[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 (-0.2%), and DJIA (+0.1%) 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.

[BRIEFING.COM] The S&P 500 (-0.4%), Nasdaq Composite (-0.5%), and DJIA (-0.4%) are making another run toward session highs after Pakistani Prime Minister Shehbaz Sharif requested President Trump extend the deadline for two weeks and Iran open the Strait of Hormuz for a corresponding period of two weeks.

Pakistan is a key mediator in the current negotiations.

Additionally, CNN reporter Alayna Treene wrote on X, "Administration officials are still hopeful that negotiations through intermediaries can produce some level of agreement between the US & Iran that would lead Trump to delay his vow to bomb Iran's power plants and bridges by 8 p.m. tonight."

[BRIEFING.COM] The S&P 500 (-0.8%), Nasdaq Composite (-1.0%), and DJIA (-0.8%) remain firmly lower as the market enters the final hour of the session.

Just released, consumer credit increased by $9.4 billion in February (Briefing.com consensus: $7.0 billion) following a downwardly revised $7.7 billion increase in January (from $8.1 billion). 

[BRIEFING.COM] The S&P 500 (-0.40%) is down 26 points this afternoon, technically in "first" place in a losing session.

Briefly, S&P 500 constituents Axon (AXON 366.81, -46.26, -11.20%), Dollar Tree (DLTR 105.75, -5.34, -4.81%), and Norwegian Cruise Line (NCLH 18.52, -0.85, -4.39%) dot the bottom of the average.

Meanwhile, Arista Networks (ANET 132.40, +6.15, +4.87%) is near the top of the standings after Rosenblatt upgraded shares to Buy noting 2026-27 revenue growth potential near 40%.

[BRIEFING.COM] The tech-heavy Nasdaq Composite (-0.44%) is in last place on Tuesday afternoon, down about 96 points.

Gold futures settled flat at $4,684.70/oz, as geopolitical tensions, particularly around U.S.-Iran developments, are supporting safe-haven demand but not prompting aggressive buying. At the same time, higher-for-longer rate expectations and a firm dollar are capping upside, leaving prices stuck in a holding pattern.

Meanwhile, the U.S. Dollar Index is now lower by about -0.2% to $99.84.

[BRIEFING.COM] The Dow Jones Industrial Average (-0.44%) is in second place on Tuesday afternoon, down about 204 points.

A look inside the DJIA shows that Nike (NKE 42.73, -1.30, -2.95%), Walmart (WMT 122.86, -3.93, -3.10%), and Home Depot (HD 317.23, -9.42, -2.88%) are some of today's top laggards.

Meanwhile, UnitedHealth (UNH 310.05, +28.69, +10.20%) rises firmly.

The DJIA now stands +0.27% higher month-to-date.

Elsewhere, U.S. Treasuries trade above their morning lows, but still below their starting levels, fighting to resist overall downward pressure, which comes alongside an extension in the rise of the price of oil. President Trump's 20:00 ET deadline for Iran is fast approaching, keeping geopolitical uncertainty at a high level. The market has received some recent support from today's $58 bln 3-yr note sale, which made for a strong start to this week's note auction slate. Today's sale drew a high yield of 3.897%, which stopped through the when-issued yield by more than a basis point while the bid-to-cover ratio (2.68x vs 2.61x average) and indirect takedown (74.8% vs 63.0% average) were above average.

[BRIEFING.COM] The stock market is once again being driven by fluctuating geopolitical tensions ahead of President Trump's 8:00 p.m. ET negotiation deadline with Iran.

The S&P 500 (-0.3%), Nasdaq Composite (-0.5%), and DJIA (-0.4%) are rebounding from their earlier lows that followed reports of fresh U.S. and Israeli strikes against Iran, President Trump's threat that a "whole civilization will die tonight" if a deal is not struck, and reports that Iran cut off communications with the U.S.

Stocks moved lower in broad fashion as oil climbed above the $116 per barrel mark, though recent updates have softened the losses. In particular, Iran's state-controlled media, Tehran Times, refuted claims that communications have ceased, while Axios reported that modest progress has been made regarding a ceasefire deal.

Currently, crude oil is up $2.17 (+1.9%) to $114.58 per barrel, off its earlier highs. The energy sector (+0.4%) has ceded the bulk of its earlier gains amid the retreat in oil prices, but remains one of just three S&P 500 sectors to hold a gain.

The defensive utilities sector (+0.5%) also garners some rotational interest, while the communication services sector (+0.5%) is supported by Alphabet's (GOOG 300.70, +3.04, +1.02%) gain, which makes it the only "magnificent seven" stock that trades higher today.

