Overnight Summary & Early Morning Trading:
- The S&P 500 finished Friday lower by -0.11% at 6816.89 from Thursday higher by 0.62% at 6824.66.
- The S&P 500 sees support now at 6800 from 6700. Resistance is now at 6900 from 6800. A gain of one level from last Thursday.
- 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.
- Futures are lower this morning by -42.50 at 6812.75 on the SP 500 at 6:30 a.m. EDT.
- Bond Market is lower today on price with the 10-Year Yield at 4.333% from 4.289%.
Executive Summary:
- Stocks had a second up week, gaining 3.56%, and up 7.03% in the last two weeks. We are now down -2.31% since the peak in January on the S&P 500. We are not out of the “Danger Zone”until we clear the January high.
- U.S. moves into Week Eight of its attack on Iran. Key to this week is to see how the U.S. Blockade plays out and if the U.S. starts bombing Iran again.
- New bi-weekly short interest was out after the close on Friday and rose on NYSE by 0.77% and on the NASDAQ 2.12%.
- The Blockade Trump describes is not the Blockade Centcom describes. Trump does not go TACO but fabricates. (NBC NEWS)
Key Events of Note Today:
- Economic news of note is still backed up due to the government shutdown, but we will be producing what is scheduled to be reported.
- Weekly – None of note.
- Monthly – Existing Home Sales are out this morning
- Fed Speakers of Note today: Miran at 6:20 p.m. EDT.
- 3 & 6 Month Bill Auction at 11:30 p.m. EDT.
- President Trump’s schedule:
- Participates in Executive Time at 8:00 a.m. EDT.
- Participates in Signing Time at 2:00 p.m. EDT.
- Participates in a Policy Meeting at 4:00 p.m. EDT.
- President and First Lady have dinner with the King and Queen of the Netherlands at 7:00 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:
- ADTX: Form S-3.. Up to 148,278,241 Shares of Common Stock.
- LGVN: FORM S-1 – 30,865,385 Shares of Class A Common Stock.
- Notes Filed Or Priced: None of note.
- 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:
- ANRO files for 6,000,000 share common stock offering by selling shareholders.
- ONDS files prospectus supplement, relates to filing of 881,131 share common stock offering by selling shareholders.
- USAC files for 18,175,323 common units representing limited partner interests offering by selling shareholder.
- VTS files for 1,935,698 share common stock offering by selling shareholder.
- NTHI files for 680,558 share common stock offering by selling shareholders.
- Private Placements: None of note.
- Mixed Shelf Offerings:
- APO files mixed securities shelf offering.
- LEN mixed securities shelf offering.
- DVN files mixed securities shelf offering.
News After The Close:
- 10K or 10Q Delays – None of note.
- Boston Beer (SAM) estimates that it will record a pre-tax one-time litigation expense liability of $175.5 million in Ardagh case.
- CMS proposes major reforms to speed up patient access to drugs, increase transparency, and reduce administrative burden as well as improve hip, knee and ankle replacements.
- Cisco (CSCO) not seeing much reaction yet to report that it’s in talks to buy AI security startup Astrix for at least $250 million.
- Replimune (REPL) sharply lower; opens for trading after shares were halted; stock currently at $2.02, -58% received a complete response letter (CRL) from the U.S. Food and Drug Administration (FDA) for the Company’s Biologics License Application (BLA) for RP1 in combination with nivolumab for the treatment of advanced melanoma.
- Gentex (GNTX) awarded a $128.5 million US Navy contract for Integrated Helmet Systems.
Weekly Winners: CAR +55%, AAOI +44%, CSTE +42%, STAA +31%, INTC +25%, AMKR +24%, MPWR +21%, DIOD +21%, LRCX +21%, KLIC +21%, HTZ +23%, BE +23%, ANAB +20%,
Weekly Losers: SMPL -26%, AKAM -23%, GWRE -22%, HUNS -21%, OKTA -21%, SAIL -21%, NOW -19%, APPN -18%, QDEL -19%, BL -17%, INTU -17%, NTNX -17%, TEAM -16%, GH -16%,
Buybacks: None of note.
