CAPIS Morning Note – 03/24/26: Stocks Mixed, Israel Continues To Hit Iran

Overnight Summary & Early Morning Trading: The S&P 500 finished Monday higher by 1.15% at 6581 from Friday lower by -1.51% at 6506.48. The S&P 500 sees support now at 6500 from 6600. Resistance is now at 6600 from 6700. S&P 500 hit its fourth All-Time Closing High of 2026 on 1/27/26. It has been […]

Overnight Summary & Early Morning Trading:

  • The S&P 500 finished Monday higher by 1.15% at 6581 from Friday lower by -1.51% at 6506.48.
  • The S&P 500 sees support now at 6500 from 6600. Resistance is now at 6600 from 6700. 
  • S&P 500 hit its fourth All-Time Closing High of 2026 on 1/27/26. It has been over one month since a new all-time high.
  • Year to date the S&P 500 is -3.86% from -4.95% on Friday’s close.
  • Futures are lower this morning by -9.25 (-0.11%) at 6625 on the SP 500 around 6:40 a.m. EDT.
  • Bond Market is higher today on price with the 10-Year Yield at 4.37% from 4.435%.

Executive Summary:

  • Stocks has lost -3.12% in the last three weeks and -6.76% since the peak in January on the S&P 500. We are not out of the “Danger Zone”. 
  • U.S. moves into Week Four of its attack on Iran. Key to this week is the conflict not getting to “the point of no return” where chaos takes over.
  • The S&P 500 is now clustering with multiple (4) drops of greater than -1%.
  • Futures were ugly Monday until President Trump said that U.S. and Iran were talking over the weekend and he was extending the deadline for Iran to open the Strait of Hormuz from Monday to Friday. Iran declared that there were no negotiations underway. Someone has a credibility issue.

Key Events of Note Today:

  • Economic news of note is still delayed due to the government shutdown but we will be producing what is scheduled to be reported.
    • Weekly – API Petroleum Data is due out at 4:30 p.m. EDT.
    • Monthly – None of note.
  • Auction at 11:30 a.m. EDT.
  • Fed Speakers of Note today: Now out of the blackout period.
  • President Trump’s schedule:
    • Participates in Executive Time at 8:00 a.m. EDT.
    • Participates in a Swearing-In Ceremony for the Secretary of Homeland Security at 1:30 p.m. EDT.
    • Participates in a Policy Meeting at 2:00 p.m. EDT.
    • Participates in a Policy Meeting at 4:00 p.m. EDT.
    • Participates in Signing Time at 5:00 p.m. EDT.

Notable Earnings Out After The Close: 

  • Beats: None of note. 
  • Misses: None of note.
  • Flat: None of note.

Capital Raises:

  • IPOs For The Week: None of note.
  • New IPOs/SPACs launched/News: None of note.
  • IPOs Filed/Priced: None of note.
  • Secondaries Filed Or Priced:
    • APGE – Proposed $300 Million Underwritten Public Offering.
    • APTO: Filed Form RW.
    • BATL: Form S-3.. Resale of Up To 2,727,273 Shares of Common Stock.
    • LOBO – Pricing of $2 Million Public Offering.
    • OTLK – Proposed Public Offering.
    • SLGL – Pricing of Oversubscribed Underwritten Offering.
  • Notes Filed Or Priced:
    • NXST – Pricing of $3,390 Million Senior Secured Notes Due 2033 and $1,725 Million Senior Notes Due 2034.
  • Convertible Offerings Filed or Priced: None of note.
  • Private Placement: None of note.
  • Direct Offering: None of note.
  • Exchangeable Subordinate Voting Shares: None of note.
  • Selling Shareholders:
    • FLOC – Closing of Public Offering by Selling Stockholders and Share Repurchase by the Company – Closing of Public Offering by Selling Stockholders and Share Repurchase by the Company.
  • Private Placements: None of note.
  • Mixed Shelf Offerings:
    • CMTL: FORM S-3 – $125,000,000 Mixed Shelf Offering.
    • STRO: Form S-3.. up to $300.0 million Mixed Shelf.

News After The Close:

  • Leonardo DRS (DRS) awarded an engineering solutions contract for the Advanced Technology Support Program V to support the U.S. military in rapidly fielding emerging technologies worth $25 billion over 10 years.
  • Estee Lauder (EL) confirms that it is in discussions regarding a potential business combination with Puig (PUGBY); no final decision has been made, and no agreement has been reached.
  • Core Labs (CLB) lowers Q1 guidance citing regional instability in the Middle East.
  • NETGEAR (NTGR) up +16% up strongly after hours on positive FCC announcement stating that covered list now includes foreign-made consumer routers.
  • 10K or 10Q Delays – None of note.

Buybacks: 

  • SLDE announces new $125 million stock repurchase program.  

Executive, Corporate Changes:

  • CRDA appoints Bruce Swain, Jr. as President and CEO, effective immediately.
  • OIS announces retirement of CEO Cindy Taylor and appointment of Lloyd Hajdik as successor, effective May 1, 2026.  

