Overnight Summary & Early Morning Trading:
- The S&P 500 finished Wednesday higher by 0.80% at 7022.95 from Tuesday higher by 1.18% at 6967.38.
- The S&P 500 sees support now at 7000 from 6900. Resistance is now at 7100 from 70900. A gain of two levels this week.
- S&P 500 hit its fifth All-Time Closing High of 2026 yesterday. It has been almost three months since a new all-time high.
- Futures are higher this morning by +8 up by +0.11% at 7068.50 on the SP 500 at 6:30 a.m. EDT.
- Bond Market is lower today on price with the 10-Year Yield at 4.278% from 4.262%.
Executive Summary:
- Stocks had a second up week, gaining 3.56%, and up 7.03% in the last two weeks. We are now up 0.64% since the peak in January on the S&P 500. We are out of the “Danger Zone”. The A B C Pattern is over having never hit the C Wave.
- 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.
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 –Jobless Claims and Natural Gas Inventories of note.
- Monthly – Philadelphia Fed Index, Industrial Production and Q4 GDP are out this morning.
- Semi-Monthly – Fed Beige Book
- Fed Speakers of Note today: Williams at 8:35 a.m. EDT, Miran at 10:35 a.m. EDT
- President Trump’s schedule:
- Participates in Executive Time at 8:00 a.m. EDT.
- Receives the Intelligence Briefing at 11:00 a.m. EDT.
- Heads to Las Vegas at 11:25 a.m. EDT.
- Participates in a Roundtable and Remarks on Tax Day at 7:00 p.m. EDT.
Notable Earnings Out After The Close:
- Beats: JBHT +0.05, HOMB +0.01 of note.
- Misses: SLG -0.24 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:
- X-Energy files IPO prospectus with the SEC; Company plans to offer 42.86 mln shares with a projected price range of $16-$19 per share.
- Madison Air (MAIR) prices 82.69 mln share IPO at $27/share, the high end of the $25-$27 projected price range.
- Secondaries Filed Or Priced:
- SFST launches stock offering, no amount provided.
- YORW announces proposed public offering of common stock, no amount provided.
- BRFH: FORM S-1 – Up to 5,550,602 shares of Common Stock.
- Notes Filed Or Priced:
- HLF – Pricing of $800 Million Aggregate Principal Amount of Senior Secured Notes Offering.
- 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.
- Private Placements: None of note.
- Selling Shareholders: None of note.
- Mixed Shelf Offerings:
- STRW files for $200 million mixed securities shelf offering.
News After The Close:
- 10K or 10Q Delays – None of note.
- PPG Industries (PPG) issues upside Q1 EPS guidance and announces a global price adjustment across its paints, coatings and specialty products portfolio, sees EPS of $1.83, excluding non-recurring items, vs. $1.70 FactSet Consensus.
- QuidelOrtho (QDEL) guides Q1 revenue below consensus; believes low end of 2026 guidance remains achievable.
- Johnsons Controls (JCI) ticking higher on report it’s weighing $4.5 bln in divestitures. (Bloomberg)
- President Trump grants various Presidential permits to a subsidiary of Enbridge (ENB) granting authorization to operate and maintain pipeline Border facilities. (White House Press Release)
- RTX awarded a not-to-exceed $234.8 mln US Air Force contract action for AMRAAM Extended Range (ER) Transition to Production.
After The Close Winners: CDNA +9%, VOYG +8%, PPG +6%, AVGO +3%, JACK +4%.
After The Close Losers: QDEL -21%, GEVO -7% SFST -4%, YORW -3%
Buybacks: None of note.
Executive, Corporate Changes:
- CRBG announces appointment of its Chief Accounting Officer Christopher Filiaggi as Interim Chief Financial Officer, effective April 24, 2026.
Dividends Announcements or News:
- Top Names Ex-Dividend Today: EOG EME FUTU WSO RPM GHC MGRC KWR FINV of note.
- Top Names Ex-Dividend Friday: ING DEO WSM PNR RVTY AYI WDFC WB DCOM of note.
- MCBS increases quarterly dividend to $0.29/share from $0.25/share
- COST announces increase in its quarterly cash dividend to $1.47/share from $1.30/share, representing annualized yield of 0.6%.
