for around 370,000.

[BRIEFING.COM] Stocks have faced some choppy action in the final session of the holiday-abbreviated week, with the S&P 500 (flat), Nasdaq Composite (-0.1%), and DJIA (-0.1%) now sitting flattish after opening to considerable losses.

Equity futures signaled a lower opening after President Trump addressed the nation last night, vowing further strikes against Iran. The address weighed on the market's hopes for a ceasefire, and crude oil moved sharply higher. The major averages opened to losses of 1.0% or wider across the board but moved sharply higher about an hour into the session after Bloomberg reported that Iran is drafting a proposal with Oman regarding traffic through the Strait of Hormuz.

The major averages briefly reclaimed their flatlines but now trade a touch lower. Oil prices also backed off modestly, but remain sharply higher, with WTI crude currently up $10.01 (+10.0%) to $110.13 per barrel.

Sector strength is now a mixed bag, with six S&P 500 sectors trading higher. The real estate sector (+1.0%) holds the widest gain, while the consumer discretionary sector (-1.2%) remains the only sector with a loss of 0.5% or wider, as Tesla (TSLA 366.28, -14.98, -3.93%) is a mega-cap laggard today.

Outside of the S&P 500, the Russell 2000 (+0.3%) and S&P Mid Cap 400 (-0.1%) followed a similar trajectory to the major averages

[BRIEFING.COM] The S&P 500 (-0.2%), Nasdaq Composite (-0.2%), and DJIA (-0.2%) made a sharp move higher following a report that Iran is drafting a proposal with Oman regarding traffic through the Strait of Hormuz, according to Bloomberg.

Oil prices eased modestly following the report but remain firmly higher, with WTI crude currently up $8.53 (+8.5%) to $108.65 per barrel.

Stocks have moved broadly higher in response, leaving just the consumer discretionary (-1.0%), communication services (-0.2%), and industrials (-0.1%) sectors in negative territory. The top-weighted information technology sector (+0.2%) now trades higher after an opening loss of over 1.0%.

[BRIEFING.COM] The S&P 500 (-0.7%), Nasdaq Composite (-0.9%), and DJIA (-0.9%) are slowly but steadily rising from their opening lows as losses begin to narrow.

Crude oil remains firmly higher near the $111 per barrel mark, which is putting pressure on airlines and cruise lines such as United Airlines (UAL 89.56, -5.52, -5.80%), United Airlines (UAL 89.54, -5.54, -5.83%), and Carnival (CCL 25.06, -1.52, -5.72%).

Weakness across airlines weigh on the industrials sector (-0.9%), while the consumer discretionary sector (-1.7%) holds the widest loss so far, though it is worth mentioning TSLA is a mega-cap laggard this morning.

[BRIEFING.COM] The S&P 500 (-0.9%), Nasdaq Composite (-1.3%), and DJIA (-1.0%) are firmly lower this morning as fading optimism around an end to the war in Iran is putting broad pressure on equities.

President Trump addressed the nation last night and threatened more strikes against Iran, which the market did not take to mix well with this week's ceasefire hopes. Oil prices are moving sharply higher this morning, with WTI crude currently up $11.14 (+11.1%) to $111.26 per barrel.

The energy sector (+2.3%) is an early standout, while the defensive consumer staples (+0.4%) and utilities (+0.7%) sectors also trade higher after going largely overlooked in the previous two risk-on sessions.

The other eight S&P 500 sectors trade lower, with losses widest across mega-cap and tech stocks that have supported index-level growth this week. The Vanguard Mega Cap Growth ETF is down 1.3%, and the consumer discretionary (-2.1%), information technology (-1.2%), and communication services (-1.2%) sectors are among the early laggards.

Though the early losses reflect a downshift in sentiment, the major averages would need to double or even triple their current losses to negate previous strength this week fully, and stocks are already starting to tick up from their opening lows.

The stock market is on track for a lower opening as recent ceasefire optimism fades while crude oil climbs past the $112 per barrel mark.

Though geopolitical developments are doing the driving this morning, there are still a few noteworthy economic data points.

Initial jobless claims for the week ending March 28 fell by 9,000 to 202,000 (Briefing.com consensus 215,000) from last week's revised reading of 211,000 (from 210,000). Continuing claims increased by 25,000 to 1.841 million from last week's revised reading of 1.816 million (from 1.819 million).

