April 9, 2026
S&P Futures -0.3% after Wednesday’s sharp ceasefire-driven rally. The defensive tilt is attributed to lingering concerns about ceasefire durability, though regional tensions appear to be easing — U.S.-Iran talks are set for Saturday morning in Pakistan. Positioning dynamics remain supportive of an extended bounce, but the rate reprieve is under scrutiny after Treasuries delivered only a muted rally Wednesday. Other overhangs include the structural damage already done to energy infrastructure and a still-limited Hormuz reopening. Beyond geopolitics, the market’s key debates center on double-digit earnings growth, the AI investment tailwind vs. AI disruption concerns, private credit risks, a no-hire/no-fire labor market, a resilient but bifurcated consumer, and Fed policy complications.
Asian markets are mostly lower overnight, with South Korea and India the notable decliners. European markets are down nearly 1%. Treasuries unchanged to slightly weaker. Dollar index -0.1%. Gold -0.4%. Silver -1.6%. Bitcoin futures -0.9%. WTI crude +3.2%.
On the calendar today: February personal income, spending, and PCE inflation, initial jobless claims, and the third Q4 GDP release. Treasury also sells $22B in 30-year bonds. Friday brings March CPI — Street looking for headline +1.0% m/m and core +0.3%, with the headline spike unsurprisingly Iran-driven — along with February factory orders and preliminary April University of Michigan sentiment and inflation expectations.
Company News
- OpenAI — Reportedly set to follow Anthropic in limiting the release of its next model due to cybersecurity concerns. Separately, a D.C. appeals court denied Anthropic’s request to pause its Pentagon supply chain risk designation.
- Costco (COST) — Reported strong March comparable sales.
- Disney (DIS) — Reportedly planning to cut ~1,000 jobs, the bulk in its recently consolidated marketing department.
- Constellation Brands (STZ) — Fiscal Q4 beat with beer shipments and margins as the standouts; FY27 beer net sales growth guidance trailed consensus.
- Applied Digital (APLD) — Post-earnings laggard despite a big fiscal Q3 beat and upbeat AI data center demand commentary; FCF came in much worse than expected and no new customer announcement disappointed.
Equities surged Wednesday (Dow +2.85% | S&P 500 +2.51% | Nasdaq +2.80% | Russell 2000 +2.97) as the U.S.-Iran two-week ceasefire announcement triggered a broad risk-on unwind. The de-escalation trade was textbook: energy and wartime hedges sold off sharply, macro shorts were covered at the fastest pace since 2020, and cyclicals ripped. The move was amplified by positioning dynamics — macro hedges lifted, systematic funds returned to buying, and minimal upside/right-tail positioning left the market exposed to the squeeze. The ceasefire is increasingly being treated as the de facto end of the conflict, consistent with offramp talk that has grown louder as economic and financial pain spread. The key bear case on the recovery: structural damage already done and extended recovery timelines could temper optimism. Hormuz also remains largely blocked in practice — Iran told mediators it plans to limit crossings to roughly a dozen ships per day with tolls payable in cryptocurrency or Chinese yuan, while Trump demanded it be open “without limitation.”
Headline noise around the ceasefire was abundant. Post-ceasefire attacks continued, Israel struck Beirut and declared the ceasefire doesn’t apply to Lebanon, Iran threatened to withdraw if Lebanon strikes continue, and Iran publicly released a 10-point framework the White House said doesn’t match what Trump referenced. Despite the complexity, markets remained focused on the directional shift away from escalation. Any move away from unrelenting geopolitical uncertainty also puts the spotlight back on double-digit earnings growth and a solid U.S. macro backdrop — two of the bigger bullish talking points heading into Q1 earnings season next week.
March FOMC minutes produced no major surprises. Many participants flagged risks of inflation staying higher for longer; some worried a protracted Iran conflict could lead to further labor market softening. The $39B 10-year note auction tailed by 0.2 bps with below-trend bid-to-cover and foreign demand — a contrast to Tuesday’s blowout 3-year sale. Treasury sells $22B in 30-year bonds Thursday.
Treasuries firmed but came well off best levels; yields ended down 1–3 bps. Dollar index -0.8%. Gold +2.2%. Silver +4.7%. Copper +4.0%. Bitcoin futures +3.4%. WTI crude -16.3%, the weakest session since April 2020.
On the calendar this week: Thursday brings February personal income, spending, and PCE inflation, initial jobless claims, and the third Q4 GDP release. Friday brings March CPI — Street looking for headline +1.0% m/m / +3.4% y/y, core +0.3% m/m / +2.7% y/y — along with February factory orders and preliminary April University of Michigan sentiment and inflation expectations.
