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Goldman Sachs and JPMorgan are exploring futures tied to GPU rental prices to help manage AI lending risks, amid a softer financial sector.

US Markets

Big Banks Delivered Strong Capital Markets Performance in First Quarter, RBC Says

Major US banks delivered stronger-than-expected capital markets revenue in the first quarter amid solid gains in advisory and equities trading, RBC Capital Markets said in a note sent to clients Thursday.The combined capital markets revenue of JPMorgan Chase (JPM), Bank of America (BAC), Citigroup (C), Goldman Sachs (GS), and Morgan Stanley (MS) climbed nearly 20% year over year, according to the brokerage.Their aggregate advisory revenue soared 68%, led by Goldman, RBC said. Total investment baking fees increased 31% from the year-ago quarter, including a boost from equity capital markets."We saw increased advisory revenues due the large deals announced in 2025 that closed in (the first quarter of 2026) and ECM revenues benefited from increased follow-on and convertible offerings," Gerard Cassidy, co-head of global financials research at RBC, said in the note.Equities trading rallied about 26%, with Citigroup logging the strongest performance and JPMorgan showing the smallest gain among the five banks.The banks' combined fixed income, currencies, and commodities revenue grew 10%, Cassidy said. All five banks except for Goldman achieved year-over-year growth in FICC.The lenders were "cautiously optimistic" about investment banking activity in the near term, factoring in macroeconomic and geopolitical uncertainties, according to the brokerage.The deadline for the expiration of a two-week ceasefire between the US and Iran is close. The White House is optimistic about reaching a deal with Tehran, noting that a potential second round of talks would likely be held in Pakistan. Prior peace negotiations in Islamabad ended without a deal last weekend."Many of the investment banks pointed to solid backlogs in (the first quarter) which we believe could be monetized in less volatile market conditions," Cassidy said. "The longer economic uncertainty and heightened market volatility exist, however, the more difficult it will be for the companies to grow their investment banking revenues."Price: $309.39, Change: $+3.46, Percent Change: +1.13%

$BAC$C$GS$JPM$MS
Wire

Sector Update: Financial Stocks Softer Late Afternoon

Financial stocks fell in late Thursday afternoon trading with the NYSE Financial Index and the State Street Financial Select Sector SPDR ETF (XLF) each easing 0.2%.The Philadelphia Housing Index dropped 0.5%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) rose 0.8%.Bitcoin (BTC-USD) gained 0.4% to $75,140, and the yield for 10-year US Treasuries advanced 2.7 basis points to 4.309%.In economic news, US initial jobless claims last week fell to 207,000 from a downwardly revised 218,000 in the previous week, compared with expectations for a smaller decrease to 213,000 in a survey of analysts by Bloomberg.US industrial production fell by 0.5% in March, compared with expectations for a 0.1% increase in a Bloomberg survey, and following an upwardly revised 0.7% increase in February.The Philadelphia Federal Reserve's monthly manufacturing index rose to 26.7 in April after increasing to 18.1 in March, compared with expectations for a decline to 10 in a survey compiled by Bloomberg.The New York Federal Reserve's services index improved to minus 14 in April from minus 22.6 in March, compared with minus 20 expected in a survey compiled by Bloomberg.In regulatory news, the US Securities and Exchange Commission is seeking public comment in support of a comprehensive review of the Consolidated Audit Trail and other such audit trails used in the regulation of the country's securities markets.In corporate news, Charles Schwab's (SCHW) Q1 results rose amid a surge in client assets, even as revenue fell short of Wall Street's estimates. The shares fell 7.7%.Goldman Sachs (GS) rates-trading business faced pressure in Q1 as Iran-related market volatility led to losses on certain positions, Reuters reported. The bank posted a 10% drop in fixed-income, currencies and commodities revenue to $4 billion, driven by weaker results in interest-rate trading, mortgages, and credit products, the report said. Goldman shares were little changed.Marsh & McLennan (MRSH) shares climbed 4.6% after the company reported Q1 adjusted net income and revenue that surpassed analysts' estimates.The National Basketball Association is in early discussions with private credit firms, including Apollo Global Management (APO), Ares Management (ARES) and Sixth Street about funding a potential European basketball league expansion, Bloomberg reported. Apollo shares rose 0.1%, and Ares fell 2.7%.