The key takeaway from the report is that initial claims remain near the 200,000 mark, reflecting a low-firing environment.

The trade deficit widened to $57.3 billion in February (Briefing.com consensus -$55.8 billion) from a revised $54.7 billion deficit (from -$54.5 billion) in January. The wider gap was the result of exports being $12.6 billion more than January exports and imports being $15.2 billion more than January imports.

The key takeaway from the report is that February imports grew more than exports even though February nonfuel import prices (+1.1%) increased at a slower pace than non-agricultural export prices (+1.7%).

The S&P 500 futures currently trade 101 points below fair value. 

Equity indices in the Asia-Pacific region ended Thursday on a mostly lower note amid renewed concerns about the Iran conflict dragging on after President Trump's address to the Nation. Japan sold 10-yr JGBs to weak demand, sending the 10-yr yield to a level not seen in more than 20 years. Foreign investors sold Japanese equities and JGBs aggressively into Japan's fiscal year end. China will increase its reserves of frozen pork after hog prices reached an eight-year low. China Securities Journal noted that the issuance of yuan-denominated bonds by foreign entities doubled in Q1.

• In economic data:
  • Japan's March Monetary Base -11.6% yr/yr (expected -10.8%; last -10.6%)
  • South Korea's March CPI 0.3% m/m (expected 0.6%; last 0.3%); 2.2% yr/yr (expected 2.4%; last 2.0%)
  • Australia's February trade surplus AUD5.69 bln (expected surplus of AUD2.81 bln; last surplus of AUD2.26 bln). February Imports -3.2% m/m (last 1.0%) and Exports 4.9% m/m (last -1.6%)
  • India's March Manufacturing PMI 53.9 (expected 53.8; last 56.9)

---Equity Markets---

• Japan's Nikkei: -2.4%
• Hong Kong's Hang Seng: -0.7%
• China's Shanghai Composite: -0.7%
• India's Sensex: +0.3%
• South Korea's Kospi: -4.5%
• Australia's ASX All Ordinaries: -1.3%

Major European indices trade in the red, reflecting some persisting worries about the trajectory and duration of the Iran conflict ahead of a four-day Easter weekend that will keep the region's major markets closed through Monday. Bank of England Governor Bailey cautioned against pricing in rate hikes while the European Central Bank is expected to hike rates a couple times, creating a divergence in the region's rate expectations.

• In economic data:
  • France's February government budget deficit EUR32.1 bln (last deficit of EUR9.7 bln)
  • Italy's February Retail Sales 0.0% m/m (expected 0.3%; last 0.6%); 1.6% yr/yr (last 2.5%)
  • Swiss March CPI 0.2% m/m (expected 0.5%; last 0.6%); 0.3% yr/yr (expected 0.5%; last 0.1%)

---Equity Markets---

• STOXX Europe 600: -1.4% 
• Germany's DAX: -2.2%
• U.K.'s FTSE 100: -0.5% 
• France's CAC 40: -1.3% 
• Italy's FTSE MIB: -1.8% 
• Spain's IBEX 35: -1.8%

The S&P 500 futures currently trade 101 points below fair value.

Just released, initial jobless claims for the week ending March 28 fell by 9,000 to 202,000 (Briefing.com consensus: 215,000) from an upwardly revised previous level of 211,000 (from 210,000).

Continuing jobless claims decreased by 25,000 to 1.841 million, from a downwardly revised 1.816 million (from 1.819 million).

The trade deficit widened to $57.3 billion in February (Briefing.com consensus -$55.8 billion) from a revised $54.7 billion deficit (from -$54.5 billion) in January.

Equity futures point to a sharply lower opening this morning as concerns that the U.S. and Iran are not as close to a ceasefire as previously thought have sent oil prices surging.

Stocks are coming off a second consecutive session of solid gains, largely driven by hopes that the war in Iran will draw to a close soon. There were reports that President Trump told aides the U.S. will withdraw from military operations in the next two to three weeks.

Last night, President Trump addressed the nation on the conflict in Iran. While the President reiterated that the U.S. was nearing the completion of its objectives in Iran, the address came with renewed threats against Tehran and promises to "bring them back to the stone age."