Sector Highlights
Leadership was broad and decisively cyclical. Industrials (+3.75%) led all sectors, with airlines, machinery, multis, E&Cs, and building products all contributing. Communication Services (+3.44%) was powered by Meta’s AI model debut. Materials (+3.38%) surged on copper’s sharp rally and reversal of wartime commodity trades. Consumer Discretionary (+2.82%) benefited from travel/tourism, retail/apparel, and homebuilders. Technology (+2.77%) was lifted by semis/memory and big tech. Financials (+2.59%) gained across banks and credit cards. On the downside, Energy (-3.66%) was the glaring underperformer as crude collapsed on ceasefire news — the sector’s worst day in years. Utilities (+1.02%) and Real Estate (+1.73%) lagged in the risk-on environment. Healthcare (+2.06%) and Consumer Staples (+2.11%) participated but trailed the broader market, with grocers, food, and waste names among the relative laggards.
Communication Services
- Meta Platforms (META) +6.5% — Debuted Muse Spark (previously code-named Avocado), the first AI model from Meta Superintelligence Labs; claimed it meaningfully narrows the performance gap with leading LLMs including OpenAI and Anthropic.
- AT&T (T) -2.5% — Downgraded to Neutral from Outperform at BNP Paribas Exane; cited caution on the U.S. broadband market, rising competitive pressures, and fiber ARPU cuts.
- Paramount Skydance (PSKY) — President Jeff Shell departing the company amid a legal battle with a controversial gambler/fixer.
Information Technology
- FactSet Research Systems (FDS) -2.0% — CFO Helen Shan to depart; Joshua Warren appointed CFO effective April 13. (Note: FactSet owns StreetAccount, the publisher of this content.)
- Nutanix (NTNX) — Announced FY29 financial targets and a $750M share buyback at its analyst day.
Consumer Discretionary
- Levi Strauss (LEVI) +10.7% — Q1 earnings, revenue, and operating margin all beat; highlighted strong Europe/Asia growth and solid DTC results; raised FY EPS and revenue growth guidance. Analysts positive on strength beyond core denim, with women’s and tops among the standouts.
- Delta Air Lines (DAL) +3.8% — Q1 earnings and revenue beat; TRASM ahead of consensus with premium cabin a bright spot. Q2 EPS guidance came in below the Street on fuel impacts, but management stressed demand remains strong and highlighted capacity reduction steps to protect margins.
- Dutch Bros (BROS) +4.7% — Initiated at Outperform by Telsey Advisory Group; cited growth narrative supported by strong fundamentals, loyal customer base, and innovative product offerings.
- Chewy (CHWY) — Acquired veterinary platform Modern Animal and boosted its buyback by $500M.
- Bed Bath & Beyond (BBBY) +10.8% — Announced agreement to acquire Lumber Liquidators, Cabinets To Go, and other F9 Brand Assets for $37M cash and ~16M shares of BBBY at $7/share.
- BYD — Plans to open 20 car dealerships in Canada as Ottawa seeks to reduce dependence on U.S. auto industry.
Consumer Staples / Retail
- Levi Strauss (LEVI) — See Consumer Discretionary above.
Healthcare
- Bausch + Lomb (BLCO) +3.9% — Received FDA 510(k) clearance for its Bi-Blade+ dual-port vitrectomy cutter and Adaptive Fluidics advanced update.
Industrials
- RPM International (RPM) +12.4% — FQ3 revenue and EPS beat with record sales driven by strong demand for engineered solutions for high-performance buildings and a rebound from the government shutdown impact, partially offset by soft DIY demand. FQ4 guidance reaffirmed.
- FedEx (FDX) — Freight unit issued medium-term targets of +4–6% revenue growth and +10–12% operating income growth annually.
Energy
- Exxon Mobil (XOM) — 8-K pointed to lower EPS on mark-to-market impacts, but noted EPS is set to rise quarter-over-quarter when excluding unfavorable timing effects.
Financials
- Blue Owl Capital (OWL) — Moody’s cut the outlook on its flagship private credit fund to negative amid broader private credit scrutiny. Separately, a report flagged a big ramp in insurance industry private credit exposure and concerns about inflated ratings.
Eco Data Releases | Thursday April 9th, 2026
S&P 500 Constituent Earnings Announcements | Thursday April 9th, 2026
Data sourced from FactSet Research Systems Inc.