$APO$ARES$GS$MRSH$SCHW
Wire

Sector Update: Financial Stocks Decline in Afternoon Trading

Financial stocks were lower in Thursday afternoon trading, with the NYSE Financial Index decreasing 0.3% and the State Street Financial Select Sector SPDR ETF (XLF) shedding 0.2%.The Philadelphia Housing Index was fractionally higher, and the State Street Real Estate Select Sector SPDR ETF (XLRE) was adding 0.6%.Bitcoin (BTC-USD) was declining 0.9% to $74,152, and the yield for 10-year US Treasuries was rising 2.3 basis points to 4.305%.In economic news, US initial jobless claims fell to a level of 207,000 in the week ended April 11 from a downwardly revised 218,000 level in the previous week, compared with expectations for a smaller decrease to 213,000 in a survey of analysts compiled by Bloomberg.US industrial production fell by 0.5% in March, compared with expectations for a 0.1% increase in a Bloomberg-compiled survey, and following an upwardly revised 0.7% increase in February.The Philadelphia Federal Reserve's monthly manufacturing index rose further to 26.7 in April after increasing to 18.1 in March, compared with expectations for a decline to a reading of 10 in a survey compiled by Bloomberg.The New York Federal Reserve's services index improved to minus 14.0 in April from minus 22.6 in March, compared with a smaller expected increase to a reading of minus 20.0 in a survey compiled by Bloomberg.In corporate news, Charles Schwab's (SCHW) Q1 results rose year over year amid a surge in client assets, even as revenue fell short of Wall Street's estimates. Its shares fell nearly 6%.Goldman Sachs (GS) rates trading business faced pressure in Q1 as Iran-related market volatility led to losses on certain positions, Reuters reported. The bank posted a 10% drop in fixed-income, currencies and commodities revenue to $4 billion, driven by weaker results in interest rate trading, mortgages, and credit products, according to the report. Goldman shares were up 0.6%.The National Basketball Association is in early discussions with private credit firms, including Apollo Global Management (APO), Ares Management (ARES) and Sixth Street about funding a potential European basketball league expansion, Bloomberg reported. Apollo shares rose 1.2%, and Ares was down 1.5%.

$APO$ARES$GS$SCHW
US Markets

Morgan Stanley's Quarterly Results Beat Estimates Amid Investment Banking, Trading Gains

Morgan Stanley (MS) on Wednesday posted stronger-than-expected first-quarter results as sharp gains in investment banking and trading activity helped boost revenue to a record.Earnings per share jumped to $3.43 for the March quarter from $2.60 a year earlier and surpassed the FactSet-polled consensus of $3. Revenue climbed 16% to $20.58 billion, while analysts expected $19.74 billion.Revenue in the institutional securities division rose to $10.72 billion from $8.98 billion in the prior-year period, driven by a 36% surge in investment banking to $2.12 billion. Equity and fixed income groups also posted strong gains, at 25% and 29%, respectively.Wealth management revenue advanced 16% to a record $8.52 billion."Institutional securities benefited from robust client engagement and strength globally," Chief Executive Ted Pick said in a statement. "Wealth Management demonstrated continued momentum, with net new assets of $118 billion and fee-based asset flows of $54 billion."Shares of Morgan Stanley were up 5.5% intraday. The stock has risen 8.9% so far this year.Bank of America (BAC) reported its first-quarter performance on Wednesday, with both earnings and revenue topping market estimates amid double-digit gains in investment banking and asset management fees.JPMorgan Chase (JPM) and Citigroup (C) reported better-than-expected first-quarter results on Tuesday, while Wells Fargo's (WFC) revenue missed market views. On Monday, Goldman Sachs (GS) posted financials above Street projections.Price: $192.50, Change: $+9.16, Percent Change: +5.00%