Executive, Corporate Changes:
- KLRS announces that Matthew Gall notified the company of his decision to resign as CFO.
- VIR discloses that Chief Medical Officer Mark Eisner will step down, effective April 24, 2026.
Dividends Announcements or News:
- Top Names Ex-Dividend Today: ESLT GFL GGG HRL OZK KEN HLIO GNL WERN UTZ of note.
- Top Names Ex-Dividend Tuesday: None of note.
- Aon (AON) approves a 10% increase to its quarterly dividend to $0.820 per share.
What’s Happening This Morning: (as of 7:30 a.m. EDT)
- Futures S&P 500 -34, NASDAQ 100 -126, Dow Jones -200. Europe is lower while Asia is lower ex Shanghai. Bond yield is at 4.333% from 4.289% on the 10-Year. Crude Oil and Brent Crude are higher with Natural Gas higher. Gold, Silver and Copper are lower. The U.S. Dollar is higher versus the Euro, higher against the Pound and higher against the Yen. Bitcoin is at $70,888 lower by -0.38% down $-274 from $71,998 lower by -0.07% down $50 on Friday.
Sector Action:
- Daily Positive Sectors: Materials, Technology, Consumer Cyclical, Real Estate and Energy led the way higher.
- Daily Negative Sectors: Consumer Defensive, Healthcare and Financials were lower.
- One Month Winners: Energy of note.
- Three-Month Winners: Energy, Materials, Utilities, Consumer Defensive and Industrials of note.
- Six-Month Winners: Energy, Materials, Utilities, Industrials, Healthcare and Consumer Defensive of note.
- Twelve-Month Winners: Materials, Energy, Industrials, Utilities, Communication Services and Technology of note.
- Year to Date Winners: Energy, Materials, Consumer Defensive, Utilities and Industrials 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: FBK of note.
- Tuesday Before The Open:
Notable Earnings of Note This Morning:
- Beat: GS +1.08 of note.
- Missed: None of note.
- Flat: FAST of note.
- Still to Report: None of note.
Company Earnings Guidance:
- Positive Guidance: After The Close & This Morning – None of 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: IDYA +29.8%, TLX +8.6%, LEG +8.5%, USO +7.1%, PLBY +5.7%, KGEI +5.6%, XOM +2.5%, BORR +2.2%, CVX +2.1% of note.
- GapDown: BNTX -2.6%, STLA -2.5% of note.
Insider Action: USAU NKE MESO (2nd day) see Insider Buying with dumb short selling. TBN sees Insider Buying with smart short sellers. Above $100,000 in purchases with high shorts but no history: None 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: Iran Counters Blockade With Warnings on Gulf Ports. (WSJ)
- Bloomberg Lead: US Iran Truce Mostly Holds Before Blockade Begins. (Bloomberg)
- Markets Wrap: Stocks Fall as Yields Rise with Oil. (Bloomberg)
- NY Times Lead Story: Banks Warned About Anthropic’s new Powerful AI by Treasury and Federal Reserve. (NYT)
- USA Today: Pope Leo Says He Has No Fear After Trump Blasts Him. (USA Today)
Economic & Geopolitical:
- Federal Reserve Speakers of note today:
- Federal Reserve Governor Miran at 6:20 p.m. EDT.
- President Trump’s schedule for today:
- Participates in Executive Time at 8:00 a.m. EDT.
- Participates in Signing Time at 2:00 p.m. EDT.
- Participates in a Policy Meeting at 4:00 p.m. EDT.
- President and First Lady have dinner with the King and Queen of the Netherlands at 7:00 p.m. EDT.
- Economic Data Out –
- Weekly –
- None of note.
- Monthly –
- March Existing Home Sales are due out at 10:00 a.m. EDT and are expected to drop to 4.01 million from 4.09 million.
- Weekly –
M&A Activity & Daily Changes: None of Note.
Moving Average Table: 97% from 100% of Equities are Positive, and 28% from 60% Bonds are Positive.
Meeting & Conferences of Note:
- Sellside Conferences: None of note.
- 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: None of note.
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: ARW AVT CPA DIOD LTM ON STZ TEM TX VNOM WSM of note.
- Downgrades NBBY REPL (3) of note.