Alphabet benefits from announcing a long-term partnership with Broadcom (AVGO 331.97, +17.54, +5.58%) in which Broadcom will work to develop and supply custom Tensor Processing Units (TPUs) to Google.

Elsewhere in the sector, Paramount Skydance (PSKY 10.78, +0.93, +9.48%) sees an extension of yesterday's strength after it confirmed commitments from Saudi-wealth funds for its takeover of Warner Bros. Discovery (WBD 27.36, -0.04, -0.16%).

Mega-cap weakness elsewhere weighs on the major averages and keeps the consumer discretionary (-1.5%) and information technology (-0.5%) sectors lower, though the latter has seen considerable recent improvement.

Apple (AAPL 251.78, -7.08, -2.74%) is a notable laggard after Nikkei Asia reported that its foldable iPhone will likely be delayed due to engineering hurdles.

In other corporate news, managed care names such as UnitedHealth (UNH 309.39, +28.03, +9.96%) and Humana (HUM 197.04, +14.38, +7.88%) are rallying 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.

Outside of the S&P 500, the Russell 2000 (-0.3%) and S&P Mid Cap 400 (+0.1%) have also bounced off their previous lows.

With the deadline approaching and headlines continuing to shift, geopolitical uncertainty remains the dominant driver of market direction. Even if tonight's deadline is self-imposed, the risk of further escalation is likely to keep volatility elevated and oil prices supported, creating a continued headwind for equities.

Reviewing today's data:

• February Durable Orders -1.4% (Briefing.com consensus 0.5%); Prior was revised to -0.5% from 0.0%, February Durable Orders - ex transportation 0.8% (Briefing.com consensus 0.5%); Prior was revised to 0.3% from 0.4%
  
  • 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.

[BRIEFING.COM] The S&P 500 (-0.4%), Nasdaq Composite (-0.6%), and DJIA (-0.5%) have shed around half of their previous losses just after midday.

There is a glimmer of hope on the geopolitical front that contributes to the bounce, as Iran's state-controlled newspaper, Tehran Times, said via X, "Diplomatic and indirect channels of talks with the US are not CLOSED."

Additionally, President Trump left the door open for a potential off-ramp in a Truth Social post, writing, "now that we have Complete and Total Regime Change, where different, smarter, and less radicalized minds prevail, maybe something revolutionarily wonderful can happen, WHO KNOWS?"

Crude oil has retreated from its earlier highs, currently up $2.30 (+2.1%) to $114.71 per barrel.

[BRIEFING.COM] The major averages continue to trade firmly lower at midday. 

Managed care names are rallying 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.

CMS projected a 2.48% average increase in MA payments for CY27, equating to over $13 billion in additional funding. This compares to the preliminary estimate of just 0.09%, or ~$700 million, representing a significant upside surprise. This rate announcement provides a meaningful sentiment shift for the managed care group, which has been under pressure from a prolonged period of unfavorable rate updates and rising medical costs.

As a result, managed care names such as UnitedHealth (UNH 308.73, +27.37, +9.73%) and Humana (HUM 196.69, +14.04, +7.69%) are among the best-performing S&P 500 components today. However, the health care sector (-0.3%) still trades modestly lower as weakness is broad across the majority of its other components, with pharmaceutical names such as Merck (MRK 117.12, -3.73, -3.09%) and Pfizer (PFE 26.90, -0.93, -3.34%) among the underperformers.

[BRIEFING.COM] Stocks are mostly lower today as the likelihood of the U.S. and Iran reaching a ceasefire agreement before tonight's self-imposed deadline becomes increasingly unlikely. The S&P 500 (-0.9%), Nasdaq Composite (-1.3%), and DJIA (-0.8%) quickly ceded all of yesterday's strength and then some, while the Russell 2000 (-0.9%) and S&P Mid Cap 400 (-0.3%) are also lower. 

The Wall Street Journal reported that Iran has cut off all direct communications with Iran, though mediated discussions are still taking place. However, CNBC reported that a senior Pakistani official who is close to the negotiations between the U.S. and Iran has said, "There is no hope anything will be confirmed today."

Meanwhile, President Trump has ratcheted up his rhetoric, threatening "A whole civilization will die tonight" if a deal is not struck.

Oil prices have steadily climbed today, with crude oil currently up $4.00 (+3.5%) to $116.41 per barrel. The energy sector (+1.3%) holds a nice gain as a result, but the utilities sector (+0.3%) is the only other S&P 500 sector that trades higher.

