[BRIEFING.COM] The major averages continue to chart session lows with just half an hour left in the session. 

Crude oil futures settled today's session $2.41 higher (+2.5%) at $98.12 per barrel. CBS News reported that the Pentagon is making preparations for the use of ground forces inside of Iran. 

[BRIEFING.COM] The S&P 500 (-1.6%), Nasdaq Composite (-2.1%), and DJIA (-1.1%) are charting session lows as the market enters the final hour of this week's action. 

Losses have widened across most sectors, with the top-weighted information technology sector (-2.1%) now trading in negative week-to-date territory. 

Semiconductor names are under pressure this week, with the PHLX Semiconductor Index down 3.2% today. Memory storage stocks such as Sandisk (SNDK 709.03, -63.06, -8.17%) and Western Digital (WDC 294.97, -21.96, -6.93%) have given up roughly half of this week's gains today, while Micron (MU 421.96, -22.31, -5.02%) sees an extension of its post-earnings slide. 

[BRIEFING.COM] The S&P 500 (-1.36%) is in second place on Friday afternoon, down about 90 points.

Briefly, S&P 500 constituents Vistra Corp. (VST 150.96, -16.18, -9.68%), Sandisk (SNDK 706.46, -65.63, -8.50%), and Mosaic (MOS 24.13, -2.07, -7.90%) dot the bottom of the average. For its part, MOS falls after being downgraded by BofA Securities and Freedom Capital this morning.

Meanwhile, Dell (DELL 163.22, +6.46, +4.12%) holds firm atop the average as shares of Super Micro Computer (SMCI 21.27, -9.52, -30.92%) plunge on export-control charges, driving expectations that customers may shift server demand toward competitors like Dell and Hewlett Packard Enterprise (HPE 21.72, -0.40, -1.81%).

[BRIEFING.COM] The Nasdaq Composite (-1.52%) is in last place on Friday afternoon, down about 335 points.

Gold futures settled $30.80 lower (-0.7%) at $4,574.90/oz, down about -9.6% on the week, owing to a stronger U.S. dollar and rising Treasury yields, driven by elevated inflation concerns and a "higher-for-longer" Fed outlook, continued to pressure prices. Despite ongoing geopolitical tensions, investor outflows and a shift toward cash and dollar assets have outweighed safe-haven demand, leaving gold sharply lower on the week.

Meanwhile, the U.S. Dollar Index adds about +0.4% to $99.57.

[BRIEFING.COM] The Dow Jones Industrial Average (-0.39%) is down about 180 points this afternoon.

A look inside the DJIA shows that Honeywell (HON 221.66, -7.37, -3.22%), Boeing (BA 196.40, -4.78, -2.38%), and NVIDIA (NVDA 175.28, -3.28, -1.84%) are underperforming.

Meanwhile, Goldman Sachs (GS 823.17, +13.67, +1.69%) stands atop the average.

The DJIA is poised to end the week -1.54% lower.

Also, at the top of the hour, Baker Hughes (BKR 60.77, +0.06, +0.10%) announced a weekly U.S. rotary rig count of 552, -1 w/w and -41 yr/yr.

[BRIEFING.COM] The S&P 500 (-0.7%), Nasdaq Composite (-1.2%), and DJIA (-0.3%) face broad pressure today as rising oil prices and Treasury yields push the indices further below their respective 200-day moving averages. 

There was some opening strength in the broader market that briefly sent the DJIA into slightly positive territory as oil moved lower. The early enthusiasm quickly waned following a Wall Street Journal report that the Pentagon is sending three warships and thousands of additional troops to the Middle East. The stock market pared some of yesterday's weakness late in the session following comments from Israeli Prime Minister Benjamin Netanyahu that the war could be over sooner than expected, so it is not surprising that a potential escalation in the conflict has been received negatively by the market. 

Crude oil is currently up $1.80 (+1.9%) to $97.35 per barrel, and once again the energy sector (+1.4%) is today's top performer, extending this week's gains to 4.1%. 

The financials sector (+0.6%) has climbed to session highs, supported by modest gains across major banking names and the outperformance of insurance stocks such as Marsh McLennan (MRSH 175.98, +5.08, +2.97%) and Aon (AON 324.67, +7.68, +2.42%). 

Meanwhile, the other nine S&P 500 sectors trade lower. 

The utilities sector (-2.3%) now holds the widest loss after opening in slightly positive territory. All of the sector's components trade lower, and Vistra Corp. (VST 156.29, -10.85, -6.49%) is one of the worst-performing S&P 500 names today. 

