Stock Market Update

[BRIEFING.COM] Stocks posted a strong performance today, with the S&P 500 (+0.8%), Nasdaq Composite (+1.3%), and DJIA (+0.5%) finishing higher across the board for the first time this week. After pronounced volatility in previous sessions, the market trended higher with relative ease today as mega-cap and tech stocks provided strong leadership against a backdrop of broad strength. 

Futures pointed higher this morning as oil prices showed some relief from two consecutive sessions of sharp increases. While the conflict in Iran continues into its fifth day, Treasury Secretary Scott Bessent told CNBC that the Trump administration will be making a series of announcements to mitigate the rise in oil prices. Crude oil futures still settled $0.12 higher (+0.2%) at $74.70 per barrel, though the advance was minimal compared to the outsized gains seen earlier this week.

The market also received several solid economic data readings today, which were particularly welcome, as the recent spike in oil prices has prompted some inflation concerns. The February ISM Non-Manufacturing Index (56.1%; Briefing.com consensus 53.9%) showed solid growth, while the Fed's release of its March Beige Book showed that economic expectations were optimistic, with most districts expecting slight to moderate growth in the coming months.

Strength was broad today, led by the consumer discretionary sector (+2.2%), which moved back into positive territory for the year. 

Amazon (AMZN 216.82, +8.09, +3.88%) and Tesla (TSLA 406.04, +13.61, +3.47%) provided exceptional leadership amid a strong day for the market's weightiest components, which saw the Vanguard Mega Cap Growth ETF finish 1.1% higher. 

Ross Stores (ROST 213.52, +15.88, +8.03%) finished even higher as investors reacted positively to an impressive beat-and-raise earnings report. 

In line with today’s rotation back into growth-oriented sectors, the information technology sector (+1.3%) was the other notable standout in today's trade. 

Semiconductor names rebounded from yesterday's sharp retreat, with particular strength across memory storage names such as Sandisk (SNDK 599.06, +33.65, +5.95%) and Micron (MU 400.77, +21.09, +5.55%). Broadcom (AVGO 317.53, +3.69, +1.18%) also captured a nice gain ahead of its earnings release this evening, and the PHLX Semiconductor Index finished 1.9% higher. 

Meanwhile, this week's rebound across software names extended into today's session, sending the iShares GS Software ETF 1.8% higher. 

Gains were limited to 0.6% or less across the remaining six S&P 500 sectors that finished higher, with most sectors trading in a relatively stable range throughout the day. 

The energy sector (-0.7%) lagged as oil prices plateaued today, while the consumer staples (-0.5%) and materials (-0.1%) sectors also finished modestly lower. 

It is worth noting that today's rebound in equities happened alongside a nearly 7% rally in Bitcoin, with the cryptocurrency currently trading above the $73,000 mark. Coinbase Global (COIN 208.93, +26.57, +14.57%) was one of the best-performing S&P 500 names today.

Outside of the S&P 500, the Russell 2000 (+1.1%) performed in line with the major averages, while the S&P Mid Cap 400 (+0.1%) eked out a slight gain. 

Ultimately today's session saw the market breathe a sigh of relief after heightened volatility to start the week. A stalling of oil's sharp increase combined with a handful of solid economic data readings provided a supportive backdrop for investors to step in to recent weakness, with solid leadership from mega-cap names giving the market a lift at the index level. 

U.S. Treasuries endured an extension of this week's losses with some intraday divergence as the long bond recovered some of its starting loss while shorter tenors underperformed after upbeat economic data. The 2-year note yield settled up four basis points to 3.54%, and the 10-year note yield settled up two basis points to 4.08%. 

• S&P Mid Cap 400: +7.2% YTD
• Russell 2000: +6.2% YTD
• DJIA: +1.4% YTD
• S&P 500: +0.4% YTD
• Nasdaq Composite: -1.9% YTD

Reviewing today's data:

• Weekly MBA Mortgage Applications Index 11.0%; Prior 0.4%
• February ADP Employment Change 63K (Briefing.com consensus 42K); Prior was revised to 11K from 22K
• February S&P Global U.S. Services PMI - Final 51.7; Prior 52.3
• February ISM Non-Manufacturing Index 56.1% (Briefing.com consensus 53.9%); Prior 53.8%
  • The key takeaway from the report is the recognition that activity in the nation's largest sector accelerated in February. While this is survey-based data, it will nonetheless create a sense of optimism about Q1 growth prospects.

[BRIEFING.COM] The S&P 500 (+0.9%), Nasdaq Composite (+1.4%), and DJIA (+0.7%) remain poised to capture their first higher across-the-board finish of the week.

Investors have another modest batch of earnings to assess after the close, which includes a tech heavyweight in Broadcom (AVGO 319.42, +5.58, +1.78%). The stock has established itself as one of the most consistent operators in semiconductors, and guidance is the key once again. With the stock still sharply above 2025 lows despite a recent pullback, sentiment hinges on whether AI revenue can continue accelerating at a pace that justifies its premium valuation. Investors will watch closely for Q2 (Apr) revenue guidance, AI networking commentary, and margin durability. Any indication that AI growth is moderating — even from very high levels — could pressure shares, while another confident outlook could quickly shift the narrative back in the bulls' favor.

[BRIEFING.COM] The S&P 500 (+1.0%), Nasdaq Composite (+1.6%), and DJIA (+0.7%) continue to trade higher as the market enters the final hour of the session. 

Not much has changed since the midday hours, though the real estate sector (+0.1%) has managed to slide into positive territory, leaving just the energy (-1.0%) and consumer staples (-0.4%) sectors as today's laggards. 

Crude oil futures still settled today's session $0.12 higher (+0.2%) at $74.70 per barrel, though the gains are minuscule in comparison to the previous sessions this week. 

[BRIEFING.COM] The broader market has held its higher lines after the Fed released its March Beige Book at the bottom of the hour. The report showed that overall economic activity grew modestly in most Districts, supported by manufacturing and financial services, while consumer spending and residential real estate remained constrained by affordability and uncertainty. Labor markets were mostly stable with modest wage gains, and prices continued to rise moderately, driven by higher input costs and tariffs, though some firms faced pressure from price-sensitive customers. Currently, the S&P 500 (+0.94%) is in second place.

Overall, economic expectations were optimistic, with most Districts expecting slight to moderate growth in the coming months.

• Employment: Employment levels were generally stable in recent weeks as seven of the twelve Districts reported no change in hiring. Contacts in several Districts cited rising nonlabor input costs, softer demand, or uncertainty about overall economic conditions as reasons for flat or lower employment levels.
• Prices: Prices increased moderately in recent weeks, with eight Districts reporting moderate price growth and four seeing slight or modest increases. Many Districts reported that costs rose across several nonlabor inputs, including insurance, utilities and energy, and metals and other raw materials. Nine Districts mentioned that tariffs contributed to increased costs. Some firms continued to pass tariff-related cost increases through to their customers, and others began to do so after having absorbed previous increases.

Currently, the yield on the benchmark 10-yr Treasury note is little changed post Beige Book, up about one basis point at 4.083%.

[BRIEFING.COM] The Nasdaq Composite (+1.56%) is in first place with about two hours to go on the session, up about 352 points.

Gold futures settled $11.00 higher (+0.2%) at $5,134.70/oz, as safe-haven demand resurfaced amid escalating Middle East tensions, stabilizing prices after earlier volatility. A pause in the U.S. dollar's advance also lent support, offsetting pressure from elevated Treasury yields and recent profit-taking.

Meanwhile, the U.S. Dollar Index is down around -0.2% to $98.90.