Meanwhile, losses are most acute across some of the weightiest sectors, including the consumer discretionary (-2.1%) and information technology (-1.5%) sectors as mega-cap stocks lag today.

Escalating geopolitical tensions remain a key overhang. While tonight's deadline is self-imposed, it signals the risk of further escalation-an outcome that could keep oil prices elevated for longer and continue to pressure equities.

[BRIEFING.COM] The major averages remain firmly lower as the market is confronted with the idea that a ceasefire agreement will not be reached before tonight's deadline.

While geopolitical developments are driving the broader market, there are still a few notable corporate news items in the mix.

Broadcom (AVGO 323.13, +8.70, +2.77%)  is trading higher after announcing a long-term agreement with Alphabet (GOOG 298.16, +0.50, +0.17%) to develop and supply custom Tensor Processing Units (TPUs), marking a significant expansion of its role in hyperscale AI infrastructure.

The deal positions AVGO as a critical enabler of next-generation AI workloads, with custom silicon increasingly favored by cloud leaders seeking performance, efficiency, and cost advantages over off-the-shelf GPUs. The positive stock reaction reflects investor enthusiasm around the durability and scale of AI-driven revenue streams, as well as AVGO's deepening strategic ties with top-tier customers.

Additionally, AVGO disclosed a partnership with Anthropic to provide access to multiple gigawatts of TPU-based AI compute capacity beginning in 2027, further reinforcing its position in the AI compute ecosystem.

[BRIEFING.COM] The S&P 500 (-0.7%), Nasdaq Composite (-1.1%), and DJIA (-0.5%) have at least temporarily stabilized from their opening slide.

CNBC reports that a senior Pakistani official who is close to the negotiations between the U.S. and Iran has said that "there is no hope anything will be confirmed today."

Crude oil has passed the $116 per barrel mark, currently trading $4.11 (+3.7%) higher at $116.53 per barrel.

[BRIEFING.COM] The S&P 500 (-0.8%), Nasdaq Composite (-1.1%), and DJIA (-0.7%) have given back yesterday's modest gains as a risk-off disposition takes over today amid fading hopes for a ceasefire between the U.S. and Iran.

The two nations have until 8:00 p.m. ET tonight to strike an agreement, which will likely need to include the reopening of the Strait of Hormuz. If a deal is not met, President Trump has threatened the destruction of Iran's infrastructure.

Tehran Times posted on X, "Iran has closed all diplomatic and indirect channels of communication with the United States. Any and all message exchanges have also been suspended."

Crude oil is currently up $3.49 (+3.1%) to $115.91 per barrel.

As such, the energy sector (+1.5%) holds a solid early gain, while weakness is broad elsewhere.

The consumer discretionary sector (-1.6%) holds the widest loss with nearly all of its components trading lower and Tesla (TSLA 342.78, -10.04, -2.85%) seeing an extension of yesterday's weakness.

The top-weighted information technology sector (-1.3%) is also an early laggard, with Apple (AAPL 249.62, -9.24, -3.57%) facing a considerable retreat as well.

The stock market is on track for a lower opening this morning as hope for a ceasefire between the U.S. and Iran fades amid escalating attacks.

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.

Equity indices in the Asia-Pacific region ended Tuesday on a higher note while Hong Kong's Hang Seng remained closed for Easter. Japan sold 30-yr JGBs to weak demand despite a downsized auction. South Korea's policy chief said that South Korean chip fabricators have secured a four-month supply of helium. Samsung Electronics reported record results for Q1. The Reserve Bank of New Zealand and Reserve Bank of India will opine tomorrow, but policy changes are not expected.

• In economic data:
  • China's March FX Reserves $3.342 trln (expected $3.400 trln; last $3.428 trln)
  • Japan's February Leading Index 112.4, as expected (last 112.1) and Coincident Indicator -1.6% m/m (last 3.4%). February Household Spending 1.5% m/m (expected 2.6%; last -2.5%); -1.8% yr/yr (expected -0.8%; last -1.0%)
  • Australia's March Services PMI 46.3 (expected 46.6; last 52.8). March MI Inflation Gauge 1.3% m/m (last -0.2%) and March ANZ Job Advertisements -3.1% m/m (last 3.2%)

---Equity Markets---

• Japan's Nikkei: UNCH
• Hong Kong's Hang Seng: HOLIDAY
• China's Shanghai Composite: +0.3%
• India's Sensex: +0.7%
• South Korea's Kospi: +0.8%
• Australia's ASX All Ordinaries: +1.7%

Major European indices trade in mixed fashion after a four-day Easter weekend. European Central Bank policymaker Wunsch said that a lasting crisis could invite a series of rate hikes, and that he is open to a hike later this month while policymaker Radev said that it is too early to tell if an April rate hike is needed. Final March Services PMI readings from the region's major economies were mostly better than expected, though Italy (48.8) and France (48.8) reported contractionary readings.

