Stock Market Update

[BRIEFING.COM] The stock market had a relatively quiet session, with some profit-taking across semiconductor names limiting gains across the S&P 500 (flat) and Nasdaq Composite (+0.1%), while another retreat in oil prices supported strength in the broader market, sending the DJIA (+0.4%) to fresh record highs.

While the S&P 500 managed to capture a record closing high, the index spent much of the session in negative territory, which was largely due to weakness in the information technology sector (-0.4%). The sector finished well off its session lows, but semiconductor names remained a point of weakness following yesterday's Micron-led rally.

Micron (MU 928.41, +32.53, +3.63%) and other memory storage names managed to finish the session with gains, but large chipmakers such as NVIDIA (NVDA 212.60, -2.26, -1.05%) and Intel (INTC 121.77, -1.75, -1.42%) traded lower, while Qualcomm (QCOM 233.40, -15.42, -6.20%) was a notable laggard.

The PHLX Semiconductor Index finished 1.4% lower.

The information technology sector was one of five S&P 500 sectors to finish lower today, though losses elsewhere were generally modest.

The financials sector (-0.8%) was another laggard, with particular weakness across investment manager and insurance names. JPMorgan Chase (JPM 299.28, -7.46, -2.43%) traded lower after CEO Jamie Dimon said at a conference that the bank could commit $10 billion to $20 billion toward an acquisition in the coming years.

Elsewhere, the energy sector (-1.5%) finished with the widest loss as optimism surrounding a potential peace agreement between the U.S. and Iran sent oil prices sharply lower again today. The White House denied reports from Iranian state media suggesting the two sides are close to finalizing a memorandum of understanding that would restore traffic through the Strait of Hormuz, though Secretary of State Marco Rubio said during a cabinet meeting that some progress has been made toward a peace agreement.

Crude oil futures settled today's session $5.29 lower (-5.6%) at $88.60 per barrel.

Airlines, cruise lines, and homebuilders all outperformed again today, with the latter two groups helping lift the consumer discretionary sector (+1.9%). Treasury yields also moved modestly lower, and the iShares U.S. Home Construction ETF advanced 1.6%.

Elsewhere in the sector, Amazon (AMZN 271.85, +6.56, +2.47%) provided solid mega-cap leadership, while MGM Resorts (MGM 41.95, +3.50, +9.10%) was among the best-performing S&P 500 components after several brokerage upgrades.

The consumer staples sector (+1.0%) also outperformed as investors did some bargain hunting following yesterday's retreat, while Meta Platforms (META 635.26, +22.92, +3.74%) moved higher this afternoon after TechCrunch reported that the company plans to introduce global consumer subscription offerings, helping lift the communication services sector (+0.7%) to its best levels of the session.

Overall, stocks remained near record levels despite some consolidation across semiconductor names, while falling oil prices continued to reinforce optimism that a U.S.-Iran agreement is becoming increasingly plausible. At the same time, investors have continued to show a willingness to buy dips across semiconductors and other AI-related names, which could fuel another push further into record territory.

U.S. Treasuries padded this week's gains during an otherwise quiet Wednesday session. Treasuries set fresh lows after today's $70 billion 5-year note auction met weaker demand than yesterday's solid 2-year note sale, but the last couple hours saw a return to pre-auction levels. The 2-year note yield settled down two basis points to 4.03%, the 5-year note yield settled down one basis point to 4.18%, and the 10-year note yield settled down one basis point to 4.48%. 

• Russell 2000: +17.7% YTD
• Nasdaq Composite: +14.8% YTD
• S&P Mid Cap 400: +12.4% YTD
• S&P 500: +9.9% YTD
• DJIA: +5.4% YTD

Reviewing today's data:

• The weekly MBA Mortgage Index fell 8.5% to follow last week's 2.3% decrease. The Purchase Index was down 0.4% while the Refinance Index fell 18.1%.

[BRIEFING.COM] The major averages are little changed from previous levels as the market enters the final half hour of the session.

