April 10, 2026
Futures are slightly lower after the S&P 500 extended its winning streak to seven sessions on Thursday. Asian markets were firmer overnight, led by Japan (+1.8%) and South Korea (+1.5%), while Europe is little changed. Treasuries are slightly weaker with yields up about 1 bp. Gold -1.0%, silver -1.6%, Bitcoin futures -1.0%, and WTI crude +2.2%.
The tone is cautious but stable into a quiet end to a headline-heavy week. The U.S.-Iran ceasefire is holding ahead of Saturday’s talks in Pakistan, though durability concerns remain centered on the Strait of Hormuz and Lebanon. Another key debate is how much additional upside can be driven by mechanical support — positioning, systematic buying, and the S&P moving back above its 200-day moving average — versus how much recovery is already priced in. AI remains a major crosscurrent, with compute demand still a strong tailwind for semis and infrastructure, while disruption fears continue to weigh on software.
On the calendar today: March CPI, February factory orders, and preliminary April University of Michigan sentiment and inflation expectations. Street is looking for headline CPI +1.0% m/m and core CPI +0.3% m/m. The headline jump is expected to be largely Iran-related. Used car prices are a widely cited upside risk for core, while airfare pressure is also being watched, though March may be too early for a full Iran impact.
Company News
- TSM — Q1 revenue rose 35% to nearly $36B, above expectations.
- Anthropic — Reuters reported the company is considering designing its own chips, though plans remain very early. Multiple outlets also reported Treasury Secretary Bessent and Fed Chair Powell called Wall Street CEOs to an urgent meeting over cybersecurity concerns tied to Anthropic’s new Mythos model.
- SpaceX / TSLA — Financial press revisited the idea that a SpaceX IPO could eventually precede a merger with Tesla.
- LITE — Shares boosted after upbeat CEO commentary that the company is on track to be sold out through 2028.
- WDFC — Fiscal Q2 EPS beat, but the company slightly lowered 2026 guidance due to higher petroleum-based input costs.
U.S. equities pushed higher Thursday (Dow +0.58% | S&P 500 +0.62% | Nasdaq +0.83% | Russell 2000 +0.60%), though ended off session best levels, with the S&P 500 extending its winning streak to seven sessions and closing a bit more than 2% below its January 27 all-time high. The market was helped by easing concerns around ceasefire durability after Israel agreed to direct talks on the Lebanon issue, while broader U.S.-Iran offramp optimism remained intact ahead of Saturday’s negotiations in Pakistan. Positioning was another key tailwind: Goldman estimated CTAs are set to buy roughly $34B of S&P exposure over the next week as they flip from short to long. Still, several overhangs remain, including limited practical reopening of the Strait of Hormuz, structural damage already done, lingering private credit stress, and renewed AI disruption concerns centered on increasingly powerful large language models.
Macro data was mixed. Weekly initial jobless claims rose to 219K, above the 210K consensus and prior week’s upwardly revised 203K. Continuing claims fell to 1.794M, below expectations and the lowest since June 2024. February personal income unexpectedly fell 0.1% m/m versus expectations for a 0.3% gain, while personal spending rose 0.5%, in line. Core PCE increased 0.4% m/m, matching forecasts and January’s pace. Final Q4 GDP was revised down to 0.5% SAAR from 0.7%, while the final Q4 chain price index was revised slightly lower to 3.7%.
Treasury supply drew a muted reception again: the $22B 30-year bond auction tailed by 0.5 bp, with bid-to-cover and foreign demand both light versus recent averages, following Wednesday’s soft 10-year sale. Treasuries were mixed with curve steepening; 2-year and 10-year yields were unchanged at 3.79% and 4.29%, while the 30-year rose 2 bps to 4.89%. The dollar index fell 0.4% to 98.80. Gold rose 0.9%, silver gained 1.4%, Bitcoin futures added 1.4%, and WTI crude settled up 3.7%, though well off intraday highs.
Friday brings March CPI, February factory orders, and preliminary April University of Michigan sentiment and inflation expectations. The Street is looking for headline CPI of +1.0% m/m and core CPI of +0.3%, with the headline jump largely tied to the Iran conflict.
