Overnight Summary & Early Morning Trading:
- The S&P 500 finished Tuesday higher by 1.18% at 6967.38 from Monday higher by 1.02% at 6886.24.
- The S&P 500 sees support now at 6900 from 6800. Resistance is now at 7000 from 6900. A gain of one level yesterday.
- S&P 500 hit its fourth All-Time Closing High of 2026 on 1/27/26. It has been over two months since a new all-time high.
- Futures are lower this morning by -9.25 down by -0.15% at 6995.50 on the SP 500 at 6:45 a.m. EDT.
- Bond Market is lower today on price with the 10-Year Yield at 4.262% from 4.281%.
Executive Summary:
- Stocks had a second up week, gaining 3.56%, and up 7.03% in the last two weeks. We are now down -1.32% 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.
- Short Squeezes are up 1.63% while Long Squeezes are up 3.83% since Friday’s close.
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 –Crude Oil Inventories of note.
- Monthly – Empire Manufacturing, Import/Export Prices and NAHB Housing Index are out this morning.
- Semi-Monthly – Fed Beige Book
- Fed Speakers of Note today: Barr at 8:30 p.m. EDT, Bowman at 1:45 p.m. EDT
- President Trump’s schedule:
- Participates in Executive Time at 8:00 a.m. EDT.
- Participates in a Policy Meeting at 12:30 p.m. EDT.
- Participates in Signing Time at 3:30 p.m. EDT.
- Participates in a Policy Meeting at 4:30 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: Rare Earth Americas files IPO prospectus with SEC; Number of shares offered and projected price range not yet determined.
- Secondaries Filed Or Priced:
- ALLO – Pricing of Public Offering of Common Stock.
- BEAT commences public offering of common stock with all securities sold being offered by the company; Size of offering not disclosed.
- CING: Form S-3.. 4,208,711 Shares of Common Stock.
- RVMD – Prices $2.0 Billion in Concurrent Upsized Offerings of Common Stock and Convertible Senior Notes.
- SYRE – Pricing of Upsized $403.0 Million Public Offering of Common Stock.
- WULF – Pricing of Upsized Common Stock Offering.
- Notes Filed Or Priced:
- NRG Pricing of Senior Secured Notes and Senior Unsecured Notes.
- TE – Pricing of Upsized Public Offering of Convertible Senior Notes Due 2031.
- Convertible Offerings Filed or Priced:
- BORR – Pricing of $260 million of 3.50% Convertible Senior Notes due 2033.
- Private Placement: None of note.
- Direct Offering: None of note.
- Exchangeable Subordinate Voting Shares: None of note.
- Private Placements: None of note.
- Selling Shareholders: None of note.
- Mixed Shelf Offerings:
- WULF mixed securities shelf offering.
News After The Close:
- 10K or 10Q Delays – None of note.
- OpenAI rolls out cyber model to select group amid competition with Anthropic’s Mythos.
- SPOK announces a strategic realignment designed to reduce costs and sharpen operational focus, including elimination of approximately 10% of its workforce .
- SEC approves FINRA proposed rule change related to day trading. Based on engagement with customers and members, FINRA proposed to eliminate the current day trading margin requirements, including the definition of “day trading” and “pattern day trader,” as well as the computation and use of day-trading buying power, and the $25,000 minimum equity requirement and replace these provisions with new intraday margin requirements. Filing
- AIR awarded $305 million contract to provide contractor logistics support for the United States Navy and Marine Corps C-40A fleet.
- EQT discloses in filing that it expects to report a total loss on derivatives of $238 million for the three months ended March 31, 2026.
- Broadcom (AVGO) announces extended partnership with Meta (META) to deploy technology to support multi-gigawatts of Meta’s customer silicon, MTIA.
After The Close Winners: GLOO +19%, GTLB +6%, AVGO +3%, JACK +4%.
After The Close Losers: SPWR -9%, WULF -7% (see Mixed Shelf offering above)
Buybacks:
- FNB authorizes a new $250 million share repurchase program
Executive, Corporate Changes:
- GPCR appoints Matthew Lang as Chief Operating Officer.
- IVR announces that President Kevin Collins will assume the role of Chief Executive Officer, effective May 1, 2026
- CON Medical Officer Dr. John Anderson will retire at the end of the year.
Dividends Announcements or News:
- Top Names Ex-Dividend Today: ABBV ABT FCX UDR SNX MAA AFG ACA PECO VSEC KAI TRN BKE ARR ALG CHCO CSWC UVV TRIN SBR of note.
