The S&P 500 Index is down 0.07%, the Dow Jones Industrial Average is down 0.36%, and the Nasdaq 100 Index declines by 0.03% as of today. E-mini S&P futures have fallen 0.08%, while E-mini Nasdaq futures are down 0.04%. The market is affected by stalled peace talks between the U.S. and Iran regarding the Strait of Hormuz, with rising crude oil prices contributing to inflation expectations and bond yields; the 10-year T-note yield has reached 4.34%, the highest in 1.5 weeks.
Disappointing earnings reports have pressured software stocks; ServiceNow is down over 15%, and IBM is down more than 7%. In contrast, Texas Instruments has risen over 15% following a strong revenue forecast, with Q1 earnings from 79% of the 101 reporting S&P 500 companies beating estimates, projecting a 12% increase year-over-year. Initial unemployment claims rose by 6,000 to 214,000, against expectations of 210,000, suggesting a weaker labor market.