Investors will receive several notable tech earnings reports after the close today, including Salesforce (CRM 178.99, -0.09, -0.05%).

While Salesforce traded higher following its Q4 report, shares have since given back those gains and sentiment remains fragile as investors continue to assess how AI will reshape enterprise software demand. That puts the focus on forward-looking indicators, particularly Q2 guidance, any revision to FY27 guidance, and whether management still sees a path to organic reacceleration as Agentforce and Data 360 scale. cRPO will also be a key read on demand and future revenue visibility. Beyond the headline numbers, investors will be looking for evidence that AI is strengthening CRM's platform through larger wins, customer expansions, and broader Agentforce adoption, rather than creating disruption to the core SaaS model. A strong report would likely need a clean beat, healthy cRPO growth, continued Agentforce/Data 360 momentum, and commentary that reinforces AI as a demand driver. Any cautious tone around spending, legacy cloud weakness, or the pace of adoption could keep sentiment in check.

Meanwhile, Marvell (MRVL 200.60, -7.66, -3.68%) enters earnings with sentiment and expectations both running exceptionally high following the stock's sharp rally and management's increasingly bullish AI infrastructure outlook. While the company has now delivered 13 consecutive EPS beats, recent upside has generally been modest, meaning forward guidance and commentary around hyperscaler demand will likely carry more weight than the quarterly numbers themselves. Investors will watch closely for confirmation that AI-related growth remains broad-based across custom silicon, networking, and interconnect rather than concentrated in a small number of programs. The key debate is whether Marvell can sustain the aggressive acceleration embedded in its FY27 outlook as competition intensifies from peers such as Broadcom (AVGO 423.51, +1.50, +0.36%) and NVIDIA (NVDA 212.37, -2.49, -1.16%). Better-than-feared results may not be enough given the magnitude of the recent rally, and sentiment likely hinges on whether management can further reinforce confidence that AI-driven demand trends remain durable into calendar 2027.

[BRIEFING.COM] The S&P 500 (+0.1%) and Nasdaq Composite (+0.1%) are back in slightly positive territory as losses across semiconductor names narrow this afternoon, while strength in the broader market keeps the DJIA (+0.5%) outperforming.

Meta Platforms (META 633.21, +20.87, +3.41%) has made a nice move higher this afternoon after TechCrunch reported that the company will introduce consumer subscription plans globally. The stock is now a "magnificent seven" standout today, helping the communication services sector (+1.1%) rise to its best levels of the session.

Elsewhere, crude oil futures settled today's session $5.29 lower (-5.6%) at $88.60 per barrel, adding to the constructive backdrop for the broader market.

[BRIEFING.COM] The S&P 500 (+0.06%) is in last place on Wednesday afternoon, up about 5 points.

Briefly, S&P 500 constituents Insulet (PODD 144.73, -9.07, -5.90%), Rollins (ROL 50.34, -2.82, -5.30%), and Skyworks (SWKS 79.28, -4.14, -4.96%) dot the bottom of the standings. PODD falls after disclosing a voluntary correction affecting about 7 million Omnipod devices tied to potential insulin under-delivery risks, prompting concerns over patient safety, up to $50 million in related costs, ROL slides on news that CFO Kenneth Krause plans to resign effective June 15.

Meanwhile, AppLovin (APP 571.24, +57.00, +11.09%) is today's top gain getter after bullish commentary from Morgan Stanley highlighted rising ad conversion rates and significant long-term revenue upside potential driven by AI-powered ad optimization.

[BRIEFING.COM] The tech-heavy Nasdaq Composite (-0.11%) is in last place on Wednesday afternoon, down about 29 points.

Gold futures settled $53.90 lower (-1.2%) at $4,448.40/oz, as easing geopolitical tensions and signs of progress in U.S./Iran talks reduced safe-haven demand for bullion. Higher Treasury yields and concerns that inflation could keep the Federal Reserve on a restrictive policy path also pressured gold price.

Meanwhile, the U.S. Dollar Index is up less than +0.1% to $99.22.