$BAC$C$GS$JPM$MS$WFC
US Markets

Citigroup Beats First-Quarter Views as Revenue Surges

Citigroup's (C) first-quarter results came in stronger than Wall Street's expectations amid double-digit gains in fixed income and investment banking revenue.Earnings rose to $3.06 a share for the March quarter from $1.96 a year earlier, exceeding the FactSet-polled consensus of $2.63. Net revenue grew 14% to $24.63 billion, ahead of the Street's $23.53 billion view."We're off to an exceptionally strong start in 2026," Chief Executive Jane Fraser said in a statement Tuesday.Citigroup shares were up 3% in afternoon trade, bringing its year-to-date gains to 11%.Markets revenue surged 19% to $7.25 billion as fixed income and equity markets jumped. Revenue within the services business climbed 17% to $6.10 billion amid double-digit increases in treasury and trade solutions and in securities services.Banking revenue jumped 15% to $1.77 billion, reflecting double-digit growth in investment banking, which offset a decline in corporate lending. Wealth revenue rose 11% to $3.07 billion, while US consumer cards grew 4% to $4.76 billion.JPMorgan Chase (JPM) reported better-than-expected first-quarter results Tuesday, while Wells Fargo's (WFC) revenue missed market views. On Monday, Goldman Sachs (GS) posted first-quarter results above market estimates.For 2026, Citigroup said it continues to expect net interest income excluding markets to grow by 5% to 6% year over year, driven by sustained fee momentum in services, banking and wealth.The company remains "very much on track" to deliver its target of 10% to 11% return on tangible common equity this year, Fraser said."We've entered into the final phase of our divestitures and 90% of our transformation programs are now at or near our target state," she said.Price: $129.79, Change: $+3.51, Percent Change: +2.78%

$C$GS$JPM$WFC
US Markets

Wells Fargo First-Quarter Revenue Trails Views; CEO Sees Delayed Oil Price Shock Impact

Wells Fargo's (WFC) first-quarter revenue missed market expectations as Chief Executive Charlie Scharf said there will likely be a lag in the pass-through of higher oil prices.Consolidated sales increased 6% year over year to $21.45 billion, but fell short of the FactSet-polled consensus estimate of $21.79 billion. The lender posted earnings of $1.60 per share for the March quarter, up from $1.39 a year ago and ahead of Wall Street's $1.58 view.Shares of the bank were down 4.9% in Tuesday trade."While markets have been volatile, we still see continued resiliency in the underlying economy and the financial health of the consumers and businesses we serve remains strong, though the impact of higher oil prices will likely take some time to materialize," Scharf said in a statement.Energy prices have soared in the aftermath of the US-Israel war with Iran that has curtailed shipments through the Strait of Hormuz. While the US and Iran have agreed to a temporary ceasefire, the two sides were unable to reach a deal during negotiations in Pakistan over the weekend.JPMorgan Chase (JPM) and Goldman Sachs (GS) have posted first-quarter results above market estimates. Their executives flagged potential macro-level risks, including those stemming from geopolitical tensions, even though they stressed that the underlying economy remained resilient.Wells Fargo's net interest income rose 5% year over year to $12.1 billion, while noninterest income jumped 8% to $9.35 billion.Corporate and investment banking revenue increased 4% to $5.28 billion as gains in investment baking were countered by a decline in the commercial real estate business. Consumer banking and lending revenue increased 7% to $10 billion, while commercial banking added 7%.Price: $82.29, Change: $-4.36, Percent Change: -5.03%

$GS$JPM$WFC
Wire

Goldman Sachs' Overall Trends Remain Solid, Oppenheimer Says

Goldman Sachs' (GS) Q1 financial results had some moving parts, but the overall trends remain solid with on-target earnings and pre-tax net in line with estimates, Oppenheimer said in a note Tuesday.The company's Q1 earnings of $17.55 per diluted share came in above Oppenheimer's $16.15 estimate and consensus of $16.47, according to the note.The investment firm said the most notable favorable deviation in Goldman Sachs' results was the surge in M&A advisory fees, and CEO David Solomon noted during the earnings call that M&A activity is expected to remain strong.Analysts said shares of the company are currently trading at a more than 25% premium to their historical average valuation, discounting a large rebound in M&A and investment banking revenue.Oppenheimer has a perform rating on the stock.Goldman Sachs shares were up 1.5% in Tuesday trading.Price: $904.23, Change: $+13.44, Percent Change: +1.51%

$GS
US Markets

Stocks Rise Pre-Bell Amid Hopes of Renewed US-Iran Peace Talks; Big Bank Earnings, PPI Data on Deck

