April 1, 2026
S&P Futures +0.4%. Futures are building on Tuesday’s rally — the S&P 500’s best single-day gain since last May — though stocks remain sharply lower for March and Q1. Asian markets surged overnight (South Korea +8.5%, Japan +5%+) and European markets are up over 2%. Treasuries are firmer for a third straight session with yields down 3–4 bps. Dollar index -0.4%. Gold +1.4%, silver -0.7%, Bitcoin futures +0.3%, WTI crude -1.0%.
Iran conflict offramp hopes remain the primary driver, supported by constructive positioning dynamics, rate stabilization, and positive April seasonality. The Street also sees the upcoming Q1 earnings season — expected to mark a sixth consecutive quarter of double-digit earnings growth — as the biggest structural bullish case. Headwinds remain: Hormuz resolution is far from certain, and the structural damage already done keeps the stagflation narrative alive. President Trump addresses the nation on the Iran conflict at 21:00.
On the calendar today: March ADP private payrolls, ISM Manufacturing, and February retail sales. Fed’s Musalem and Barr also speaking. Thursday brings February trade balance and initial jobless claims. Markets close Good Friday, though the March employment report drops that morning — consensus at +60K vs. -92K prior, with risk skewed to the upside though previews caution against reading too much into the print.
Company News
Consumer Discretionary
- Nike (NKE): Fiscal Q3 beat, but Q4 guidance disappointed; analysts flagged continued China weakness, slower EMEA recovery, and ongoing pressure in the Direct channel.
- RH: Fiscal Q4 missed; Q1 and full-year 2026 guided below consensus on continued industry challenges.
- Dave & Buster’s (PLAY): Fiscal Q4 light, but 2026 outlook commentary was more upbeat.
- PVH: Fiscal Q4 beat; highlighted positive momentum to start the year and FY26 guidance was viewed as solid.
Technology
- Apple (AAPL): Said to be testing a new Siri feature capable of handling multiple commands simultaneously.
- Microsoft (MSFT): Reportedly in exclusive talks with Chevron (CVX) and activist fund Engine No. 1 on a power deal in Texas.
- OpenAI: Closed a $122B funding round — the largest ever — valuing the company at $852B.
U.S. equities surged Tuesday (Dow +2.49% | S&P 500 +2.91% | Nasdaq +3.83% | Russell 2000 +3.41%), with the S&P 500 posting its biggest single-day gain since last May. The primary catalyst was renewed hope for an offramp in the U.S.-Iran conflict: President Trump signaled willingness to end the military campaign even if the Strait of Hormuz remains largely closed, while Iran’s President Pezeshkian expressed readiness to end the war contingent on guarantees. The White House confirmed serious talks with Iran’s new leadership. China and Pakistan issued a joint five-point plan calling for a ceasefire and reopening of Hormuz, while European powers pushed back against continued military escalation. Complicating the picture, Gulf states are privately pressuring Trump to press on until Iran is decisively defeated, the IRGC threatened U.S. companies in the region, and a third U.S. aircraft carrier has been deployed to the Middle East.
The risk-on move was amplified by well-flagged positioning and sentiment dynamics, outsized month- and quarter-end rebalancing flows, and recent stabilization in rates. Resilient corporate activity — particularly a notable surge in M&A — bolstered confidence heading into Q1 earnings season. Global M&A transaction values ended Q1 nearly 20% higher year-over-year at approximately $1.3 trillion.
On the data front, March consumer confidence unexpectedly edged higher, with views on the labor market essentially unchanged for the month. February JOLTS job openings came in at 6,882K, slightly below the 6,920K consensus, though January was revised higher. March Chicago PMI missed expectations. The FHFA home price index rose 0.1% m/m in January, unchanged from December, while S&P Case-Shiller was up 0.2% m/m, in line with consensus.
In Fedspeak, Kansas City Fed President Schmid reiterated that policy should remain focused on the 2% headline inflation objective despite some economic tailwinds, and separately noted that higher energy prices will feed into core inflation. Gasoline is now averaging more than $4/gallon nationally, raising concerns about consumer spending. Wells Fargo cut its 2026 S&P 500 target to 7,300 from 7,800, citing emerging risks from the Iran conflict.
Looking ahead: Wednesday brings March ADP private payrolls, ISM Manufacturing, and February retail sales, along with Fed speakers Musalem and Barr. Thursday has February trade balance and initial jobless claims. Markets are closed Good Friday, though the March employment report will still be released that morning — the Street is looking for nonfarm payrolls of +60K versus -92K in February.
Treasuries firmed with yields down ~3 bps at the front end. The dollar index fell 0.6%. Gold gained 2.7%, silver surged 6.2%, Bitcoin futures rose 1.8%, and WTI crude settled down 1.5% in choppy trading. OPEC output fell 7.3 million bpd in March from February, the lowest level since June 2020. The number of vessels transiting the Strait of Hormuz with signals on ticked gently higher.
Sector Performance
Tuesday’s rally was broad but uneven, with growth and cyclical sectors leading and defensives lagging sharply.
