April 13, 2026
S&P futures are down 0.6% Monday morning following last week’s mixed finish, where the index snapped a seven-day winning streak but still posted a second consecutive weekly gain. Global markets are softer, with Europe lower after a mixed Asia session. Rates are slightly higher (+~2 bp), the dollar is firmer (+0.3%), and risk assets are under pressure, with Bitcoin down 3.6%. Commodities are diverging—WTI crude up 8.2%, while gold (-1.1%) and silver (-2.7%) are lower.
The key driver is geopolitics. U.S.–Iran talks failed after 21 hours, with core disagreements around Iran’s nuclear program and control of the Strait of Hormuz. The U.S. is considering a naval blockade, though the ceasefire remains in place and further talks are possible. Markets are reacting with a modest risk-off tone, driven primarily by the sharp move higher in oil.
Despite this, the broader backdrop remains mixed rather than outright negative. Q1 earnings season begins this week, with expectations for double-digit earnings growth still intact. AI demand, positioning support, and consumer resilience remain key bullish offsets, though concerns around capacity constraints and software weakness persist.
The macro calendar is light today (existing home sales), but picks up later in the week with PPI, Empire manufacturing, jobless claims, and industrial production, along with multiple Fed speakers and the Beige Book.
Company-Specific News
- GS: Reporting Q1 earnings today; start of earnings season focus
- FAST: Also reporting this morning; early read on industrial demand
- JPM / WFC / C: Big bank earnings begin Tuesday pre-market
- BAC / MS: Reporting Wednesday; key read-through for capital markets activity
- JNJ / NFLX / PEP / ABT / SCHW / PGR: Notable earnings later this week
- AMZN: Facing pressure from NLRB to settle case involving contract workers
- SNDK / TEAM: Sandisk to replace Atlassian in the Nasdaq-100 index
- BKR: Selling Waygate Technologies to Hexagon AB for $1.45B in cash
- Anthropic: Ongoing debate about capabilities of Claude Mythos model; some reports suggest less disruptive than initially feared
U.S. equities finished mostly lower Friday (Dow: -0.56%, S&P 500: -0.11%, Nasdaq +0.35%), with the S&P 500 snapping a seven-day winning streak. The Dow fell 0.56% and the S&P 500 declined 0.11%, while the Nasdaq rose 0.35%. Small caps lagged modestly, and overall breadth was negative, pointing to underlying weakness beneath the surface .
Geopolitics remained a central focus ahead of U.S.–Iran talks, with the Strait of Hormuz still largely constrained and Middle East tensions unresolved. Markets appear to be balancing a base case of eventual de-escalation with near-term volatility risk .
On the macro front, March CPI printed at +0.9% m/m, driven by energy (gasoline +21.2%), while core CPI was softer at +0.2%. Consumer sentiment deteriorated sharply, with the University of Michigan index falling to 47.6 (record low), alongside rising inflation expectations .
Treasuries weakened modestly (yields +2–3 bp), the dollar was slightly lower, gold declined, and crude oil traded lower in volatile conditions .
Sector Performance
Sector performance was mixed with a tilt toward growth and cyclicals. Technology (+0.76%) led, supported by semiconductors, while Materials (+0.64%) and Consumer Discretionary (+0.55%) also outperformed.
Defensive sectors lagged, with Consumer Staples (-1.43%) and Health Care (-1.33%) the weakest. Financials (-1.06%), Energy (-0.80%), Utilities (-0.44%), Industrials (-0.43%), and Communication Services (-0.28%) also finished lower .
Company & Industry Highlights
Information Technology / AI / Software
- TSM +1.4%: Q1 revenue +35% y/y (~$36B), beating expectations on strong advanced chip demand
- CRWV +10.9%: Announced multi-year compute deal with Anthropic
- NOW -7.6%: Downgraded; concerns over non-AI software spending pressure
- NTNX -6.9%: Downgraded; limited near-term visibility in choppy macro
- DOCU -5.9%: Downgraded; moderating growth and fewer catalysts
- VEEV -3.6%: Downgraded; decelerating R&D growth and modest AI momentum
- ADSK -3.0%: Downgraded; growth moderating, limited AI upside
Communication Services / Media / Platforms
- AMZN (Amazon) +~0% (mixed tone): Continued momentum tied to AI and cloud demand (contextual outperformer)
Health Care / Pharma / Biotech
- OGN +27.8%: Reports of potential $12B acquisition by Sun Pharma drove sharp upside
Industrials / Capital Markets / Special Situations
- CVLT +10.3%: Exploring sale after takeover interest (including Thoma Bravo)
- MSGS +2.8%: Upgraded; potential value from team spin-offs
Consumer / Industrial / Specialty
- WDFC (WD-40) (modestly lower): Beat EPS but lowered 2026 guidance due to higher petroleum-based input costs
Eco Data Releases | Friday April 13th, 2026
S&P 500 Constituent Earnings Announcements | Friday April 13th, 2026
Data sourced from FactSet Research Systems Inc.