US equity futures were trending higher on Tuesday amid media reports that the US and Iran may revive their peace talks, while investors await the latest financial results of some of Wall Street's largest banks and data on wholesale prices.The S&P 500 rose 0.2%, the Dow Jones Industrial Average edged up 0.1% and the Nasdaq added 0.4% in premarket activity. The indexes finished the previous trading session higher, with the Nasdaq recording gains for the ninth consecutive day.The US and Iran are considering holding another round of negotiations before their current two-week ceasefire expires next week, Bloomberg News reported Tuesday, citing people familiar with the matter.President Donald Trump reportedly said Monday that "the right people" have reached out to Washington "and they want to work a deal." Delegations from the US and Iran were unable to reach a deal during negotiations in Pakistan over the weekend.In an interview with Fox News, Vice President JD Vance said it was up to Iran to make the next move on peace talks with the US, according to CNBC. "Whether we have further conversations, whether we ultimately get to a deal, I really think the ball is in the Iranian court, because we put a lot on the table," Vance reportedly said.The US navy on Monday started a blockade of Iranian ports in the crucial Strait of Hormuz.West Texas Intermediate crude oil declined 2.6% to $96.53 a barrel before the opening bell, while Brent decreased 1.2% to $91.88.The International Energy Agency said Tuesday it expects oil demand to fall by 80,000 barrels per day this year as the Middle East war "upends" its global outlook. "Demand destruction will spread as scarcity and higher prices persist," the IEA said.On Monday, the Organization of the Petroleum Exporting Countries lowered its second-quarter oil demand forecast due to the Middle East conflict, but maintained its full-year estimates amid expectations for a rebound in the second half.JPMorgan Chase (JPM), Wells Fargo (WFC) and Citigroup (C) are some of the banking giants scheduled to report their latest quarterly earnings before the bell, along with Johnson & Johnson (JNJ), BlackRock (BLK) and Albertsons (ACI).Goldman Sachs (GS) posted first-quarter results above market estimates on Monday, while Chief Executive David Solomon said a protracted Middle East conflict could pose upside risks to inflation. Bank of America (BAC) and Morgan Stanley (MS) post their results on Wednesday.Last month's producer price index, a measure of wholesale prices, is slated to be released at 8:30 am ET. Last week, government data showed that consumer inflation accelerated to its highest monthly reading in nearly four years in March as the Middle East conflict sent energy prices sharply higher.Treasury yields were down in premarket action, with the two-year rate retreating 1.9 basis points to 3.76% and the 10-year rate off 1.6 basis points to 4.28%.Federal Reserve Governor Michael Barr is set to speak at 12:45 pm, while Chicago Fed President Austan Goolsbee speaks earlier at 12:15 pm.Shares of Oracle (ORCL) added 4.2% pre-bell after closing the previous trading session up 13% as the company said it introduced artificial intelligence-focused updates to its utilities software suite. Avanos Medical (AVNS) surged 68% after the firm agreed to be acquired by American Industrial Partners affiliates in a deal worth $1.27 billion.Gold inclined 0.8% to $4,804 per troy ounce pre-bell, while bitcoin advanced 2% to $74,609.

Dow JonesNasdaq CompositeS&P 500$ACI$AVNS$BAC$BLK$C$GS$JNJ$JPM$MS$ORCL$WFC
US Markets