Sector Performance
Sector performance skewed cyclical, though not uniformly so. Consumer Discretionary (+2.46%) led by a wide margin, helped by strength in retail/apparel, homebuilders, hotels, and select internet names. Industrials (+1.04%) also outperformed on machinery, multis, and building products. Communication Services (+0.93%) gained behind Amazon and Meta, while Consumer Staples (+0.88%), Utilities (+0.84%), and Real Estate (+0.83%) also advanced. Technology (+0.38%) rose but lagged the broader tape as semis and memory outperformed while software came under renewed pressure from AI disruption concerns. Financials (+0.27%) posted modest gains, supported by banks but capped by weakness in asset managers and exchanges. Materials (+0.10%) was little changed as commodity chemicals lagged. Healthcare (-0.19%) was the only sector in the red, weighed down by MedTech. Energy (-1.16%) was the clear underperformer despite higher crude, as the market continued unwinding some wartime winners.
Company News by GICS Sector
Communication Services
- AMZN +5.6% — CEO’s shareholder letter highlighted strong AI-driven compute demand, with AWS AI annualized revenue run rate above $15B in Q1 and the in-house chips business at an approximately $50B annual run rate.
- META — Benefited from continued AI enthusiasm; also announced a $21B expanded AI infrastructure agreement with CoreWeave.
- DIS — Reportedly planning to cut about 1,000 jobs, with most reductions in the recently consolidated marketing organization.
Information Technology
- MRVL +4.8% — Upgraded to Overweight from Equal Weight at Barclays; checks suggest optical ports could double in 2026 and again in 2027.
- INTC +4.7% — Announced an expanded multi-year partnership with Google to advance next-generation AI and cloud infrastructure.
- TXN +2.9% — Upgraded to Buy from Hold at Stifel; cited leverage to the next analog upcycle and free cash flow inflection.
- ZS -11.4% — Downgraded to Neutral from Buy at BTIG; field checks pointed to more cautious demand over the next 6–12 months and rising competitive pressure.
- APLD -8.0% — Fiscal Q3 results beat and management highlighted accelerating demand for high-performance AI data center capacity, but shares fell on worse-than-expected free cash flow and the lack of new deal announcements.
- GTLB -7.8% — Downgraded to Neutral from Buy at Guggenheim; cited more pronounced AI risk, lack of near-term catalysts, and significant NRR deceleration.
- OpenAI — Reportedly set to follow Anthropic in limiting release of its next model due to cybersecurity concerns.
- Anthropic — D.C. appeals court denied the company’s request to pause its Pentagon supply chain risk designation.
Consumer Discretionary
- STAA +20.7% — Preliminary FQ1 net sales above $90M versus roughly $60M consensus; strong growth in China and the Americas drove the upside.
- CRI +6.4% — Upgraded to Neutral from Sell at Goldman Sachs; firm sees an opportunity to drive topline gains through modest share gains in middle-income households.
- COST — Reported solid March sales.
- SMPL -18.1% — FQ2 earnings beat but revenue missed; declines in Atkins and OWYN, lower near-term guidance, and a cut to full-year outlook weighed on shares.
Consumer Staples
- STZ +8.5% — Fiscal Q4 revenue and EPS beat, led by better beer shipments and margins; analysts highlighted a return to positive depletions and favorable category tailwinds. FY27 beer net sales growth guidance lagged consensus, and the company withdrew prior FY28 guidance due to uncertainty.
- HRL -2.4% — Downgraded to Neutral from Overweight at JPMorgan; cited freight cost pressure and unfavorable pork cost outlook.
Financials
- TW -3.2% — Downgraded to Hold from Buy at TD Cowen; cited valuation after the strong year-to-date run and questioned operating leverage from better top-line trends.
- Private credit / Carlyle flagship fund — Reports pointed to another wave of investor redemption requests, keeping pressure on the broader alternative credit space.
Healthcare
- NEOG — Disappointed on Animal Safety performance and core growth trends.
Industrials
- CRWV — Announced a $21B expanded AI infrastructure agreement with Meta.
Energy / Materials
- No major single-stock movers were highlighted beyond continued weakness in energy and commodity chemical names at the sector level.
Eco Data Releases | Friday April 10th, 2026
S&P 500 Constituent Earnings Announcements | Friday April 10th, 2026
No constituents report today
Data sourced from FactSet Research Systems Inc.
