Stock Market Update

[BRIEFING.COM] Not much change since the last update, as the market is holding to a narrow trading range without much conviction on the part of buyers or sellers.

Some government-related news drawing some extra attention includes Treasury Secretary Bessent indicating at a hearing that many Gulf allies have requested swap lines from the Treasury or Fed, Commerce Secretary Lutnick noting that the U.S. is not selling Blackwell chips to China, and The Wall Street Journal reporting that the Trump administration is nearing a $500 million deal for Spirit Airlines (FLYYQ 1.30, +0.70, +116.7) with a potential equity stake.

Spirit Airlines is flying on the latter news, yet airline stocks are generally lower today with oil prices up and United Airlines (UAL 90.82, -6.30, -6.49%) lowering its full-year EPS outlook to $7.00-11.00 from $12.00-$14.00 due in large part to rising fuel costs.