Nasdaq Extends Rally to 9th Day as Tech Stocks Jump

The Nasdaq Composite advanced for the ninth straight session on Monday as US equity markets benefited from a jump in technology stocks.The Nasdaq climbed 1.2% to 23,183.7, while the S&P 500 added 1% to 6,886.2. The Dow Jones Industrial Average rose 0.6% to 48,218.3. Barring utilities and consumer staples, all sectors ended in the green, led by tech and financials.Oracle (ORCL) shares surged nearly 13%, the top gainer on the S&P 500. The company said it introduced artificial intelligence-focused updates to its utilities software suite at its customer edge summit, targeting improvements in billing, grid operations, and asset management.ServiceNow (NOW), Dell Technologies (DELL), Salesforce (CRM) and Microsoft (MSFT) were among tech stocks that registered gains.US earnings growth expectations appear to have shrugged off uncertainty around the Iran war, with markets betting on stronger corporate results this year than those projected before the war began, BlackRock Investment Institute said in a note on Monday.BlackRock upgraded its rating on US stocks to overweight from neutral, saying the Middle East conflict will likely drive limited economic damage.Oil prices, which jumped above $100 per barrel earlier on Monday amid a US blockade of maritime traffic around Iran's ports, pared gains, with West Texas Intermediate crude oil last up 1.3% at $97.83. Brent advanced 3.1% to $98.18.The blockade started at 10 am ET Monday. The development came after the US and Iran failed to reach a deal during negotiations in Pakistan over the weekend, fueling concerns over an already fragile ceasefire between Washington and Tehran.US President Donald Trump said Iran called this morning and that "they'd like to work a deal," according to a Reuters report. Despite the failed peace talks, a two-week ceasefire announced last week still holds.Trump's remarks come as Iran has vowed to retaliate following the US blockade, CNN reported. The Iran-controlled strait has been effectively shut since the war began at the end of February.Trump is mulling over limited strikes against Iran following the failed negotiations, The Wall Street Journal reported, citing people familiar with the situation."As the conflict with Iran enters its seventh week, persistent concern about the time it will take to arrive at an effective resolution to the conflict will, however, likely remain for now as a negative overhang for market participants to navigate," said John Stoltzfus, chief investment strategist at Oppenheimer Asset Management.Meanwhile, the Organization of the Petroleum Exporting Countries lowered its second-quarter oil demand forecast due to the Middle East conflict, but maintained its full-year estimates amid expectations for a rebound in the second half.US Treasury yields were lower, with the 10-year rate last down 4.7 basis points at 4.29% and the two-year rate dropping 2.7 basis points to 3.78%.In company news, Goldman Sachs (GS) on Monday posted first-quarter results above market estimates, while Chief Executive David Solomon said a protracted Middle East conflict could pose upside risks to inflation. The lender's shares fell 1.9%, the worst performer on the Dow.JPMorgan Chase (JPM), Wells Fargo (WFC), and Citigroup (C) are scheduled to release their quarterly results on Tuesday, while Bank of America (BAC) and Morgan Stanley (MS) will announce their results on Wednesday. Outside the banking sector, Johnson & Johnson (JNJ), Netflix (NFLX) and PepsiCo (PEP) are set to release their results this week.In economic news, US existing home sales decreased in March as softening job growth and weaker consumer confidence continued to deter potential buyers, data from the National Association of Realtors showed.Gold was last down 0.4% at $4,766.30 per troy ounce, while silver dropped 1.1% to $75.67 per ounce.

Dow JonesNasdaq CompositeS&P 500$BAC$C$CRM$DELL$GS$JNJ$JPM$MS$MSFT$NFLX$NOW$ORCL$PEP$WFC
International

US Equity Indexes Rise Amid Gains in Tech, Financials; Crude Oil Pares Gains on Hopes for Iran Deal

