S&P 500 – 6,616.85 (+0.076%)

Dow Jones – 46,584.46 (-0.18%)

NASDAQ – 22,017.85 (+0.098%)

• U.S. Stocks Slide Amid Rising Tensions with Iran: U.S. equities extended losses Tuesday as President Trump escalated threats against Iran, warning of potential strikes on critical infrastructure if the Strait of Hormuz remains closed. Diplomatic efforts remain uncertain, and global energy markets are reacting to heightened geopolitical risk.
• Apple Shares Drop on Foldable iPhone Delays: Apple’s stock fell as reports indicated engineering challenges could delay its first foldable iPhone, potentially jeopardizing the September 2026 launch. While Bloomberg suggested the device may still stay on track, investors remain cautious during the critical April-to-May development window.
• Pershing Square’s $64 Billion Universal Music Proposal Boosts Stock: Pershing Square announced plans to acquire Universal Music Group in a cash-and-stock deal at a 78% premium per share, driving UMG stock sharply higher. The merger aims to resolve structural issues and create a newly merged company to be listed on the NYSE by year-end.
• Markets And Commodities: Bond yields rose, with the 10-year Treasury at 4.36%. Asian markets were mixed, European equities mostly lower, and the U.S. dollar remained steady. Bitcoin and other cryptos declined amid geopolitical volatility. WTI crude surged to $116, driven by Strait of Hormuz disruptions and OPEC+ production cuts, though futures suggest prices could moderate later this year.
• Economic Indicators: U.S. private employers added an average of 26,000 jobs per week over four weeks ending March 21, signaling stronger labor growth. Durable goods orders fell 1.4% in February, largely due to transportation equipment, though excluding that sector, demand rose modestly. Used vehicle prices continue to climb, reaching their highest level since mid-2023.
• Corporate Movers: Health insurers surged after the CMS Medicare Advantage and Part D 2027 rate announcement, while Broadcom gained on new chip agreements with Alphabet and Anthropic. Delta slipped ahead of earnings amid rising jet fuel costs, Arm Holdings fell on a downgrade, and Paramount Skydance gained after securing $24 billion from sovereign wealth funds.
• Credit And Interest Rate Trends: High-yield corporate bond spreads fell below 3% for the first time since early March, suggesting resilience in credit markets. Interest rate expectations shifted slightly hawkish after stronger-than-expected payroll data, though most investors still anticipate rates will remain steady for the remainder of 2026.

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“Music is the universal language of mankind.” 

– Henry Wadsworth Longfellow

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Notable Stocks

• Nvidia (NVDA)
• Apple (AAPL)
• Meta Platforms (META)
• Alphabet (GOOGL)
• Paramount Skydance Corp. (PSKY)

Weekly Notables

Soleno Withdraws EU Rare Disease Drug Application Ahead of Neurocrine Takeover

Soleno Therapeutics announced Tuesday that it has voluntarily withdrawn its European marketing application for its rare metabolic disorder drug, following plans by acquirer Neurocrine Biosciences to focus on the U.S. market. The withdrawal, ahead of Neurocrine’s $2.9 billion acquisition of Soleno, was described as “based on business and strategic considerations” and preserves the company’s ability to re-engage with regulators later.

Anthropic Unveils AI Cybersecurity Alliance After Model Finds Thousands of Critical Software Flaws

Anthropic announced a major cybersecurity partnership on Tuesday with tech leaders including Microsoft, Amazon, and Apple, aimed at combating the growing threat of AI-driven cyberattacks. The initiative, called Project Glasswing, is powered by Anthropic’s new AI model, Claude Mythos Preview, which will be limited to a small group of organizations focused on securing critical infrastructure. Around 40 additional companies will also gain access to help protect software systems and open-source platforms.

Earnings Spotlight: Applied Digital (APLD)

Wall Street expects Applied Digital to report a wider adjusted loss per share of $0.15 for Q3 FY26 compared to $0.08 in the prior-year quarter. Revenue is expected to rise about 43% year-over-year to $75.47 million. Investors will pay attention to management’s commentary on the demand backdrop, any new lease deals, debt reduction, and profitability.

What's Ahead

April 8: Expected earnings from Delta Air Lines (DAL), Constellation Brands (STZ), and Applied Digital (APLD).
April 9: Fourth quarter GDP-third estimate, February PCE prices.
April 10: March CPI, March core CPI, preliminary April University of Michigan Consumer Sentiment.
April 13: Expected earnings from Goldman Sachs (GS), March existing home sales.
April 14: March PPI, March core PPI, and expected earnings from JPMorgan Chase (JPM), Johnson & Johnson (JNJ), Wells Fargo (WFC), Citigroup (C), BlackRock (BLK).