• In economic data:
  • Eurozone's March Services PMI 50.2 (expected 50.1; last 51.9). April Sentix Investor Confidence -19.2 (expected -7.5; last -3.1)
  • Germany's March Services PMI 50.9 (expected 51.2; last 53.5)
  • U.K.'s March Services PMI 50.5 (expected 51.2; last 53.9)
  • France's March Services PMI 48.8 (expected 48.3; last 49.6)
  • Italy's March Services PMI 48.8 (expected 51.0; last 52.3)
  • Spain's March Services PMI 53.3 (expected 50.7; last 51.9)
  • Swiss March Foreign Reserves $721.2 bln (last $710.1 bln)

---Equity Markets---

• STOXX Europe 600: +0.1%
• Germany's DAX: -0.2%
• U.K.'s FTSE 100: -0.3%
• France's CAC 40: +0.2%
• Italy's FTSE MIB: +0.1%
• Spain's IBEX 35: +0.1%

The S&P 500 futures currently trade 29 points below fair value.

Just released, Durable goods orders decreased 1.4% month-over-month in February (Briefing.com consensus 0.5%) after a downwardly revised 0.5% decrease (from 0.0%) in January.

Excluding transportation, durable goods orders rose 0.8% month-over-month (Briefing.com consensus 0.5%) after increasing a revised 0.3% (from 0.4%) in January.

Equity futures point to a lower opening this morning as tensions between the U.S. and Iran are escalating ahead of tonight's 8:00 p.m. ET deadline for striking a deal.

Stocks are coming off a quiet session that offered little in the way of new geopolitical developments, with the major averages notching modest gains as oil prices saw just a modest bump. Sentiment has shifted this morning, with The Wall Street Journal reporting that negotiators are no longer confident that a deal can be reached before tonight's deadline, which President Trump has threatened will result in the bombing of Iranian power plants and bridges.

Bloomberg reports that the U.S. and Israel have already initiated another wave of strikes against Iran, with Axios reporter Barak Ravid adding, "The U.S. military conducted strikes on military targets on Kharg island, U.S. official says."

Crude oil is currently up $2.48 (+2.2%) to $114.89 per barrel.

Corporate news flow is once again on the lighter side as geopolitical developments take center stage.

On the data front, investors will receive February Durable Orders (Briefing.com consensus 0.5%) at 8:30 a.m. ET, and February Consumer Credit (Briefing.com consensus $7.0 billion) at 3:00 p.m. ET.

In corporate news:

• SpaceX is considering a June roadshow for its IPO, according to Reuters.
• Anthropic is in discussions to invest $200 billion in a private equity venture, according to The Wall Street Journal.
• Apple's (AAPL 256.53, -2.33, -0.9%) foldable iPhone could have shipment delays due to engineering issues, according to Nikkei.

Equity indices in the Asia-Pacific region ended Tuesday on a higher note while Hong Kong's Hang Seng remained closed for Easter. Japan's Nikkei: UNCH, Hong Kong's Hang Seng: HOLIDAY, China's Shanghai Composite: +0.3%, India's Sensex: +0.7%, South Korea's Kospi: +0.8%, Australia's ASX All Ordinaries: +1.7%.

In news:

• Japan sold 30-yr JGBs to weak demand despite a downsized auction.
• South Korea's policy chief said that South Korean chip fabricators have secured a four-month supply of helium.
• Samsung Electronics reported record results for Q1.
• The Reserve Bank of New Zealand and Reserve Bank of India will opine tomorrow, but policy changes are not expected.

In economic data:

• China's March FX Reserves $3.342 trln (expected $3.400 trln; last $3.428 trln)
• Japan's February Leading Index 112.4, as expected (last 112.1) and Coincident Indicator -1.6% m/m (last 3.4%). February Household Spending 1.5% m/m (expected 2.6%; last -2.5%); -1.8% yr/yr (expected -0.8%; last -1.0%)
• Australia's March Services PMI 46.3 (expected 46.6; last 52.8). March MI Inflation Gauge 1.3% m/m (last -0.2%) and March ANZ Job Advertisements -3.1% m/m (last 3.2%)

Major European indices trade in mixed fashion after a four-day Easter weekend. STOXX Europe 600: -0.2%, Germany's DAX: -0.2%, U.K.'s FTSE 100: -0.1%, France's CAC 40: +0.53%, Italy's FTSE MIB: +0.3%, Spain's IBEX 35: +0.2%.