US equity indexes rose, with financials and technology topping sector charts, and crude oil futures paring gains after President Donald Trump attempted to cool geopolitical tensions.The Nasdaq Composite jumped 1.2% to 23,183.74, the S&P 500 climbed 1% to 6,886.24, and the Dow Jones Industrial Average advanced 0.6% to 48,218.25. Defensive sectors -- consumer staples and utilities -- were the lone decliners.All three indexes clawed back intraday declines after President Trump said that "we've been called by the other side," referring to Iran. The US-Tehran talks in Pakistan's capital, Islamabad, over the weekend ended without a lasting peace pact, as uranium enrichment and the Strait of Hormuz remained the main sticking points."They'd like to make a deal very badly," Trump was cited as saying in media reports.West Texas Intermediate crude oil futures rose 1.6% to $98.14, and Brent crude futures climbed 3.2% to $98.27, after surging more than 7.5% each intraday.The CBOE Volatility Index slipped 0.6% to 19.12, after touching an intraday high of 21.58.US Treasury yields mostly fell, with the 10-year yield down 2.2 basis points to 4.30%, after rates rose across most of the yield curve earlier in the session.Trump's comments come as the US military blockade on all traffic entering and leaving Iranian ports came into effect on Monday, CNN reported.More than 15 US warships are in place to support the operation, The Wall Street Journal reported, citing a senior official."If any of these ships [that the president refers to as Iran's 'fast attack ships'] come anywhere close to our BLOCKADE, they will be immediately ELIMINATED," Trump said on his Truth Social post. Iran said no port in the Persian Gulf or the Sea of Oman would be safe if its ports are threatened, The Wall Street Journal reported Monday.A US blockade might stop Iran's flow of oil revenue without destroying or capturing Iran's Kharg Island oil loading point, and so "potentially avoid escalatory Iranian attacks on its Gulf neighbors," according to a note from the Wells Fargo Investment Institute.Meanwhile, Goldman Sachs (GS), which reported higher Q1 earnings and net revenue pre-bell, is launching a new three-tranche offering in the US investment-grade debt market, with bond maturities spanning four to eight years, Bloomberg said Monday, citing a person with direct knowledge of the matter.The Q1 earnings season has begun in earnest with the release of Goldman Sachs' quarterly results. Mega-cap banks, including JPMorgan Chase (JPM), Bank of America (BAC), Citigroup (C), and Morgan Stanley (MS), will report this week.Further in company news, Oracle (ORCL) said Monday it introduced AI-focused updates to its utilities software suite at its customer edge summit, targeting improvements in billing, grid operations, and asset management. Shares of the technology giant were up 13%, the top gainer on the S&P 500.Microsoft (MSFT), Salesforce (CRM), and ServiceNow's (NOW) recent sell-offs amid the broader software disposal are disconnected from the artificial intelligence opportunities over the coming years, Wedbush said Monday. Shares of Salesforce and Microsoft were up 4.8% and 3.6%, respectively, the Dow's top gainers.

Dow JonesNasdaq CompositeS&P 500$BAC$C$CRM$GS$JPM$MS$MSFT$NOW$ORCL
Sectors

Sector Update: Financial Stocks Climb Late Afternoon

Financial stocks were advancing in late Monday afternoon trading, with the NYSE Financial Index rising 1% and the State Street Financial Select Sector SPDR ETF (XLF) adding 1.6%.The Philadelphia Housing Index was increasing 0.9%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) was fractionally lower.Bitcoin (BTC-USD) was rising 3.3% to $73,042, and the yield for 10-year US Treasuries decreased 2 basis points to 4.297%.In economic news, the pace of US existing home sales fell by 3.6% to a 3.98 million seasonally adjusted annual rate in March from 4.13 million in February, compared with a smaller decrease expected to a 4.05 million rate in a survey compiled by Bloomberg as of 7:30 am ET, data from the National Association of Realtors released Monday showed.In sector news, BlackRock (BLK) raised its rating on US stocks to overweight from neutral, citing recent US-Iran talks as evidence of economic incentives to end the conflict. "We flagged two signposts to dial up risk-taking after the Middle East conflict led us to reduce risk and turn neutral on U.S. equities a few weeks ago," BlackRock said Monday in its weekly commentary report. "First: evidence of actions that could re-open shipping traffic in the Strait of Hormuz. Second: signs that any lingering macro impact is contained. We eye developments on both fronts. Plus, corporate earnings expectations are up even through the conflict, partly on the AI theme."In corporate news, HSBC (HSBC) shares rose 0.8% after it said Monday it has launched its tokenized deposit service in the US as part of plans to expand its digital money offerings.Goldman Sachs (GS), which reported higher Q1 earnings and net revenue pre-bell, is launching a new three-tranche offering in the US investment-grade debt market, with bond maturities spanning four to eight years, Bloomberg reported. Goldman shares were down 1.4%.Blackstone (BX) is partnering with I Squared Capital on a potential offer for the core advertising business of German media group Stroer, Bloomberg reported. Blackstone shares gained 5.8%.KKR (KKR) said its real estate arm plans to significantly ramp up property acquisitions in Japan, targeting a market it estimates at about 450 trillion yen ($2.8 trillion), as companies increasingly divest non-core assets, Bloomberg reported. KKR shares climbed 7.3%.

