Daily Wrap

Market & SentimentUS equities closed lower, with the Nasdaq 100 down 1.27% and the Russell 2000 off 1.14%. Breadth was weak: only 151 advancers against 337 decliners, and just 45.9% of stocks above their 50-day average. New lows outpaced new highs 15 to 9, reflecting cautious sentiment.

Sectors & StocksAmong large caps, Howmet Aerospace rose 4.06% and CVS Health gained 3.93%, while Deere added 3.23%. On the downside, Cadence Design Systems fell 7.6%, Interactive Brokers lost 7.09%, and CrowdStrike dropped 6.9%. Dell and Synopsys also declined over 5.6%.

Rates, FX & CryptoTreasury yields edged higher, with the 10-year up 4 basis points to 4.79% and the 2-year up 5 basis points to 4.39%. The 2s10s spread stood at 40 basis points. The dollar was little changed: USD/CNY rose 0.04%, EUR/USD slipped 0.05%, and USD/SGD added 0.06%.

Earnings & AnnouncementsMedtronic reported Q1 revenue of $9.76 billion and raised full-year guidance. Palo Alto Networks posted fiscal 2026 revenue of $11.48 billion but swung to a Q4 loss. Apple announced CEO transition: Ternus to succeed Cook, who becomes executive chairman. Keurig Dr Pepper exited its Chobani stake for $800 million and sold assets. Moderna completed a $3 billion convertible bond offering. News Corp disclosed progress on its $1 billion buyback. ResMed signed a $450 million accelerated repurchase with Citi. Capital One redeemed its Series M preferred stock. Caterpillar entered a $3.5 billion 364-day revolving credit facility.