MARKET SUMMARY
Equities extended gains on Thursday, April 9, 2026, as geopolitical relief—sparked by Israeli Prime Minister Netanyahu’s directive to open direct negotiations with Lebanon—overcame earlier concerns over the tenuous U.S.-Iran ceasefire and the continued closure of the Strait of Hormuz. The S&P 500 closed at 6,826.75 (+41.85, +0.62%), the Dow Jones Industrial Average rose 275.88 points to 48,184.69 (+0.58%), and the Nasdaq Composite advanced 187.42 points (+0.83%) to 22,822.43. The advance followed a modest pullback in the premarket and early afternoon, as oil prices spiked above $100/bbl before tumbling $3.49 to settle at $97.89 (WTI, +3.7% day-on-day) following the negotiation announcement. Investor sentiment shifted decisively positive, reigniting enthusiasm for AI-related names and helping the major averages reclaim 5- and 200-day moving averages over the past two sessions. Gains were broad, led by Consumer Discretionary (+2.5%), Industrials (+1.0%), and Utilities (+0.8%), while only Energy (–1.2%) and Health Care (–0.2%) posted losses. Outside the S&P 500, the Russell 2000 added +0.6% and the S&P Mid Cap 400 rose +0.3%.
The session highlighted a pronounced sector rotation: cyclical and value-oriented groups—especially Retail (driven by Costco’s robust March comp report), Industrials (Caterpillar, GE Vernova at record highs), and Tech infrastructure (Corning, CoreWeave)—outperformed, while software and AI infrastructure vendors saw a bifurcation, with Semiconductors (NVDA, INTC up 1.02% and 4.70%) rising on strong PHLX index performance (+2.1%), but Software (NOW, PLTR down –7.86% and –7.26%) lagging sharply. The market’s resilience followed Wednesday’s relief rally (S&P +2.3%), and Thursday’s session confirmed a sustainable rebound—albeit fragile—amid ongoing geopolitical uncertainty. The S&P 500 remains down –0.3% YTD, while the Nasdaq is off –1.8% YTD, reflecting lagging performance in mega-cap tech earlier in the quarter.
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MARKET SNAPSHOT
| Index | Level | Change | % Chg |
|———————-|—————|————|———–|
| S&P 500 | 6,826.75 | +41.85 | +0.62% |
| Dow Jones I/A (DJIA) | 48,184.69 | +275.88 | +0.58% |
| Nasdaq Composite | 22,822.43 | +187.42 | +0.83% |
| S&P Mid Cap 400 | — | +6.9% YTD | — |
| Russell 2000 | — | +6.2% YTD | — |
Market Breadth (NYSE & Nasdaq)
- NYSE: Advancers 1,740 / Decliners 980 | Volume: 1.17B
- Nasdaq: Advancers 2,708 / Decliners 2,054 | Volume: 8.74B
WaveFinder Breadth (2026-04-09)
- Primary Sentiment: Very Bearish
- Primary Bulls: 826 | Bears: 887
- % of Issues > 20-SMA: 61%
- % of Issues > 40-SMA: 55.36%
- Primary Bull Follow-Through (9M): 38.78%
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SECTOR PERFORMANCE (GICS – 11 Sectors)
| Sector | Daily Return | WaveFinder ATR (4/9) | Status |
|————————–|——————|————————–|——————–|
| Consumer Discretionary | +2.50% | –0.34% (rising) | Leading |
| Industrials | +1.00% | +1.34% (rising, P100) | Strong |
| Utilities | +0.80% | +2.44% (rising, P79) | Strong |
| Consumer Staples | +0.90% | –1.07% (rising, P79) | Strong |
| Materials | +0.60% (est.) | +0.16% (rising, P95) | Moderate |
| Real Estate | +0.70% (est.) | +0.61% (rising, P100) | Moderate |
| Information Technology | +0.40% | +0.70% (rising, P95) | Moderate (bifurcated) |
| Health Care | –0.20% | –0.88% (rising, P100) | Weakest Sector |
| Financials | +0.20% (est.) | +0.76% (rising, P100) | Neutral |
| Energy | –1.20% | +1.16% (falling, P0) | Worst Performer |
| Communication Services | +0.50% (est.) | –0.27% (rising, P95) | Moderate |
Notes: Briefing.com Industry Watch categorized Strong sectors as Consumer Discretionary, Utilities, Industrials, Consumer Staples, Real Estate, Materials; Weak sectors as Energy and Health Care.
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KEY EARNINGS & MOVERS
- Amazon (AMZN 233.65, +5.60%): +$12.40; CEO Jassy reaffirmed $25B data center investment in Mississippi; AI capex commitment drove strong gain
- Meta Platforms (META 628.39, +2.61%): +$15.97; expansion of $21B AI infra deal with CoreWeave (CRWV +3.49%)
- Sandisk (SNDK 851.57, +9.05%): +$70.67; AI storage demand lifted shares
- NVIDIA (NVDA 183.94, +1.02%), Intel (INTC 61.72, +4.70%): PHLX Semicon index +2.1%
- Caterpillar (CAT 787.07, +2.01%), GE Vernova (GEV 968.02, +3.41%), Corning (GLW 169.80, +2.85%): All hit record highs on AI/infra optimism
- ServiceNow (NOW 89.81, –7.86%), Palantir (PLTR 130.54, –7.26%): Software selloff—iShares GS Software ETF –3.9%
- Texas Pacific Land Trust (TPL 377.97, –15.68%): –$70.31; worst S&P 500 mover after death of largest shareholder Murray Stahl
- Delta Air Lines (DAL): Beat EPS by $0.06, beat revs; guides Q2 EPS below consensus; stock up +3.75% (Wed)
- Carnival (CCL 28.03, +11.23%): +11.23% (Wed), oil-sensitive travel受益于 H2 drop in crude
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STOCK SPOTLIGHT
Costco (COST) delivered another standout performance, reporting March adjusted comparable sales of +6.2% despite one fewer shopping day due to Easter, with net sales of $28.4B (+11.3%). On an underlying basis, digital comps surged +22.5%, underscoring strong e-commerce momentum and seamless omnichannel execution. Categories like appliances, consumer electronics, and big-ticket discretionary items drove digital growth, while food and essentials sustained traffic. The company’s limited-SKU model, Kirkland Signature strength, and value messaging continue to resonate amid cautious consumer sentiment. Quarterly comps are +6.7%, and the retailer remains a consistent top performer in retail, now lap-seasonally lapped against last year’s membership fee increase—but high renewal rates and market share gains position it well. Analysts cite COST’s operational efficiency and pricing power as key differentiators, making it a “share gainer in a competitive retail landscape.”
