April 2, 2026
S&P500 Futures are down 1.1% after Trump’s evening address on Iran failed to provide any timeline for ending the conflict, reiterated threats to strike Iran’s energy infrastructure, and again framed the Strait of Hormuz as other countries’ responsibility to manage. The speech unwound much of the offramp optimism that fueled Tuesday and Wednesday’s two-day rally.
Tariffs are also back in focus, adding to the cautious tone. Private credit is an emerging area of scrutiny after the Treasury announced meetings with insurance regulators. Asian markets sold off overnight (South Korea -4.5%, Japan -2.5%) and European markets are down over 1.5%.
Treasuries are weaker with yields up 4–5 bps. Dollar index +0.5%. Gold -3.3%. Silver -6.0%. Bitcoin futures -2.7%. WTI crude surging +7.2%.
On the calendar today: February trade balance and initial jobless claims. Markets close for Good Friday tomorrow, though the March employment report still releases that morning — consensus +60K vs. -92K prior, with unemployment expected to hold at 4.4%. NFP risk is skewed to the upside, though previews characterize the likely rebound as largely mechanical (strike dynamics, weather normalization). Unemployment risk is also skewed higher given February’s unrounded 4.44% print.
Company News
Communication Services / Technology
- Globalstar (GSAT) — FT reported Amazon is in talks to acquire the company in a bid to challenge Musk’s Starlink.
Consumer / Beauty
- Estée Lauder (EL) — Said to be in advanced discussions with Spain’s Puig for a mostly stock deal.
Industrials
- Granite Construction (GVA) — Secured a $114M award for the next segment of the Highway 101 project.
- Casella Waste (CWST) — Acquired Star Waste Systems.
Consumer Discretionary
- Stitch Fix (SFIX) — Resumed its share repurchase program.
- Bassett Furniture (BSET) — Q1 results light; cited both macro headwinds and weather impacts.
- Sleep Number (SNBR) — Reportedly seeking rescue financing to avoid potential bankruptcy.
Equities finished higher Wednesday but well off intraday highs (Dow +0.48% | S&P 500 +0.72% | Nasdaq +1.16% | Russell 2000 +0.64%). The session’s modest gains extended Tuesday’s big rally, driven by a similar mix of Iran conflict offramp optimism and supportive positioning. Oil remained on the defensive and rate stabilization continued to provide a bullish backdrop. Momentum and high-beta names led again, though several cyclical pockets also outperformed. The persistent overhang is a still-wide gap in ceasefire demands, continued infrastructure threats from both sides, and Iran’s effective control of the Strait of Hormuz — keeping the stagflation narrative alive despite this week’s bounce.
Economic data was broadly encouraging. March ISM Manufacturing came in at 52.7, slightly above the 52.5 consensus and an improvement from February’s 52.4, with new orders and production components both strengthening. February retail sales rose 0.6% m/m, topping the 0.5% forecast, with ex-auto sales also beating at +0.5% vs. +0.3% expected. March ADP private payrolls added 62K, above the 40K consensus, though slightly below February’s upwardly revised 66K — growth concentrated in small businesses. Fed’s Musalem said policy is well positioned and likely to remain appropriate for some time, while separately urging caution about looking through the oil price shock. President Trump addressed the nation at 21:00 ET, signaling the war is winding down but tying any ceasefire to the reopening of the Strait of Hormuz.
Treasuries weakened with mild curve flattening; yields rose 1–3 bps. The dollar index fell 0.3% (DXY 99.63). Gold surged 2.9% to $4,791. Silver +1.5%. Bitcoin futures +0.4%. WTI crude settled down 1.2% at $99.60. The IEA, IMF, and World Bank announced coordination efforts to contain energy and economic fallout from the Iran war.
Looking ahead: Thursday brings February trade balance and initial jobless claims. Markets are closed Good Friday, though the March employment report releases that morning — consensus +60K vs. -92K prior, with risk skewed to the upside.
Sector Performance
Leadership was fairly broad outside of energy and defensives. Communication Services (+1.65%) and Industrials (+1.65%) led, with Alphabet the Mag 7 standout and strength in machinery, transports, A&D, and E&C names. Materials (+1.16%) and Tech (+1.14%) also outperformed, supported by industrial and precious metals along with semis and memory. Consumer Discretionary (+0.92%) and Healthcare (+0.80%) rounded out the outperformers, with pharma and managed care contributing on the health side. Energy (-3.89%) was by far the worst performer as crude extended its slide on Hormuz offramp hopes. Consumer Staples (-0.57%) declined on weakness in dollar stores, tobacco, and chemicals. Financials (0.00%) were flat, with bank strength offset by weakness in P&C insurers, PE/BDCs, and payments. Real Estate (+0.37%) and Utilities (+0.45%) were modest gainers.