Additionally, The New York Times reports that U.S. intelligence agencies do not believe Iran is currently willing to engage in talks to end the war. Crude oil is currently up $9.23 (+9.2%) to $109.35 per barrel. On the data front, the market will receive the February Trade Balance (Briefing.com consensus -$55.8 billion) at 8:30 a.m. ET, alongside the weekly initial jobless claims report (Briefing.com consensus 215K).

In corporate news:

• The Trump administration will soon announce new tariffs on drugmakers that haven't agreed to lower prices, according to Bloomberg.
• Amazon (AMZN 205.80, -4.77, -2.3%) is in discussions to acquire Globalstar (GSAT 80.20, +11.67, +17.03), according to Financial Times.

Reviewing overnight developments:

Equity indices in the Asia-Pacific region ended Thursday on a mostly lower note amid renewed concerns about the Iran conflict dragging on after President Trump's address to the Nation. Japan's Nikkei: -2.4%, Hong Kong's Hang Seng: -0.7%, China's Shanghai Composite: -0.7%, India's Sensex: +0.3%, South Korea's Kospi: -4.5%, Australia's ASX All Ordinaries: -1.3%.

In news:

• Japan sold 10-yr JGBs to weak demand, sending the 10-yr yield to a level not seen in more than 20 years.
• Foreign investors sold Japanese equities and JGBs aggressively into Japan's fiscal year end.
• China will increase its reserves of frozen pork after hog prices reached an eight-year low.
• China Securities Journal noted that the issuance of yuan-denominated bonds by foreign entities doubled in Q1.

In economic data:

• Japan's March Monetary Base -11.6% yr/yr (expected -10.8%; last -10.6%)
• South Korea's March CPI 0.3% m/m (expected 0.6%; last 0.3%); 2.2% yr/yr (expected 2.4%; last 2.0%)
• Australia's February trade surplus AUD5.69 bln (expected surplus of AUD2.81 bln; last surplus of AUD2.26 bln). February Imports -3.2% m/m (last 1.0%) and Exports 4.9% m/m (last -1.6%)
• India's March Manufacturing PMI 53.9 (expected 53.8; last 56.9)

Major European indices trade in the red, reflecting some persisting worries about the trajectory and duration of the Iran conflict ahead of a four-day Easter weekend that will keep the region's major markets closed through Monday. STOXX Europe 600: -1.3%, Germany's DAX: -2.2%, U.K.'s FTSE 100: -0.2%, France's CAC 40: -1.4%, Italy's FTSE MIB: -1.6%, Spain's IBEX 35: -1.5%.

In news:

• Bank of England Governor Bailey cautioned against pricing in rate hikes while the European Central Bank is expected to hike rates a couple times, creating a divergence in the region's rate expectations.

In economic data:

• France's February government budget deficit EUR32.1 bln (last deficit of EUR9.7 bln)
• Italy's February Retail Sales 0.0% m/m (expected 0.3%; last 0.6%); 1.6% yr/yr (last 2.5%)
• Swiss March CPI 0.2% m/m (expected 0.5%; last 0.6%); 0.3% yr/yr (expected 0.5%; last 0.1%) 

[BRIEFING.COM] The S&P 500 (+0.7%), Nasdaq Composite (+1.2%), and DJIA (+0.5%) saw a meaningful extension of yesterday's rally as the potential for a ceasefire between the U.S. and Iran culminated in another session of broad gains. The DJIA traded above its 200-day moving average (46,698) but failed to close above the key technical level.

Equity futures signaled a higher opening following a Bloomberg report that President Trump told aides that the U.S. will withdraw from the conflict in two to three weeks, even if a deal has not been struck. However, that report was followed by a Truth Social post in which the president threatened continued bombing of Iran's infrastructure if the Strait of Hormuz is not opened.

Today's session progressed in a similar fashion in the sense that it remains unclear exactly where negotiations stand, or how close an off-ramp to the conflict truly is. Reuters reported that Iran denied requesting a ceasefire, while an Israeli report that negotiations are "not progressing in a positive way" saw the major averages give back a considerable chunk of their early gains during the early afternoon hours.

The market now awaits an address from President Trump tonight at 9:00 p.m. ET, in which Politico reported the president will likely announce a victory over Iran and state intentions to wind down military operations, while pressuring NATO allies to help reopen the Strait of Hormuz.