Dividends Announcements or News:

  • Top Names Ex-Dividend Today: None of note.
  • Top Names Ex-Dividend Wednesday: None of note.

What’s Happening This Morning: (as of 7:30 a.m. EDT)

  • Futures S&P 500 -11, NASDAQ 100 -25,  Dow Jones -88. Europe is higher ex Germany while Asia is higher.  Bond yield is at 4.364% from 4.368% on the 10-Year. Crude Oil and Brent Crude are higher with Natural Gas higher. Gold and Silver are higher while Copper is lower. The U.S. Dollar is higher versus the Euro, higher against the Pound and higher against the Yen. Bitcoin is at $70,982 higher by +0.17% up $135 from $70,350 higher by +$2024.

Sector Action:

  • Daily Positive Sectors: All were higher.
  • Daily Negative Sectors: None were lower. 
  • One Month Winners: Energy and Utilities of note.
  • Three-Month Winners: Energy, Materials, Utilities, Consumer Defensive and Industrials of note.
  • Six-Month Winners: Materials, Healthcare, Utilities, Consumer Defensive and Industrials of note.
  • Twelve-Month Winners: Materials, Energy, Industrials, Communication Services and Technology of note.
  • Year to Date Winners:  Energy, Materials, Consumer Defensive, Utilities and Real Estate of note.

Bolded means the Sector is new to the period in which it falls.

Upcoming Earnings Of Note: (Erlanger Chartroom Software – sorted by market cap, highest to lowest with most visible names)

  • Today After the Close:

  • Wednesday Before The Open:

Notable Earnings of Note This Morning:

  • Beat: SFD +0.28 of note.
  • Missed: None of note.
  • Flat: None of note.
  • Still to Report: CNM CNXC of note.

Company Earnings Guidance:

  • Positive Guidance: After The Close & This Morning – Noneof note.
  • Mixed – None of note.
  • Negative or Mixed Guidance: After The Close & This Morning – None of note.

Advance/Decline Daily Update:

Gap Ups & Down In Early Pre-Market: (+2% or down more than -2%):

  • GapUp: NTGR +14.7%, SFD +7.3%, ATAI +6.2%, GILD +3.2%, AAOI +3.1%, TRMD +2.2%, AGBK +2.2%, MRP +2%, ESI +2%, ABVX +2% of note.
  • GapDown: BATL -6.1%, HSAI -5.6%, CDLR -2.5%, CLB -2.2%, SRZN -2% of note.

Insider Action: NMM sees Insider Buying with dumb short selling. None sees Insider Buying with smart short sellers. Above $100,000 in purchases with high shorts but no history: OSUR of note.

Rags & Mags: Repeated stories from prior days never listed, i.e. “rehashed news”. Sorted by Global, U.S. and stock specific.

  • WSJ Lead Story: Back Channel Diplomacy Behind Trump’s U Turn. (WSJ)
  • Bloomberg Lead: Israel Presses On With Iran Strikes With Full Intensity.  (Bloomberg)
  • NY Times Business Section Lead Story: War’s Attacks Could Turn Economic Shock Into Long Term Damage. (NYT)
  • USA Today: Trump Outs Cuba Talks In The Hands of Secretary of State Rubio. (USA Today)
  • Thoughtful Money: The Latest Outlook from several strategists. (Podcast)

Economic & Geopolitical:

  • Federal Reserve Speakers of note today: None of note.
  • President Trump’s schedule for today:
    • Participates in Executive Time at 8:00 a.m. EDT.
    • Participates in a Swearing-In Ceremony for the Secretary of Homeland Security at 1:30 p.m. EDT.
    • Participates in a Policy Meeting at 2:00 p.m. EDT.
    • Participates in a Policy Meeting at 4:00 p.m. EDT.
    • Participates in Signing Time at 5:00 p.m. EDT.
  • Economic Data Out –
    • Weekly
      • API Petroleum Institute Data is due out at 4:30 p.m. EDT.
    •  Monthly
      • None of note. 

M&A Activity & Daily Changes: None of note.

Moving Average Table:  17% from 7% of Equities are Positive, and 0% from 0% Bonds are Positive.

Meeting & Conferences of Note:

  • Sellside Conferences:
    • Jefferies Auto Aftermarket Conference
    • Wolfe Badishkanian Small Group March Conference
  • Top Analyst, Investor: None of note.
  • Shareholder Meetings: None of note.
  • Fireside Chat: None of note.
  • FDA Presentation: None of note. 
  • R&D Day: None of note.
  • Meetings:
    • CERAWeek
    • International Battery Seminar and Exhibit
    • Society of Toxicology Meeting
    • USCAP
    • XPONENTIAL Europe

Upgrades & Downgrades:

The recommendations listed below in this “Upgrade/Downgrade” section are compiled from what we believe are Tier I, II and III firms. Recommendations posted are taken from a variety of sources each day and we only post upgrades or significant initiations as well as downgrades to underweight or sell. The purpose of this posting is to make the reader aware of market-moving recommendations. None of these recommendations should be interpreted as actual recommendations from CAPIS or its employees.

  • Upgrades: CRWV FROG JKS RL STRO of note.
  • Downgrades: SAP of note.