The real estate sector (-2.0%) holds a similar loss, which coincides with a sharp move in Treasury yields today. The 10-year note yield is currently up ten basis points to 4.38%. 

Mega-cap stocks are under pressure today, which weighs on the information technology (-1.4%), communication services (-1.4%), and consumer discretionary (-1.1%) sectors. All seven of the "magnificent seven" stocks trade lower, and five are down more than 1.0%. The Vanguard Mega Cap Growth ETF is down 1.0%. 

Elsewhere in the information technology sector, shares of Super Micro Computer (SMCI 21.92, -8.86, -28.79%) have plummeted after CNBC reported that a few employees were charged with smuggling chips into China.

Outside of the S&P 500, the Russell 2000 (-1.4%) and S&P Mid Cap 400 (-1.6%) trail the major averages. 

So far, rising oil prices, higher Treasury yields, and escalating geopolitical tensions have kept pressure on equities, reinforcing a risk-off tone. With the major averages now firmly below their 200-day moving averages, sentiment appears fragile as investors weigh the potential for further escalation in the Middle East.

There is no economic data of note today. 

[BRIEFING.COM] The S&P 500 (-0.8%), Nasdaq Composite (-1.3%), and DJIA (-0.6%) continue to trade in a relatively tight range near their session lows. 

Chevron (CVX 204.48, +3.04, +1.51%) is trading at its all-time highs since its merger with Texaco in 2000, according to CNBC. The stock is up 9.5% month-to-date in March, which coincides with the beginning of the war in Iran. The stock is up 34.2% year-to-date, while the S&P 500 is down 4.3% over the same time period. 

The S&P 500 entered today's session less than half of a percentage point below its 50-day moving average of 6,622 but now sits 1.1% below the key technical level. 

[BRIEFING.COM] The major averages continue to trade a touch above their session lows at midday. 

The financials sector (+0.2%) has spent the session wrestling with its unchanged level, making it a relative outperformer amid today's broad weakness. Insurance names such as Arthur J. Gallagher (AJG 215.02, +5.34, +2.55%) and Aon (AON 325.14, +8.14, +2.57%) are among the outperformers, while major banking names trade mostly higher, though the gains are more modest. 

However, asset manager names including Blackstone (BX 110.64, -2.83, -2.49%) and BlackRock (BLK 957.85, -11.75, -1.21%) are underperforming as private credit concerns continue to drive volatility across the group. 

[BRIEFING.COM] The stock market is under broad pressure again today, sending the S&P 500 (-0.8%), Nasdaq Composite (-1.2%), and DJIA (-0.6%) further below their respective 200-day moving averages. 

There was a flurry of fairly broad buying activity shortly after the open with as many as eight S&P 500 sectors trading higher as oil moved lower. The gains briefly sent the DJIA above its flatline, though the Nasdaq Composite and S&P 500 lagged as mega-cap and tech stocks have struggled since the open. The Vanguard Mega Cap Growth ETF is down 1.3%. 

Stocks moved to session lows following a Wall Street Journal report that the Pentagon is sending three warships and thousands of additional troops to the Middle East. Lingering concerns that the conflict with Iran will be prolonged and continue to disrupt global oil supplies weighed on the broader market, leaving just the energy sector (+1.5%) in positive territory.

Crude oil is currently up $1.04 (+1.1%) to $96.61 per barrel. 

Meanwhile, the information technology (-1.4%), communication services (-1.4%), and consumer discretionary (-1.2%) sectors hold comparable losses amid the weakness in mega-cap names, while the real estate sector (-2.1%) trades even lower as Treasury yields rise today. The 10-year note yield is currently up eleven basis points to 4.39%. 

[BRIEFING.COM] The major averages are little changed from previous levels, holding near session lows. 

FedEx (FDX 361.90, +5.79, +1.63%) is trading higher after reporting strong upside results for its Q3 (Feb) report, including a sizable EPS and revenue beat. The company also raised its full-year adjusted EPS and revenue guidance, reflecting solid execution despite several operational headwinds. Revenue increased 8.3% year-over-year to $24.00 billion, marking its strongest growth rate in four years, driven by yield and volume strength across nearly all package services.

FedEx delivered an impressive Q3 performance, highlighted by its strongest revenue growth in years and solid margin expansion at its core Federal Express segment. The results underscore the company's ability to execute on its strategy of prioritizing higher-margin services while maintaining disciplined cost control, even in the face of meaningful disruptions like the MD-11 grounding and macro-driven trade volatility.

[BRIEFING.COM] The S&P 500 (-0.9%), Nasdaq Composite (-1.3%), and DJIA (-0.6%) continue to sink lower this morning following a Wall Street Journal report that the Pentagon will send three warships and thousands of additional troops to the Middle East. 

