Briefing

-

  • Market Snapshot

    • Dow: 46122.95, down 84.41 (-0.18%)
    • Nasdaq: 21761.90, down 184.87 (-0.84%)
    • SP 500: 6558.36, down 24.63 (-0.37%)
    • NYSE: Advancers 1360, Decliners 1394, Volume 1.41 bln
    • Nasdaq: Advancers 1864, Decliners 2883, Volume 8.55 bln

  • Industry Watch

    • Strong: Energy, Utilities, Consumer Staples, Materials, Financials, Industrials
    • Weak: Communication Services, Information Technology, Consumer Discretionary, Real Estate

  • Moving the Market

    • Oil rebounds off of yesterday's lows
    • Iran continues to deny involvement in negotiations with the U.S., though contact via mediators was reported
    • Weakness across mega-cap stocks; broader market mostly higher

  • Market Summary

    • Major U.S. averages (S&P 500, Nasdaq, DJIA) finished lower.
    • Geopolitical developments in the Middle East, rising yields, and a rebound in oil prices weighed on sentiment.
    • Weakness in mega-cap stocks prevented a sustained market recovery, despite broader market participation.
    • Oil prices rebounded +4.7% to $92.29/barrel due to ongoing uncertainty.
    • Strong sectors: Energy (+2.1%), Materials (+1.7%) (led by chemical/fertilizer names), Utilities (+0.7%).
    • Weak sectors: Communication Services (-2.5%), Information Technology (-0.7%).
    • Notable individual stock movements:
      • Decliners: Alphabet (-3.28%), Estee Lauder (-9.86%), Microsoft (-2.68%), Coinbase Global (-9.33%), The Trade Desk (-6.60%), Gartner (-6.40%).
      • Gainers: Lumentum (+10.02%), Corning (+8.49%), Dell (+7.53%), Apple (+0.33%), Tesla (+0.89%).
    • The S&P 500 Equal Weighted Index (+0.1%) outperformed the market-weighted S&P 500 (-0.4%), and small/mid-caps (Russell 2000 +0.5%, S&P Mid Cap 400 +0.8%) also outperformed.
    • U.S. Treasuries gave back Monday's gains, with yields rising to fresh 2026 intraday highs (10-year note yield settled up 6 bps to 4.39%).
    • Gold slipped due to a stronger U.S. dollar and elevated Treasury yields, as Fed rate-cut expectations receded.

  • Economic Data

    • Q4 Productivity: Revised 1.8% (prior revised 4.9%)
    • Q4 Unit Labor Costs: Revised 4.4% (prior revised -1.9%), contributing to the Fed's reticence to cut rates.
    • March S&P Global U.S. Manufacturing PMI: Prelim 52.4 (vs. 51.6 prior)
    • March S&P Global U.S. Services PMI: Prelim 51.1 (vs. 51.7 prior)

Comments

Post a Comment