Stock Market Update

[BRIEFING.COM] The stock market is in the midst of a solid session to end the first quarter, with the S&P 500 (+2.4%), Nasdaq Composite (+3.4%), and DJIA (+2.0%) supported by broad participation and strong mega-cap leadership amid some positive developments surrounding the war in Iran.

The final session of March comes after a month defined by rising energy prices, which have exerted broad pressure on equities as inflation concerns mounted. Today, however, there is a sense of optimism that the conflict could de-escalate in the near term, which is driving a risk-on move today.

This morning, The Wall Street Journal reported that President Trump told aides he is willing to end U.S. military operations against Iran even as the Strait of Hormuz remains closed, as efforts to secure the waterway would likely push the operation beyond its 4- to 6-week timeline.

Stocks opened to broad gains and have recently pushed to fresh session highs following reports that Iran's President Pezeshkian is ready to end the war with guarantees. CNBC reports that Iran's State Media said the Iranian president spoke with the EU Council on the phone. Iran is reportedly "prepared to end war" with guarantees against further attacks, and the EU Council President has confirmed this call. Oil prices have made a sharp move lower, with WTI crude currently trading $1.24 (-1.2%) lower at $101.64 per barrel.

The move pushed the energy sector (-0.3%) into negative territory, joining the defensive utilities (+0.6%) and consumer staples (+0.4%) sectors as the only S&P 500 sectors without a gain.

Meanwhile, the other eight S&P 500 sectors trade at least 1.2% higher, with some of the weightiest sectors among the outperformers.

The communication services sector (+3.6%) holds the widest gain as Meta Platforms (META 567.58, +31.20, +5.82%) and Alphabet (GOOG 285.33, +12.19, +4.46%) continue to rebound from last week’s lows.

NVIDIA (NVDA 173.02, +7.85, +4.76%) is also a mega-cap standout as semiconductor stocks rebound nicely from a sharp pullback yesterday. Sandisk (SNDK 623.40, +50.90, +8.89%) and onsemi (ON 60.39, +4.73, +8.50%) post even wider gains, and the PHLX Semiconductor Index is up 4.6%, moving it back into slightly positive territory for the week. The Vanguard Mega Cap Growth ETF is up 3.2%.

Outside of the S&P 500, the Russell 2000 (+2.9%) and S&P Mid Cap 400 (+2.2%) also hold solid gains amid a clear risk-on rally.

Overall, the session reflects a decisive risk-on tone to close the quarter, driven by easing geopolitical concerns and a rebound across tech names. Whether that optimism proves durable into April (or even today's close) remains to be seen.

Reviewing today's data:

• January FHFA Housing Price Index 0.1% (Briefing.com consensus 0.0%); Prior was revised to 0.3% from 0.1%
• January S&P Case-Shiller Home Price Index 1.6% (Briefing.com consensus 1.3%); Prior was revised to 1.9% from 1.4%
• March Chicago PMI 52.8 (Briefing.com consensus 54.8); Prior 57.7
• March Consumer Confidence 91.8 (Briefing.com consensus 88.0); Prior was revised to 91.0 from 91.2
  • The key takeaway from the report is that the headline numbers don't convey any abject concern among consumers about the Iran war, yet that concern showed up in higher 12-month inflation expectations, which jumped to 6.2% from 5.5% in February, marking the highest level since August 2025.
• February JOLTs - Job Openings 6.882 mln (Briefing.com consensus 6.795 mln); Prior was revised to 7.240 mln from 6.946 mln