Stock Market Update

[BRIEFING.COM] Stocks posted mixed performances to start the week, though steady improvement in mega-cap and tech names throughout the session pushed the S&P 500 (+0.1%) and Nasdaq Composite (+0.2%) to fresh record highs.

The DJIA (-0.1%) initially outperformed its counterparts as tech and other growth stocks opened lower this morning, but weakness in the broader market ultimately saw the index close slightly lower.

Most importantly, movement in the top-weighted information technology sector (+0.5%) played a key role in today's action. Semiconductor stocks, which propelled the market to record highs last week, opened sharply lower this morning. Most stocks in the group, such as Coherent (COHR 321.53, -14.56, -4.33%) and Super Micro Computer (SMCI 27.88, -1.20, -4.14%), charted a lower finish as well, and the PHLX Semiconductor Index finished 1.0% lower.

However, the market's largest company by market capitalization, NVIDIA (NVDA 216.61, +8.34, +4.00%), outperformed despite weakness across the chipmaker group. The Vanguard Mega Cap Growth ETF (+0.2%) finished modestly higher after trading lower for the first half of the session.

Intel (INTC 84.99, +2.45, +2.97%) also continued to shine after its earnings report last week, while memory stocks such as Micron (MU 524.56, +27.84, +5.60%) contributed to the strength. The technology sector was one of just four S&P 500 sectors to chart a gain today.

Meanwhile, the communication services sector (+0.9%) led the advance. Alphabet (GOOG 348.52, +6.20, +1.81%) was another mega-cap standout ahead of its earnings release on Wednesday evening, while Verizon (VZ 47.09, +0.71, +1.53%) captured a decent gain after an EPS beat and upside FY26 guidance.

The financials sector (+0.7%) was another top-mover, supported by broad strength and solid gains across investment manager names, while the utilities and industrials sectors both finished flat.

Losses were relatively modest in nature, though the consumer staples sector (-1.2%) faced pronounced weakness across discount store names such as Dollar Tree (DLTR 98.00, -5.75, -5.54%), Dollar General (DG 117.34, -3.37, -2.79%), and Walmart (WMT 127.59, -2.33, -1.79%).

The consumer discretionary sector (-0.8%) also lagged today, though it finished well off its session lows as Tesla (TSLA 378.67, +2.37, +0.63%) turned a sizable loss into a decent gain. Amazon (AMZN 261.07, -2.92, -1.11%) still logged a firmly lower finish, while Domino's Pizza (DPZ 335.30, -32.53, -8.84%) was the worst-performing S&P 500 component after mixed Q1 results, pressured by a second consecutive EPS miss and softer-than-expected same-store sales.

Today was relatively quiet on the geopolitical front, with little in the way of headline volatility between the U.S. and Iran after President Trump cancelled his envoy's trip to Pakistan over the weekend, but left the door open for over-the-phone talks. Crude oil futures settled today's session $1.97 higher (+2.1%) at $96.39 per barrel.

Overall, it was a somewhat muted start to the week. The S&P 500 and Nasdaq Composite inched further into record territory, though leadership remains thin and concentrated across tech and mega-cap names. That leadership will be put to the test this week as five of the "Magnificent Seven" names are set to report earnings, along with a host of other high-profile names. Other notable catalysts include Wednesday's FOMC decision, while U.S.-Iran negotiations add a backdrop of potential geopolitical volatility.

U.S. Treasuries began the week with modest losses across the curve, pushing yields toward their highs from last week. The market briefly bounced off morning lows after a lukewarm $69 billion 2-year note sale, but the entire complex faced some renewed pressure that had all tenors hitting fresh lows in the wake of a $70 billion 5-year note offering, which met poor demand.

The 2-year note yield settled up two basis points to 3.80%, and the 10-year note yield settled up three basis points to 4.34%. 

There was no economic data of note today. 

• Russell 2000: +12.3%
• S&P Mid Cap 400: +10.2%
• Nasdaq Composite: +7.1%
• S&P 500: +4.8%
• DJIA: +2.3%

[BRIEFING.COM] The S&P 500 (+0.2%) and Nasdaq Composite (+0.2%) continue to push further into record territory this afternoon, while the DJIA (flat) has reclaimed its flatline as the market enters the final half hour of the session.

Investors will look forward to a moderate batch of earnings reports after the close, which turns into a truly sizable slate tomorrow morning before the open.

Coca-Cola (KO 75.44, -1.18, -1.55%), Corning (GLW 167.96, -7.94, -4.51%), UPS (UPS 108.20, +1.18, +1.10%), and Spotify (SPOT 495.70, -22.30, -4.31%) are just several of the many high-profile names on tomorrow's earnings calendar.

[BRIEFING.COM] The S&P 500 (+0.1%) and Nasdaq Composite (+0.1%) have hit fresh all-time intraday highs with today's modest gains. The DJIA (-0.1%) remains pinned slightly below its baseline.

The information technology sector (+0.1%) has shed its earlier loss, which certainly adds to the index-level improvements. The market's largest component, NVIDIA (NVDA 215.15, +6.88, +3.30%), has steadily climbed throughout the session, despite relative weakness across chipmakers that sends the PHLX Semiconductor Index 1.8% lower.

On a related note, NVIDIA is one of just two "magnificent seven" names that does not report earnings this week, the other being Tesla (TSLA 378.35, +2.05, +0.54%), which reported last week.

[BRIEFING.COM] The S&P 500 (+0.15%) is up about 10 points on Monday afternoon, in second place among the major averages.

Briefly, S&P 500 constituents Sandisk (SNDK 1,057.22, +67.32, +6.80%), Albemarle (ALB 198.14, +9.81, +5.21%), and Comfort Systems (FIX 1,795.00, +68.88, +3.99%) dot the top of the standings. SNDK jumps on this morning's Melius analyst call, while FIX caught a UBS target bump to $1,992 (from $1,680).

Meanwhile, Teradyne (TER 397.15, -20.93, -5.01%) is near the bottom of the average, mirroring broader weakness in chip stocks after most of the group topped all-time highs last week.

[BRIEFING.COM] The Nasdaq Composite (+0.14%) is in first place on Monday afternoon, up about 35 points.

Gold futures settled $47.20 lower (-1.0%) at $4,693.70/oz, pressured by a stronger U.S. dollar and persistent higher-for-longer interest rate expectations that weighed on non-yielding assets. The pullback also reflects profit taking after a strong rally and softer near-term safe-haven demand as geopolitical tensions show limited escalation.

Meanwhile, the U.S. Dollar Index is down less than -0.1% to $98.47.