$BX$GS$HSBC$KKR
International

US Equity Indexes Rise Amid Tech Gains; Crude Oil Pares Gains on Hopes of Iran Peace Deal

US equity indexes were up ahead of Monday's close amid gains in financials and technology.Crude oil futures gave up almost all intraday gains after President Donald Trump's reported comments that he may secure a peace deal after negotiations in Islamabad, Pakistan, failed to yield a resolution of the war in the Middle East.The Nasdaq Composite rose 1.1% to 23,158.6, the S&P 500 climbed 0.9% to 6,876.7, and the Dow Jones Industrial Average advanced 0.5% ti 48,153.5.Defensive sectors -- consumer staples and utilities -- led the decliners. The financial services sector was the top gainer, ahead of quarterly earnings from mega-cap banks due this week.Stocks clawed back intraday declines after President Trump said that "we've been called by the other side.""They'd like to make a deal very badly," Trump added.West Texas Intermediate crude oil futures rose 1.4% to $97.87, and Brent crude futures climbed 3.3% to $98.31, after surging more than 7.5% earlier in the session.Meanwhile, Goldman Sachs (GS), which reported higher Q1 earnings and net revenue pre-bell, is launching a new three-tranche offering in the US investment-grade debt market, with bond maturities spanning four to eight years, Bloomberg said Monday, citing a person with direct knowledge of the matter.

Dow JonesNasdaq CompositeS&P 500$GS
US Markets

Equities Mostly Rise Intraday; Oil Prices Advance Amid Hormuz Blockade

US benchmark equity indexes were mostly higher intraday, while oil prices rose as traders kept an eye on developments in the Middle East amid a Washington blockade of maritime traffic around Iran's ports.The Nasdaq Composite was up 0.6% at 23,049.5 after midday Monday, while the S&P 500 rose 0.4% to 6,844.8. The Dow Jones Industrial Average was little changed at 47,933.5. Among sectors, technology and financials paced the gainers, while utilities saw the biggest drop.West Texas Intermediate crude oil was up 2.5% at $99.06 a barrel, while Brent jumped 4.2% to $99.22.The blockade of maritime traffic entering and exiting Iranian ports was set to start at 10 am ET Monday, according to a statement issued by the US Central Command Sunday. The development came after the US and Iran failed to reach a deal during negotiations in Pakistan over the weekend, fueling concerns over an already fragile ceasefire between Washington and Tehran.US President Donald Trump said in a social media post Monday that 34 ships went through the Strait of Hormuz Sunday.Trump's remarks comes Iran has reportedly vowed to retaliate. The Iran-controlled strait has been effectively shut since the war began at the end of February."The fact the talks happened at all matters," Saxo Bank said in a report Monday. "There is still a chance negotiations restart, especially with some reports suggesting the two sides were not far apart on at least some points."Despite the failed peace talks, a two-week ceasefire announced last week still holds.Trump is mulling over limited strikes against Iran following the failed negotiations, The Wall Street Journal reported, citing people familiar with the situation."While the diplomatic setback is negative, it does not yet signal an automatic return to the worst-case scenario," Saxo said.The Organization of the Petroleum Exporting Countries lowered its second-quarter oil demand forecast due to the Middle East conflict, but maintained its full-year estimates amid expectations for a rebound in the second half.US Treasury yields were lower intraday, with the 10-year rate down 1.6 basis points at 4.30% and the two-year rate dropping two basis points to 3.78%.In company news, Goldman Sachs (GS) posted first-quarter results above market estimates, while Chief Executive David Solomon said a protracted Middle East conflict could pose upside risks to inflation. The lender's shares were down 2.3% intraday, the worst performer on the Dow.Oracle (ORCL) shares surged nearly 12%, the top gainer on the S&P 500. The company said it introduced artificial intelligence-focused updates to its utilities software suite at its customer edge summit, targeting improvements in billing, grid operations, and asset management.In economic news, US existing home sales decreased in March as softening job growth and weaker consumer confidence continued to deter potential buyers, data from the National Association of Realtors showed."We don't see much upside for sales over the next several months," Oxford Economics said in a note. "Given the backup in mortgage rates since the start of the war with Iran, we expect home sales to move sideways before starting to gradually rise at the end of the year."Gold was down 0.7% at $4,755.90 per troy ounce, while silver dropped 1.4% to $75.43 per ounce.