Communication Services (+4.41%) and Technology (+4.24%) led all sectors, driven by Mag 7 names (up over 4.5% as a group), semis and memory, and select internet/media names. Consumer Discretionary (+3.28%) and Industrials (+3.24%) also outperformed, supported by retail/apparel, auto suppliers, airlines, A&D, and E&C names. Financials (+2.13%) participated but trailed the broader market despite strength in larger-cap banks, investment banks, and life insurers. Healthcare (+1.94%) and Materials (+1.85%) lagged the index, with precious metals miners and copper/aluminum among the brighter spots in Materials. Real Estate (+1.50%) was a middling performer. On the downside, Energy (-1.12%) was the clear underperformer as crude sold off on Hormuz offramp hopes; Utilities (-0.09%) and Consumer Staples (+0.02%) were essentially flat, with commodity/ag chemicals and telecom also notable laggards.
Company News by GICS Sector
Communication Services
Snap (SNAP) +14.6% — Activist investor Irenic Capital Management disclosed a position in the company and is pushing for improved financial and operating performance.
Netflix (NFLX) — Reported to be interested in expanding its NFL game broadcast package.
Apple (AAPL) — Testing new Siri functionality that would allow it to process multiple commands simultaneously.
Information Technology
Marvell Technology (MRVL) +12.8% — Nvidia announced a $2B strategic investment in Marvell through a partnership connecting Marvell to the Nvidia AI factory and AI ecosystem via NVLink Fusion.
Western Digital (WDC) +7.5% — Upgraded to Outperform from Neutral at Bernstein; analyst cited valuation following a TurboQuant-related slide and sees limited impact on HDD and NAND demand.
Oracle (ORCL) — Reportedly conducting another round of layoffs numbering in the thousands.
Progress Software (PRGS) -9.3% — Q1 earnings and operating margin beat with revenue largely in line. Highlighted strong net revenue retention, new customer wins, and record cash flow. Q2 guidance came in ahead of consensus and FY guidance midpoints were raised. Shares lagged nonetheless as some analysts flagged a sequential decline in SaaS and isolated churn.
FactSet Research Systems (FDS) +6.2% — FQ2 earnings and revenue beat, though operating margin was light amid higher operating expenses. Organic ASV growth exceeded consensus and client/user counts improved. Highlighted strength in institutional buy-side and wealth management. Raised FY guidance. (Note: FactSet owns StreetAccount, the publisher of this content.)
SNX (SNX) — Beat Q1 estimates and guided Q2 above consensus.
Consumer Discretionary
Shake Shack (SHAK) +6.0% — Upgraded to Neutral from Underperform at BofA, which highlighted menu innovation and value items contributing to more stable comps. Card data also showed younger consumers increasing restaurant spending.
Authentic Brands / Nike (NKE) — Bloomberg reported Authentic Brands is interested in acquiring the Converse brand from Nike.
Consumer Staples
McCormick (MKC) -6.1% — Agreed to combine with Unilever’s Foods business in a transaction implying an EV of approximately $44.8B. Analysts acknowledged the strategic rationale given a challenging food backdrop but flagged execution and integration risks as well as complexity from the RMT structure, which would give Unilever shareholders majority control of the combined entity.
Unilever (UL) — Confirmed agreement to merge its food business with McCormick at an implied EV of nearly $45B, representing a new trend of companies doubling down to dominate specific categories.
Healthcare
Apellis Pharmaceuticals (APLS) +135.4% — Biogen agreed to acquire APLS for $41/share in cash (~$5.6B), representing a 140% premium to Monday’s closing price. The deal could go higher via CVRs and is expected to close in Q2 2026.
Centessa Pharmaceuticals (CNTA) +44.0% — Eli Lilly agreed to acquire CNTA for $38/share in cash ($6.3B). A $9/share CVR could bring total value to $7.8B. Deal expected to close in Q3 2026.
Agios Pharmaceuticals (AGIO) +14.3% — Plans to pursue U.S. accelerated approval for mitapivat, an oral pyruvate kinase activator, in sickle cell disease.
Scholar Rock (SRRK) +14.1% — Resubmitted its BLA to the FDA for apitegromab for the treatment of children and adults with spinal muscular atrophy.
Biogen (BIIB) -2.3% — Announced the APLS acquisition. Shares declined on dilution/deal risk concerns; Biogen said it will update full-year 2026 guidance when it reports Q1 earnings.
Eli Lilly (LLY) — Announced the CNTA acquisition.
Phreesia (PHR) -26.5% — Q4 adjusted EBITDA and revenue came in a bit better than expected, but healthcare services client growth missed; management flagged a spending slowdown from certain pharma clients. Reaffirmed FY EBITDA guidance but cut revenue guidance. Multiple analyst downgrades followed.
Financials
M&T Bank (MTB) — Announced a $5B share buyback program.
Berkshire Hathaway (BRK) — Warren Buffett confirmed he is still actively making investments for Berkshire Hathaway.
Industrials / Energy
Constellation Energy (CEG) -6.5% — At today’s investor day, set FY26 adjusted operating EPS guidance with a midpoint nearly 2% below Street consensus. Also announced a $5B buyback program.
T1 Energy (TE) -21.8% — Q4 earnings and revenue missed estimates. Maintained FY26 production and sales guidance. Announced the resignation of two directors.
General Motors (GM) — Reportedly set to boost heavy-duty truck production in response to stronger demand.
Real Estate
Uniti Group (UNIT) +15.8% — Shares surged on social media speculation that T-Mobile and TPG could be partnering on a potential bid for the company.
Consumer / Retail
Snowflake (SNOW) — A notable laggard amid news of the company’s Chief Revenue Officer departure.
Eco Data Releases | Tuesday April 1st, 2026
S&P 500 Constituent Earnings Announcements | Tuesday April 1st, 2026
Data sourced from FactSet Research Systems Inc.