In news:

• European Central Bank policymaker Wunsch said that a lasting crisis could invite a series of rate hikes, and that he is open to a hike later this month while policymaker Radev said that it is too early to tell if an April rate hike is needed.
• Final March Services PMI readings from the region's major economies were mostly better than expected, though Italy (48.8) and France (48.8) reported contractionary readings.

In economic data:

• Eurozone's March Services PMI 50.2 (expected 50.1; last 51.9). April Sentix Investor Confidence -19.2 (expected -7.5; last -3.1)
• Germany's March Services PMI 50.9 (expected 51.2; last 53.5)
• U.K.'s March Services PMI 50.5 (expected 51.2; last 53.9)
• France's March Services PMI 48.8 (expected 48.3; last 49.6)
• Italy's March Services PMI 48.8 (expected 51.0; last 52.3)
• Spain's March Services PMI 53.3 (expected 50.7; last 51.9)
• Swiss March Foreign Reserves $721.2 bln (last $710.1 bln)

[BRIEFING.COM] The S&P 500 (+0.4%), Nasdaq Composite (+0.5%), and DJIA (+0.4%) recorded modest gains to start the week, trading in a stable range throughout the day amid a relatively quiet session.

There were no material changes surrounding negotiations between the U.S. and Iran, which kept both oil prices and stocks free from any major swings today. Axios reported that the U.S. and Iran were involved in mediated discussions for a potential 45-day ceasefire, but later reports stated that Iran is not interested in a temporary solution.

In a 1:00 p.m. ET press conference, President Trump reiterated his threat of strikes against Iranian power plants and bridges if a deal is not negotiated before the previously imposed deadline of Tuesday at 8:00 p.m. ET. The press conference was relatively devoid of any new developments, and while the major averages dipped toward their baselines in reaction to the threat of further escalation, they quickly reclaimed their modest gains.

Crude oil futures settled today's session $0.77 higher (+0.7%) at $112.25 per barrel.

Strength across the stock market was broad, though the gains were largely modest in nature.

The consumer discretionary sector (+0.8%) notched the widest gain, supported by gains in nearly all of its components that overshadowed a weak showing from Tesla (TSLA 352.82, -7.77, -2.15%).

The energy sector (+0.8%) captured a similar gain amid the modest increase in oil prices.

Memory storage names saw another day of sharp gains after Morgan Stanley reaffirmed its Overweight rating for Seagate Tech (STX 453.30, +23.94, +5.58%) and Western Digital (WDC 304.15, +9.18, +3.11%), helping the PHLX Semiconductor Index finish 1.1% higher while the broader information technology sector gained 0.5%.

Meanwhile, the utilities (-0.4%), health care (-0.4%), and materials (-0.4%) sectors finished modestly lower.

Outside of the S&P 500, the Russell 2000 (+0.4%) and S&P Mid Cap 400 (+0.5%) posted similar gains to those of the major averages.

Corporate news flow was on the lighter side today, though there was some merger and acquisition activity with Neurocrine Biosciences (NBIX 132.48, +0.88, +0.67%) agreeing to acquire Soleno Therapeutics (SLNO 52.26, +12.77, +32.34%) for $53 per share in cash.

Altogether, some lingering optimism remains that a last-minute ceasefire agreement could still be reached. However, a cautious tone continues to prevail, keeping the S&P 500 and DJIA pinned just below their 200-day moving averages, while the Nasdaq Composite remains further behind.

U.S. Treasuries began the week in mixed fashion with relative strength in longer tenors allowing the long bond to reclaim its loss from Friday's abbreviated session while the short end underperformed, extending Friday's losses. Those losses were incurred in reaction to the Employment Situation report for March, which beat headline expectations by a wide margin, masking some softness on the earnings side. The 2-year note yield settled up two basis points to 3.85%, and the 10-year note yield settled down two basis points to 4.33%.

• S&P Mid Cap 400: +3.6% YTD
• Russell 2000: +2.4% YTD
• DJIA: -2.9% YTD
• S&P 500: -3.4% YTD
• Nasdaq Composite: -5.4% YTD

Reviewing today's data:

• March ISM Non-Manufacturing Index 54.0% (Briefing.com consensus 54.9%); Prior 56.1%
  
  • The key takeaway from the report is that the services sector remained in expansion, but the Employment Index returned to contraction while the Prices Index saw its biggest one-month increase in over 13 years. This combination will present a headwind to growth, especially if it persists in the coming months.