The report also notes that Iran has claimed recent strikes have not halted its weapons production. 

[BRIEFING.COM] The S&P 500 (-0.7%), Nasdaq Composite (-1.2%), and DJIA (-0.3%) are charting a lwoer course this morning. 

There are a handful of S&P 500 sectors that trade higher this morning, though the modest gains are outweighed by weakness in mega-cap and tech stocks, which weigh on the Nasdaq Composite in particular. 

The consumer discretionary (-1.3%), communication services (-1.2%), and information technology (-1.3%) are the early laggards, holding losses comparable to that of the Vanguard Mega Cap Growth ETF (-1.3%). All of the "Magnificent Seven" stocks trade lower, with Tesla (TSLA 372.75, -7.55, -1.99%) once again underperforming. 

Software stocks are also under renewed pressure, sending the iShares GS Software ETF (-2.1%) lower. 

Meanwhile, Super Micro Computer (SMCI 22.66, -8.13, -26.41%) is the worst-performing S&P 500 stock after CNBC reported that a few employees were charged with smuggling chips into China. 

Elsewhere, the energy sector (+0.9%) outperforms as crude oil rises above its flatline, currently up $0.26 (+0.3%) to $95.81 per barrel.

The defensive consumer staples (+0.3%), health care (+0.1%), and utilities (+0.1%) also trade slightly higher amid the weakness in technology today. 

The stock market is on track for a lower opening this morning as rising treasury yields, depleted rate cut hopes, and volatility in the oil market continue to weigh on sentiment.

Fed Governor Christopher Waller (voting FOMC member) told CNBC in an interview that it looks like oil prices will stay higher for longer, making inflation more of a concern, adding that if oil stays high, it could bleed into core inflation.

The S&P 500 futures currently trade 13 points below fair value. 

Equity indices in the Asia-Pacific region had a mixed finish to the week while Japan's Nikkei was closed for a holiday. China Securities Journal reported that the Chinese government may reform the consumption tax to increase local income. The People's Bank of China made no changes to its one-year (3.00%) and five-year (3.50%) loan prime rates. Australia is scrambling to increase the domestic supply of fuel. Meanwhile, weakness in Australian debt sent its 10-yr yield past the 5.000% mark to a level not seen since mid-2011.

• In economic data:
  • China's February FDI -5.7% YTD (last -5.7%)
  • Hong Kong's February CPI 0.5% m/m (last 0.2%); 1.7% yr/yr (expected 1.6%; last 1.1%)
  • Singapore's Q4 Unemployment Rate 2.0%, as expected (last 2.0%)
  • New Zealand's February trade deficit NZD257 mln (expected deficit of NZD740 mln; last deficit of NZD627 mln). February Credit Card Spending -1.1% yr/yr (last 0.9%)

---Equity Markets---

• Japan's Nikkei: CLOSED 
• Hong Kong's Hang Seng: -0.9%
• China's Shanghai Composite: -1.2%
• India's Sensex: +0.4% 
• South Korea's Kospi: +0.3%
• Australia's ASX All Ordinaries: -0.7%

Major European indices are looking for a mostly upbeat finish to a down week. Expectations for a June rate hike from the European Central Bank are solidifying with the market speculating that a hike could come as soon as April. The spread between Brent crude and WTI crude approached $21/bbl overnight, the widest level seen since early 2013. Spain will reduce its taxes on fuel. Unilever may sell its food unit to McCormick.

• In economic data:
  • Eurozone's January trade deficit EUR1.9 bln (expected surplus of EUR12.8 bln; last surplus of EUR11.2 bln). Current Account surplus EUR37.9 bln (expected surplus of EUR17.2 bln; last surplus of EUR14.6 bln)
  • Germany's February PPI -0.5% m/m (expected 0.3%; last -0.6%); -3.3% yr/yr (expected -2.7%; last -3.0%)
  • U.K.'s February Public Sector Net Borrowing GBP14.30 bln (expected GBP8.70 bln; last -GBP31.9 bln). March CBI Industrial Trends Orders -27 (expected -30; last -28)
  • Italy's January trade surplus EUR1.089 bln (expected surplus of EUR5.65 bln; last surplus of EUR5.993 bln)

---Equity Markets---

• STOXX Europe 600: +0.4% 
• Germany's DAX: +0.2%
• U.K.'s FTSE 100: +0.3%
• France's CAC 40: +0.3% 
• Italy's FTSE MIB: +0.3%
• Spain's IBEX 35: +0.9%

The S&P 500 futures currently trade 20 points below fair value.