While the Iran situation continues to drive volatility, stocks steadily climbed from their intraday lows to end the session firmly higher. Oil retreated again today, which added support. Crude oil futures settled today's session $1.01 lower (-1.0%) at $100.14 per barrel, and continued to move lower after the session close.

Unsurprisingly, the energy sector (-3.9%) faced a sharp retreat, with all of its components trading lower.

The consumer staples sector (-0.6%) also finished lower as investors rotated into more growth-oriented holdings, while mixed strength in the financials sector saw it chart a flat finish.

Meanwhile, the broader market finished higher as the other S&P 500 sectors covered enough ground to weather the intraday slide. Mega-cap stocks were a point of strength again today, sending the Vanguard Mega Cap Growth ETF 1.2% higher.

That helped the communication services sector (+1.6%) finish near the top of the leaderboard again as Alphabet (GOOG 294.90, +8.04, +2.80%) and Meta Platforms (META 579.23, +7.10, +1.24%) continue to rebound from pronounced weakness after a jury found the companies liable in a social-media addiction case last week.

The information technology sector (+1.1%) was another top-mover, with sustained strength across semiconductor names outweighing weakness across software stocks that saw Microsoft (MSFT 369.37, -0.80, -0.22%) finish as the only "magnificent seven" name that failed to chart a gain.

The PHLX Semiconductor Index finished 2.8% higher, with memory storage names such as Western Digital (WDC 297.73, +27.24, +10.07%) and Micron (MU 367.85, +30.01, +8.88%) among the top-performing S&P 500 components.

Meanwhile, NIKE (NKE 44.63, -8.19, -15.51%) was the index's worst performer after topping earnings estimates, but weak guidance and admission that the company's turnaround efforts are taking longer than expected kept investors from buying the dip. Nike's underperformance did little to weigh down the consumer discretionary sector (+0.9%), which was supported by relatively broad strength and solid mega-cap leadership of its own.

In other corporate news, Eli Lilly (LLY 954.28, +34.51, +3.75%) made a sharp move higher after confirming the FDA approved its new weight-loss drug Foundayo.

Altogether, the stock market started the second quarter on a higher note, especially given the sharp losses that were realized in March. Today's strength was largely driven by geopolitical optimism, though the U.S. and Iran still appear to be far apart on negotiations. Attention now turns to President Trump's address tonight for further clarity on the path forward for U.S. involvement in the conflict and any potential timeline for de-escalation.

As a reminder, tomorrow will be the final session of the week, as the stock market will be closed on Friday for the Good Friday holiday.

U.S. Treasuries endured some volatility to begin April, though the movement unfolded inside a narrow range, leaving the market with slim losses after three days of gains in most tenors. The 2-year note yield finished unchanged at 3.80%, and the 10-year note yield settled up one basis point to 4.32%. 

• S&P Mid Cap 400: +3.0% YTD
• Russell 2000: +1.2% YTD
• DJIA: -3.1% YTD
• S&P 500: -4.0% YTD
• Nasdaq Composite: -6.0% YTD

 Reviewing today's data:

• Weekly MBA Mortgage Applications Index -10.4%; Prior -10.5%
• March ADP Employment Change 62K (Briefing.com consensus 42K); Prior was revised to 66K from 63K
• February Retail Sales 0.6% (Briefing.com consensus 0.5%); Prior was revised to -0.1% from -0.2%, February Retail Sales, ex-auto 0.5% (Briefing.com consensus 0.3%); Prior 0.0%
  • The key takeaway from the report is that it revealed solid spending activity across most kinds of retail businesses. The strength of the report is apt to be diluted, however, by the recognition that it preceded the hefty increase in gasoline prices and the sharp decline in stock prices in March that are expected to keep discretionary spending in check.
• March S&P Global U.S. Manufacturing PMI - Final 52.3; Prior 52.4
• March ISM Manufacturing Index 52.7% (Briefing.com consensus 52.3%); Prior 52.4%
  • The key takeaway from the report is that it conveys an ongoing expansion in manufacturing activity coupled with an ongoing increase in prices for raw materials that works against the notion of the Fed cutting rates soon.
• January Business Inventories -0.1%; Prior was revised to 0.0% from 0.1%