DMA of 2026 APRIL 15 WEDNESDAY AMC.
Pervical has left the island for an emergency. Minimal Market Data will be posted. He should be back in a few days.
— Automation Penguin
The stock market saw another day of strong gains in mega-cap and tech stocks, pushing the S&P 500 (+0.8%) to new intraday (7,026.24) and closing (7,022.95) highs. The tech-heavy Nasdaq Composite (+1.6%) notched an even wider gain, capturing a record high of its own.
Meanwhile, weakness in the broader market saw the DJIA (-0.2%) face a modest retreat as gains were largely confined to growth-oriented pockets of the market.
Equities remain supported by an improving geopolitical backdrop, as reports circulated that the U.S. and Iran may soon meet for another round of negotiations aimed at extending the current ceasefire. Importantly, oil prices remain stable, with crude oil futures settling today’s session $0.01 lower (-0.01%) at $91.30 per barrel.
Gains were led by the top-weighted information technology sector (+2.1%), which extended its week-to-date gain to 5.6%. Software names led the advance, with Microsoft (MSFT 411.22, +18.11, +4.61%) a notable “magnificent seven” standout and packaged software names such as Datadog (DDOG 121.06, +10.49, +9.49%) and ServiceNow (NOW 94.19, +6.40, +7.29%) posting even wider gains. The iShares GS Software ETF finished 4.4% higher.
Semiconductor names were relative underperformers, though the PHLX Semiconductor Index (+0.2%) eked out a slight gain. Sandisk (SNDK 891.72, -52.74, -5.58%) deepened yesterday’s reversal from a record high, while AI-infrastructure stocks such as KLA Corporation (KLAC 1748.11, -47.80, -2.66%) lagged after ASML (ASML 1481.77, -36.53, -2.41%) topped earnings estimates but lowered its Q2 guidance. Broadcom (AVGO 396.72, +15.94, +4.19%) still captured a nice gain after announcing an expanded partnership with Meta Platforms (META 673.10, +10.60, +1.60%) to support the company’s rapidly scaling artificial intelligence compute infrastructure.
Meta’s gain contributed to strength in the communication services sector (+1.1%), while the consumer discretionary sector (+1.4%) captured a similar gain as Tesla (TSLA 391.95, +27.75, +7.62%) moved sharply higher.
All told, the Vanguard Mega Cap Growth ETF advanced 1.9%, which contributed to the outperformance of the market-weighted S&P 500 (+0.8%) relative to the S&P 500 Equal Weighted Index (flat).
The financials sector (+0.8%) was the only other S&P 500 sector to notch a gain today, supported by a solid gain from Morgan Stanley (MS 191.60, +8.26, +4.51%) after topping earnings estimates and Robinhood Markets (HOOD 87.32, +8.23, +10.41%) finishing as one of the top-performing S&P 500 components after the SEC approved a proposal from FINRA to eliminate the current day trading margin requirements.
As for the broader market, losses were relatively modest in nature, though there were some notable underperformers.
The industrials sector (-1.2%) underperformed, with names such as Caterpillar (CAT 770.17, -24.08, -3.03%) and Carrier Global (CARR 58.55, -6.11, -9.45%) lagging. Recent Fed commentary suggests rates will remain unchanged for some time in response to oil-driven inflation, and the sector is particularly sensitive to higher rates given its capital-intensive nature and the reliance of its customers on financing for large equipment and infrastructure projects.
Elsewhere, the materials (-1.3%) sector saw a continuation of recent weakness, while the defensive utilities (-0.9%), health care (-0.7%), and consumer staples (-0.4%) underperformed amid the strength in growth stocks.
Outside of the S&P 500, the Russell 2000 (+0.3%) managed to capture a modest gain, while the S&P Mid Cap 400 (-0.3%) lagged.
Today’s session marked an important milestone for the market as it looks to leave the Iran war in the rearview, with the S&P 500 eclipsing its previous record high from late January. Mega-cap and tech stocks are back in the driver’s seat, which is important for index-level growth, especially since the group was off to a relatively subdued start to the year before the conflict in Iran prompted sharp losses. While the full impact of the surge in oil prices on inflation (and, in turn, rate cut expectations) remains to be seen, the market is back on firmer ground as Q1 earnings begin to ramp up.
U.S. Treasuries dipped on Wednesday, giving back the bulk of their Tuesday gains in an otherwise quiet midweek session. The 2-year note yield settled up two basis points to 3.77%, and the 10-year note yield settled up three basis points to 4.28%.
BENCHMARK INDICES YEAR-TO-DATE
- Russell 2000: +9.3% YTD
- S&P Mid Cap 400: +8.0% YTD
- Nasdaq Composite: +3.3% YTD
- S&P 500: +2.6% YTD
- DJIA: +0.8% YTD
MARKET INTERNALS
- DOW closed lower at 48464 (-0.15%).
- Nasdaq closed higher at 24016 (+1.59%).
- S&P 500 closed higher at 7023 (+0.80%).
- Action came on lower than average volume for NYSE but higher for Nasdaq (NYSE 1,189 mln vs avg. of 1,414 mln; NASDAQ 10,303 mln vs avg. of 9,179 mln),
- Advancing/declining volume for NYSE (678 mln/482 mln) and Nasdaq (7516 mln/2724 mln).
- Advancers led decliners (NYSE 1498/1245; NASDAQ 2869/1963)
- New 52-week highs outpacing new 52-week lows (NYSE 74/7, NASDAQ 227/69).
(Excerpts from briefing.com, tradingeconomics.com, financialscents.com, factset.com, finviz.com, marketwatch.com, etrade.com, yahoo.com, tigerbrokers.com, tradingview.com, tradingcentral.com, theedgemalaysia.com, sectorspdrs.com, Investopedia.com, and CNBC.com)