Bloomberg reports that Unilever PLC (UL 62.27, +0.76. +1.2%) is engaged in discussions to sell its food business to McCormick and Co. (MKC 53.98, -0.07, -0.1%).

Elsewhere, International Energy Agency Chief Fatih Birol, in an interview, said it could take six months to restore oil flow in the Persian Gulf, according to Financial Times. 

Equity futures point to a lower opening this morning after stocks finished mostly lower in yesterday's action.

The major averages traded in a relatively stable range below their baselines for most of the session but trimmed their losses late in the afternoon in response to commentary from Israeli Prime Minister Benjamin Netanyahu, who said that Israel will assist the U.S. in reopening the Strait of Hormuz and that the war with Iran will be over sooner than people think. 

The Wall Street Journal reports that the U.S. and its allies have begun operations to reopen the Strait of Hormuz. Oil prices are seeing some relief this morning, with crude oil currently down $1.53 (-1.6%) to $94.02, but it has done little to keep equity futures from ticking lower. 

The major averages enter today's session firmly lower for the week. More importantly, each index sits below its respective 200-day moving average, with the S&P 500 failing to close above the key technical mark despite briefly trading above it yesterday afternoon. 

There is no economic data of note today. 

In corporate news:

• Airlines are developing contingency plans for jet fuel shortages, according to Financial Times. 
• OpenAI to introduce desktop "SuperApp," according to The Wall Street Journal. 
• FedEx (FDX 382.00, +25.89, +7.3%) beat EPS expectations by $1.10, beat revenue expectations, and guided FY26 EPS and revenues above consensus. 
• Super Micro Computer (SMCI 22.70, -8.09, -26.3%) trades sharply lower in the premarket after the company's cofounder and employee were charged with smuggling NVIDIA (NVDA 177.55, -1.01, -0.6%) chips into China, according to CNBC.

Equity indices in the Asia-Pacific region had a mixed finish to the week while Japan's Nikkei was closed for a holiday. Japan's Nikkei: CLOSED, Hong Kong's Hang Seng: -0.9%, China's Shanghai Composite: -1.2%, India's Sensex: +0.4%, South Korea's Kospi: +0.3%, Australia's ASX All Ordinaries: -0.7%.

In news:

• China Securities Journal reported that the Chinese government may reform the consumption tax to increase local income.
• The People's Bank of China made no changes to its one-year (3.00%) and five-year (3.50%) loan prime rates.
• Australia is scrambling to increase the domestic supply of fuel. Meanwhile, weakness in Australian debt sent its 10-yr yield past the 5.000% mark to a level not seen since mid-2011.

In economic data:

• China's February FDI -5.7% YTD (last -5.7%)
• Hong Kong's February CPI 0.5% m/m (last 0.2%); 1.7% yr/yr (expected 1.6%; last 1.1%)
• Singapore's Q4 Unemployment Rate 2.0%, as expected (last 2.0%)
• New Zealand's February trade deficit NZD257 mln (expected deficit of NZD740 mln; last deficit of NZD627 mln). February Credit Card Spending -1.1% yr/yr (last 0.9%)

Major European indices are looking for a mostly upbeat finish to a down week. STOXX Europe 600: +0.3%, Germany's DAX: +0.1% U.K.'s FTSE 100: +0.2%, France's CAC 40: +0.3%, Italy's FTSE MIB: +0.4%, Spain's IBEX 35: +0.9%.

In news:

• Expectations for a June rate hike from the European Central Bank are solidifying with the market speculating that a hike could come as soon as April.
• The spread between Brent crude and WTI crude approached $21/bbl overnight, the widest level seen since early 2013.
• Spain will reduce its taxes on fuel. Unilever may sell its food unit to McCormick.

In economic data:

• Eurozone's January trade deficit EUR1.9 bln (expected surplus of EUR12.8 bln; last surplus of EUR11.2 bln). Current Account surplus EUR37.9 bln (expected surplus of EUR17.2 bln; last surplus of EUR14.6 bln)
• Germany's February PPI -0.5% m/m (expected 0.3%; last -0.6%); -3.3% yr/yr (expected -2.7%; last -3.0%)
• U.K.'s February Public Sector Net Borrowing GBP14.30 bln (expected GBP8.70 bln; last -GBP31.9 bln). March CBI Industrial Trends Orders -27 (expected -30; last -28)
• Italy's January trade surplus EUR1.089 bln (expected surplus of EUR5.65 bln; last surplus of EUR5.993 bln)

[BRIEFING.COM] The stock market saw an extension of yesterday's losses, though some late-session geopolitical developments helped the major averages finish well off their session lows. The S&P 500 (-0.3%), Nasdaq Composite (-0.3%), and DJIA (-0.4%) finished just modestly lower, though the S&P 500 failed to close above its 200-day moving average (6,619). 

