April 9, 2026

Investors remained hopeful that the US and Iran cease-fire would hold and the Strait of Hormuz would open as stocks rallied for a second day. After the initial push the different indexes took another leg higher after Israel said they would begin direct talks with Lebanon as soon as possible to deescalate their conflict. Economic data was mostly in line with Initial Jobless Claims rising 16k to 219K, while Continuing Claims lost 38k, falling below 1.7 million for the first time since May 2024. The February PCE rose +0.4% as expected and +2.8% YoY. Core-PCE also increased +0.4%, but +3.0% YoY. Earnings were mixed with Constellation Brands (STZ) jumping after a narrower than expected loss, while Applied Digital (APLD) fell after disappointing. Eight of 11 sectors were higher led by a +1.73% jump in Consumer Discretionary (XLY), getting a boost from a +5.60% spike in Amazon (AMZN), followed by strength in Industrial (XLI), Consumer Staples (XLP) and Utilities (XLU). Energy (XLE) was the weakest market group. Semiconductors continued to outperform with the Philadelphia Semiconductor Index (SOX) adding +2.10% and hitting another record high on strength in Intel (INTC) and Marvel Technologies (MRVL). The S&P 500 and NASDAQ extended their daily win streak to seven with the S&P 500 gaining 41.85 points (+0.62%) finishing at 6824.66, while the NASDAQ picked up 187.42 points (+0.83%) closing at 22822.42. The DJIA tacked on 275.88 points (+0.58%) and settled at 48185.80.

Breadth was positive with advancing issues beating declining issues 1.8:1 on the NYSE and 1.3:1 on the NASDAQ. Advancing volume was 50% on the NYSE and 61% of the NASDAQ. The VIX dropped 1.55 (-7.37%) and closed at 19.49, its first close below 20 since the last day of February. Crude oil prices jumped 4.95 (+5.24%) and the May contract closed at $99.36 a barrel. Gold prices increased 16.80 (+0.35%) and finished at $4794.00 an ounce. Bitcoin (BTC) closed the session at $72,300.

Investors are still banking on the US/Iran cease-fire holding despite some bumps, including Iran still keeping the Strait of Hormuz closed. There were some concerns in software and private equity again today with the iShares Tech-Software ETF (IGV) dropping -3.90% and closing at a new low. While there was some follow through to Wednesday's surge, we also saw profit taking the last hour with advancing volume in the NYSE only at 50%. However, the DJIA and S&P 500 both closed above their respective 100-day MA which is a positive going forward. Tomorrow could be another volatile session as market participants may be reluctant to hold equities over the weekend as they weigh a 'fragile' cease-fire.

Earnings releases to watch for on Friday include:

Friday's Market Moving Economic Calendar: CPI, Consumer Sentiment and Factory Orders.

*Charts of the various market timing components can be found by going to the Market Edge Home page and clicking on 'Market At A Glance', which is located on the right-hand side of the page just below the 'Market Recap' section.

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