Stock Market Update

[BRIEFING.COM] The major averages hover near their opening levels with relative weakness in the Nasdaq (-0.4%) and outperformance in the Dow (+0.1%). The market has fought to recover from its opening lows, but making progress has been a challenge, largely due to relative weakness in top-weighted technology (-1.2%).

Treasury Secretary Bessent officially announced today the start of an economic pressure campaign against Iran, dubbed "Operation Economic Outcast." The approach involves sanctions on multiple Iran-linked entities with five critical sectors potentially facing secondary sanctions. Brokerage networks and shadow-fleet vessels will also be targeted. Lastly, countries that are found to be cooperating with Iran would also face consequences.

Treasuries trade just shy of their midday highs with longer tenors ahead. The 10-yr yield is down four basis points at 4.70% while the 2-yr yield is flat at 4.23%.