The S&P 500 moved above the key technical level during the brief stint that the major averages spent in positive territory late in the session. The move was prompted by commentary from Israel's Prime Minister Benjamin Netanyahu, who stated at a press conference that Iran "can no longer enrich uranium" or "manufacture ballistic missiles," according to The Times of Israel. Mr. Netanyahu also noted that Israel is helping U.S. efforts to reopen the Strait of Hormuz, adding that the war will be over sooner than people think.

Crude oil, which settled today's session $0.29 higher (+0.3%) at $95.71 per barrel, moved lower in response, currently trading $1.32 (-1.4%) lower at $94.14 per barrel. Oil traded higher early in the session following a Wall Street Journal report that Iranian missiles caused extensive damage to a liquefied natural gas hub in Qatar. 

While stocks finished off their session lows, the energy sector (+1.5%) was the only S&P 500 sector to secure a gain today. 

The top-weighted information technology sector was able to finish flat after trading with a modest loss for most of the session. The sector was supported by another strong performance from Ciena (CIEN 412.66, +27.40, +7.11%), which extended its week-to-date gain to 22.3%.

Semiconductor stocks also performed relatively well, with the PHLX Semiconductor Index finishing 0.8% higher. Micron (MU 444.27, -17.46, -3.78%) was a laggard after its earnings report despite blowing away analyst expectations but succumbed to profit-taking after a strong rally this year and skepticism around massive capital expenditure plans. 

The financials sector also managed to finish on its flat line, with relative strength across major banking names. 

Meanwhile, the materials sector (-1.6%) faced the widest retreat. Newmont Corporation (NEM 99.13, -7.41, -6.96%) was among the worst-performing S&P 500 names today as gold futures settled $290.50 lower (-5.9%) at $4,605.70 per ounce. 

Continued geopolitical volatility around shipping in the Middle East also weighed on fertilizer names such as Mosaic (MOS 26.20, -1.58, -5.69%). 

The consumer discretionary sector (-0.9%) also saw an extension of yesterday's weakness, with Tesla's (TSLA 380.30, -12.48, -3.18%) weakness overshadowing mixed strength across the sector's other components. 

Outside of the S&P 500, the Russell 2000 (+0.7%) and DJIA (+0.3%) outperformed the major averages, ending the day in positive territory following late-session commentary from Prime Minister Netanyahu. 

The late-session bounce highlights the market's sensitivity to geopolitical headlines, but the S&P 500's failure to close back above its 200-day moving average suggests conviction remains limited as the market adjusts to the new rate cut outlook, which was significantly pushed back after yesterday's FOMC meeting. Ongoing volatility in energy prices is likely to keep investors on edge in the near term. 

U.S. Treasuries had a rough overnight session, reacting negatively to rising oil prices and the stark realization that rate cuts from the Fed (and other central banks) are going to be pushed out due to the uncertainty surrounding the war with Iran (the BOJ, BOE, Swiss National Bank, and ECB followed the Fed in voting to keep their policy rates unchanged). There was a nice reversal from early highs, however, driven by technical buying support and short-covering activity. The 2-year note yield settled up eight basis points to 3.83%, and the 10-year note yield settled up two basis points to 4.28%. 

• S&P Mid Cap 400: +2.0% YTD
• Russell 2000: +0.5% YTD
• S&P 500: -3.5% YTD
• DJIA: -4.3% YTD
• Nasdaq Composite: -5.0% YTD

Reviewing today's data:

• Weekly Initial Claims 205K (Briefing.com consensus 215K); Prior 213K, Weekly Continuing Claims 1.857 mln; Prior was revised to 1.847 mln from 1.850 mln
  • The key takeaway from the report is that the low level of initial jobless claims will keep the Fed preoccupied for now with the inflation side of its mandate, which is to say it won't be inclined to cut rates.
• March Philadelphia Fed Index 18.1 (Briefing.com consensus 4.7); Prior 16.3
• January New Home Sales 587K (Briefing.com consensus 719K); Prior was revised to 712K from 745K
  • The key takeaway from the report is that sharp declines were registered in all regions, despite declines in both median and average selling prices, which suggests some demand attrition in the face of elevated mortgage rates and perhaps burgeoning concerns about job security.
• January Wholesale Inventories -0.5% (Briefing.com consensus 0.2%); Prior was revised to -0.1% from 0.2%
• January Leading Economic Index -0.1%; Prior -0.2%