Company News by GICS Sector
Communication Services
Alphabet (GOOGL) — The Mag 7 standout on the day, extending Tuesday’s gains.
TikTok — Dropped plans to invest in a new Irish data center.
Information Technology
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.
Intel (INTC) — Agreed to pay $14.2B to buy back half of an Irish plant it previously sold to Apollo.
Super Micro Computer (SMCI) — Co-founder pleaded not guilty in a chip smuggling case.
nCino (NCNO) +10.6% — Q4 earnings, revenue, and operating margin all beat; billings and FCF ahead of consensus. Q1 and FY guidance midpoints above the Street. Announced an additional $100M accelerated share repurchase.
Hasbro (HAS) -4.5% — Disclosed a cybersecurity incident via 8-K filing; investigation ongoing with potential order and shipping delays flagged.
Consumer Discretionary
Nike (NKE) -15.5% — FQ3 revenue, operating margin, and EPS slightly beat, but guidance for the remainder of 2026 disappointed. China sales fell 10%, EMEA declined 7%, and Direct channel pressure continued. North America (+3%) was the lone bright spot.
RH -19.3% — Q4 results and Q1/FY26 guidance all came in below consensus and low buy-side expectations. Analysts cited a challenging industry backdrop, unfavorable January weather, and peak investment. More constructive commentary centered on product transformation and expected 2H reacceleration via Estates and Europe.
Dave & Buster’s (PLAY) +16.1% — Fiscal Q4 comps, revenue, and EPS were light, but comp trends improved as the quarter progressed. Company guided to positive comps, revenue growth, and EBITDA growth for FY26.
Shake Shack (SHAK) +2.5% — Announced its first loyalty program and a broader technology initiative to scale digital, data, and operational platforms targeting 1,500 company-operated locations. Reiterated Q1, FY26, and long-term guidance.
Consumer Staples
Conagra (CAG) — Organic growth beat but FY adjusted EPS guided to the bottom of prior range.
Lamb Weston (LW) — Earnings and revenue beat, but flagged geopolitical pressures.
Cal-Maine Foods (CALM) +5.3% — FQ3 earnings and revenue beat despite materially lower egg prices year-over-year. Noted improved supply following prior-year HPAI disruptions and stable purchasing patterns across retail and foodservice.
Philip Morris (PM) -4.8% — Reuters reported the FDA has not approved nicotine-pouch products despite a fast-track process, with agency scientists citing risk to new users. Jefferies flagged potential risk to long-term category growth.
PVH +3.2% — Fiscal Q4 beat; highlighted positive momentum heading into FY26, with full-year guidance viewed as solid.
Healthcare
Eli Lilly (LLY) +3.7% — FDA approved Foundayo, the company’s once-daily oral GLP-1 weight-loss pill. Will begin shipping via LillyDirect on Monday and will be available at pharmacies and telehealth platforms shortly after.
ORIC Pharmaceuticals (ORIC) -41.0% — Reported dose optimization data for rinzimetostat in combination with darolutamide. Analysts were broadly positive but flagged concern over individual patient trajectories and early discontinuations.
Industrials & A&D
Boeing (BA) +4.2% — Initiated at Overweight by Wells Fargo, which sees a sharp FCF recovery as production normalizes and expects upside from higher MAX and 787 production rates. Shares also boosted by the Pentagon’s move to triple production of PAC-3 Patriot missile seekers.
CACI International (CACI) +3.2% — Initiated at Overweight by Wells Fargo; cited increasing leverage to modernization growth, favorable defense and space exposure.
GE Aerospace (GE) +3.1% — Initiated at Overweight by Wells Fargo; expects positive guidance revisions driven by a faster-than-expected LEAP SV ramp and higher LEAP SV pricing.
Northrop Grumman (NOC) +2.2% — Initiated at Outperform by Wells Fargo; argues strong growth outlook has been overshadowed by heavy development spend and capital investment, sees outperformance vs. peers.
MSM Industrial (MSM) — Missed estimates; flagged volumes not yet back to a positive trend.
Financials
Wells Fargo (WFC) +1.2% — Upgraded to Buy from Hold at HSBC; cited scale, ample capital, attractive valuation, and the recent lifting of regulatory enforcement actions as long-term positives.
Energy & Utilities
SpaceX — Filed confidentially for an IPO that could seek a valuation exceeding $1.75T, which would rank among the largest IPOs ever.
Amazon (AMZN) — AWS cloud infrastructure in Bahrain was damaged in an Iranian strike.
Stellantis — Discussing EV manufacturing options in Canada with its Chinese partner.
Eco Data Releases | Thursday April 2nd, 2026
S&P 500 Constituent Earnings Announcements | Thursday April 2nd, 2026
No constituents report today
Data sourced from FactSet Research Systems Inc.