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BOND MARKET & TREASURIES
U.S. Treasuries ended the day nearly flat, with yields little changed after intraday volatility driven by geopolitical news flow. The 2-year yield fell 1 bp to 3.78%, the 5-year yield fell 1 bp to 3.92%, and the 10-year yield held unchanged at 4.29%, while the 30-year yield rose 1 bp to 4.90%. The $22B 30-year reopening auction drew decent but unimpressive demand (bid-to-cover: 2.39 vs. 12-auction avg 2.40; indirect bids 64.1% vs. 64.0%). Initially, yields rose amid concerns over Iran ceasefire sustainability, then dropped in late morning as Israeli-Lebanon negotiation news eased oil fears, only to slide back toward breakeven in the final hour. The Fed’s preferred inflation metric (core PCE) held at +3.0% YoY, reinforcing “stickiness” but not altering near-term Fed policy expectations. The U.S. Dollar Index fell 0.3% to 98.82, while USD/JPY rose to 159.03 and EUR/USD climbed to 1.1699.
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COMMODITIES
| Commodity | Price | Daily Change | % Chg |
|—————|—————–|——————|———–|
| WTI Crude | $97.89 / bbl | +$3.49 | +3.7% |
| Gold | $4,817.10 / oz | +$42.30 | +0.9% |
| Silver | $75.40 / oz | +$3.41 | +4.7%* |
| Copper | $5.76 / lb | –$0.02 | –0.4% |
| Natural Gas | $2.72 / MMBtu | –$0.15 | –5.2% |
\*Silver change derived from +$3.41 quoted in After Hours (08-Apr) and +0.9% gold, consistent with silver’s rise.
Note: Earlier in the day, WTI spiked above $102 before falling $18.45 on Wed, then rebounding today by $3.49 post-negotiation news.
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OVERSEAS MARKETS
- Europe (Wed): DAX +4.7%, FTSE +2.5%, CAC +4.5%
- Asia (Wed): Nikkei +5.4%, Hang Seng +3.1%, Shanghai +2.7%
- Key driver: U.S.-Iran de-escalation ( ceasefire agreement + oil drop), followed by renewed caution on Hormuz access. European equities rebounded sharply, benefitting from energy-price relief and stronger-than-expected German trade surplus (€19.8B vs €18.1B expected). Japanese industrial production and household confidence data showed mixed signals but were overshadowed by regional risk-on sentiment.
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ECONOMIC DATA (April 9)
- Feb Personal Income: –0.1% MoM (consensus +0.5%; prior +0.4%)
- Feb Personal Spending: +0.5% MoM (consensus +0.6%; prior revised to +0.3% from +0.4%)
- Feb PCE Price Index: +0.4% MoM (consensus +0.4%; +2.8% YoY, unchanged)
- Feb Core PCE Price Index: +0.4% MoM (consensus +0.3%; +3.0% YoY, down from +3.1%)
- Q4 GDP (third estimate): +0.5% QoQ (consensus +0.7%; prior +0.7%; downward revision to investment)
- Initial Jobless Claims: 219K (consensus 215K; prior revised to 203K from 202K)
- Continuing Claims: 1.794M (down 38K; lowest since May 11, 2024)
- Wholesale Inventories: +0.8% MoM (consensus –0.2%; prior –0.3%)
- Weekly Natural Gas Storage: +50 bcf (vs +36 bcf prior)
Market Impact: Sticky inflation (core PCE) predated the Iran escalation and reinforced the Fed’s “wait-and-see” stance, while soft GDP and slightly weaker job data tempered concerns about overheating—though oil price volatility remained the dominant market driver.
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LOOKING AHEAD
- Thursday, April 10 (8:30 ET): March CPI report (consensus: headline +0.7% MoM, core +0.3% MoM)—first major test of inflation broadening post-geopolitical surge.
- 10:00 ET: February Factory Orders (consensus +0.5%); Michigan Sentiment (May, forecast 52.0 vs 53.3 prior).
- 14:00 ET: March Treasury Budget (consensus –$160.0B vs –$307.5B prior).
- Key Earnings Watch: March CPI is the market’s most immediate focal point; if core inflation accelerates (e.g., core > +0.4% MoM), it could reverse the risk-on bias, especially with energy still elevated. The Fed’s “wait-and-see” stance remains contingent on clear disinflation, and energy-driven CPI could test that resolve. Markets are also monitoring Strait of Hormuz reopening progress, as further delays would likely reignite oil volatility and extend sector rotation toward defensive and infrastructure-oriented names.