As of today, the S&P 500 Index is up 0.09% while the Dow Jones Industrial Average is down 0.39%, and the Nasdaq 100 Index has risen by 0.16%. In the futures market, June E-mini S&P futures are up 0.12% and June E-mini Nasdaq futures are up 0.20%. This shift comes after Oracle’s stock surged more than 8%, leading a recovery in software stocks amidst a volatile market sparked by rising crude oil prices and geopolitical tensions.
Today, WTI crude oil prices increased over 5%, driven by President Trump’s announcement of a naval blockade in the Strait of Hormuz amid deadlocked U.S.-Iran peace talks. About 20% of the world’s oil and liquefied natural gas transits through this strategic waterway. Additionally, March existing home sales dropped 3.6% month-over-month to a nine-month low of 3.98 million, significantly below the anticipated 4.05 million.
Looking ahead, the first-quarter earnings season kicks off this week, with S&P 500 earnings expected to climb 12% year-over-year, although excluding technology, growth is projected at only 3%, the weakest in two years. In economic forecasts, the markets are currently pricing in a 2% chance for a 25 basis point rate hike at the Federal Open Market Committee meeting scheduled for April 28-29.