- Top Names Ex-Dividend Wednesday: EOG EME FUTU WSO RPM GHC MGRC KWR FINV of note.
- FNB increases quarterly dividend 8% to $0.13/share
- PG increases quarterly dividend to $1.0885/share from $1.0568/share
What’s Happening This Morning: (as of 7:30 a.m. EDT)
- Futures S&P 500 +2, NASDAQ 100 -1, Dow Jones -5. Europe is mixed while Asia is higher. Bond yield is at 4.268% from 4.293% on the 10-Year. Crude Oil and Brent Crude are higher with Natural Gas lower. 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 $74,028 lower by -0.31% down $233 from $74.418 higher by 1.79% up $1295.
Sector Action:
- Daily Positive Sectors: All others led the way higher.
- Daily Negative Sectors: Consumer Defensive and Energy 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:
- Thursday Before The Open:
Notable Earnings of Note This Morning:
- Beat: ASML +0.55, PMC +0.39, MTB +0.11, BAC +0.10, FHN +0.03 of note.
- Missed: None of note.
- Flat: None of note.
- Still to Report: MS PGR of note.
Company Earnings Guidance:
- Positive Guidance: After The Close & This Morning – None of note.
- Mixed – ASML PNC 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: RRC +8.7%, GLOO +8.6%, GTLB +6.1%, STNE +6%, FTW +5.2%, OKLO +4.5%, FNB +4.3%, SPRY +3.7%, POET +3.4%, NAK +3.4%, SPOK +3.2%, MESO +3.1%, LGO +3.1%, AVGO +2.9%, EVO +2.8%, NKE +2.6%, CABA +2.5%, AIR +2.5%, STLA +2.3%of note.
- GapDown: DOO -13.3%, ALLO -6.6%, WULF -6.1%, SPWR -4.1%, CRNT -2.4%, TLX -2% of note.
Insider Action: NKE sees Insider Buying with dumb short selling. None see 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’s Regime Has Changed For The Worse. (WSJ)
- Bloomberg Lead: Bank of America Traders Notch Record. (Bloomberg)
- NY Times Lead Story: Trump Again Offers Conflicting Signals On Ending War. (NYT)
- USA Today: Checked Bag Fees Just Jumped Again. (USA Today)
- MBA Mortgage Applications rose +1.8%.
- ASML raises Sales Forecast for 2026.
Economic & Geopolitical:
- Federal Reserve Speakers of note today:
- Federal Reserve Governor Barr speaks at 8:30 a.m. EDT.
- Federal Reserve Governor Bowman speaks at 1:45 p.m. EDT.
- President Trump’s schedule for today:
- Participates in Executive Time at 8:00 a.m. EDT.
- Participates in a Policy Meeting at 12:30 p.m. EDT.
- Participates in Signing Time at 3:30 p.m. EDT.
- Participates in a Policy Meeting at 4:30 p.m. EDT.
- Economic Data Out –
- Weekly –
- MBA Mortgage Applications were out at 7:00 a.m. EDT.
- Crude Oil Inventories are out at 10:30 a.m. EDT.
- Monthly –
- April Empire Manufacturing is due out at 8:30 a.m. EDT and expected to rise to 0.0% from -0.2%.
- March Import and Export Prices are due out at 8:30 a.m. EDT and expected to come in at 1.30% and 1.50%.
- April NAHB Housing Index is due out at 10:00 a.m. EDT and expected to remain at 38.
- Semi-Monthly –
- Federal Reserve Beige Book out at 2:00 p.m. EDT.
- Weekly –
M&A Activity & Daily: None of note.
Moving Average Table: 100% from 100% of Equities are Positive, and 68% from 64% Bonds are Positive.
Meeting & Conferences of Note:
- Sellside Conferences:
- BMO CAPP Energy Symposium
- DB HealthTech & Innovation Private Company Conference
- Jefferies Private Growth Conference
- Needham Healthcare Conference
- Piper Sandler Spring Biopharma Symposium
- Top Analyst, Investor: PGR of note.
- Shareholder Meetings: ADBE CARR MBRX NUAI PSN SMCI SON of note.
- Fireside Chat: None of note.
- FDA Presentation: None of note.
- R&D Day: None of note.
- Meetings:
- A.G.P. Critical Minerals & Energy Conference
- Water Tower Research Insights Conference
- International Monetary Fund / World Bank Spring Meetings
- Nephron Health Policy Summit
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: SYM of note.
- Downgrades SEDG of note.