- TX lowers dividend proposal for fiscal year 2025 in response to global uncertainty from $2.70 to $2.20.
What’s Happening This Morning: (as of 7:30 a.m. EDT)
- Futures S&P 500 +6, NASDAQ 100 +42, Dow Jones +43. Europe is higher while Asia is mixed. Bond yield is at 4.27% from 4.268% on the 10-Year. Crude Oil and Brent Crude are higher with Natural Gas lower. Gold and Silver are higher with Copper lower. The U.S. Dollar is higher versus the Euro, higher against the Pound and lower against the Yen. Bitcoin is at $74,349 lower by -0.85% down $-655 from $74,028 which was lower by -0.31% down $233 on Wednesday.
Sector Action:
- Daily Positive Sectors: Technology, Consumer Cyclical, Communication Services, Financials and Real Estate led the way higher.
- Daily Negative Sectors: Materials, Industrials, Utilities 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:
- Friday Before The Open:
Notable Earnings of Note This Morning:
- Beat: BK +0.30, TSM +0.19, PEP +0.07, USB +0.04, CFG +0.04, KEY +0.03 of note.
- Missed: IIIN -0.37 of note.
- Flat: None of note.
- Still to Report: MS PGR of note.
Company Earnings Guidance:
- Positive Guidance: After The Close & This Morning – TSM 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: MCBS +9%, VOYG +7.4%, CDNA +7%, NUCL +5%, AMCI +4%, TTE +3.1%, WVE +2.5%, UUUU +2.4%, PPG +2.4%, LYV +2.3%, EVTL +2.3%, NKTX +2.1%, ALGT +2% of note.
- GapDown: QDEL -16.5%, GEVO -9%, SFST -6.3%, TSM -3.3%, YORW -2.8%, ORC -2.6%, SLG -2.3%, TX -2.1%, ESEA -2%, SVRA -2% of note.
Insider Action: LW 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: Pentagon Approaches Automakers, Manufacturers To Boost Weapons Production. (WSJ)
- Market Wrap: AI Trade Fuels Stocks Amid Mideast Peace Push. (Bloomberg)
- NY Times Lead Story: Trump’s Portrayal of the War in Iran Collides with Reality. (NYT)
- USA Today: Allbirds (BIRD) from Footwear to AI. (USA Today)
- US, Iran Weigh Longer Truce as Pakistan Steps up Mediation. (Bloomberg)
Economic & Geopolitical:
- Federal Reserve Speakers of note today:
- Federal Reserve New York President John Williams speaks at 8:35 a.m. EDT.
- Federal Reserve Governor Stephan Miran speaks at 10:35 a.m. EDT.
- President Trump’s schedule for today:
- Participates in Executive Time at 8:00 a.m. EDT.
- Receives the Intelligence Briefing at 11:00 a.m. EDT.
- Heads to Las Vegas at 11:25 a.m. EDT.
- Participates in a Roundtable and Remarks on Tax Day at 7:00 p.m. EDT.
- Economic Data Out –
- Weekly –
- Jobless Claims are out at 8:30 a.m. EDT.
- Natural Gas Inventories are out at 10:30 a.m. EDT.
- Monthly –
- April Philadelphia Fed Index is due out at 8:30 a.m. EDT and expected to fall to 12.70% from 18.10%
- March Industrial Production is due out at 9:15 am. EDT and expected to fall to 0.1% from 0.2%.
- Q4 GDP (final estimate) is due out at 8:30 and expected to stay at 0.7% with the deflator still at 3.8%.
- Weekly –
M&A Activity & Daily: None of note.
Moving Average Table: 100% from 100% of Equities are Positive, and 68% from 68% Bonds are Positive.
Meeting & Conferences of Note:
- Sellside Conferences:
- Needham Healthcare Conference
- Piper Sandler Spring Biopharma Symposium
- Top Analyst, Investor: MGTX SCHW of note.
- Shareholder Meetings: ALT CE FUL HPQ HUM PPG TXN of note.
- Fireside Chat: None of note.
- FDA Presentation: MGTX: Data Presentation for AAV2-hAQP1
- R&D Day: None of note.
- Meetings:
- International Monetary Fund / World Bank Spring Meetings
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: FLYW OMAB of note.
- Downgrades FHI TWO of note.