Dow JonesNasdaq CompositeS&P 500$GS$ORCL
International

US Equity Indexes Rise Amid Tech Gains; Crude Oil Jumps as Hormuz Blockade Takes Effect

US equity indexes were higher in Monday's midday trading amid gains in technology and financials.Crude oil futures jumped as geopolitical risk mounted after Iran negotiations failed to yield a lasting peace deal.The Nasdaq Composite rose 0.7% to 23,061.8, and the S&P 500 climbed 0.5% to 6,849.6. Both gauges traded lower earlier in the session. The Dow Jones Industrial Average was slightly up at 47,944.8.Defensive sectors -- consumer staples and utilities -- led the decliners. The financial services sector was among the top gainers, ahead of quarterly earnings from mega-cap banks due this week.Goldman Sachs (GS), which reported higher Q1 earnings and net revenue pre-bell, is launching a new three-tranche offering in the US investment-grade debt market, with bond maturities spanning four to eight years, Bloomberg said Monday, citing a person with direct knowledge of the matter.Shares of the investment bank dropped 2.5% intraday, the steepest decline on the Dow.Further in company news, Oracle (ORCL) said it introduced AI-focused updates to its utilities software suite at its customer edge summit, targeting improvements in billing, grid operations, and asset management. Shares of the technology giant were up 11% intraday, the top gainer on the S&P 500.The recent sell-offs in Microsoft (MSFT), Salesforce (CRM), and ServiceNow (NOW) amid broader software apathy are disconnected from the artificial intelligence opportunities over the coming years, as enterprises prioritize integrating AI across tech stacks, Wedbush said in a note. Shares of Salesforce and Microsoft were up 4.7% and 2.9%, respectively, intraday, the Dow's top gainers.Meanwhile, the CBOE Volatility Index was still up 3.7% to 19.93, after touching an intraday high of 21.58, as geopolitical risk remained elevated after the Iran peace talks brokered by Pakistan ended without an agreement with the US.The US military blockade on all traffic entering and leaving Iranian ports started at 10 a.m. ET Monday, after weekend peace talks in Pakistan faltered, CNN reported Monday. "If any of these ships [a reference to what the president calls Iran's 'fast attack ships'] come anywhere close to our BLOCKADE, they will be immediately ELIMINATED," President Donald Trump said on a social media post.Iran responded by saying that no port in the Persian Gulf or the Sea of Oman would be safe if its ports are threatened, The Wall Street Journal reported Monday."Once again, high stakes negotiations between the US and Iran deadlocked over Washington's zero uranium enrichment demand, setting the stage for further escalation in the 6-week war and prolonged supply disruptions in advance of summer driving season," Helima Croft, head of global commodity strategy and MENA research at RBC Capital Markets, said in a note.West Texas Intermediate crude oil futures jumped 5.3% to $101.68, and Brent crude futures climbed 5.5% to $100.40, after surging more than 7.5% earlier in the session.US Treasury yields rose as gains in crude oil futures reignited inflation concerns. The 10-year yield was up 1.6 basis points to 4.33%, and the two-year rate climbed 1.3 basis points to 3.81%. In precious metals, gold futures fell 1.3% to $4,726.9 and silver futures declined 3.3% to $73.97.In US economic news, the pace of US existing home sales fell by 3.6% to a 3.98 million seasonally adjusted annual rate in March from 4.13 million in February, compared with a smaller decrease expected to a 4.05 million rate in a survey compiled by Bloomberg as of 7:30 am ET, data from the National Association of Realtors released Monday showed. Total sales were down 1% from a year earlier."March home sales remained sluggish and below last year's pace," said NAR Chief Economist Lawrence Yun. "Lower consumer confidence and softer job growth continue to hold back buyers."

Dow JonesNasdaq CompositeS&P 500$CRM$GS$MSFT$NOW$ORCL
Sectors

Sector Update: Financial Stocks Rise Monday Afternoon

Financial stocks were advancing in Monday afternoon trading, with the NYSE Financial Index rising 0.5% and the State Street Financial Select Sector SPDR ETF (XLF) adding 1%.The Philadelphia Housing Index was increasing 0.3%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) was shedding 0.2%.Bitcoin (BTC-USD) was rising 2.3% to $72,375, and the yield for 10-year US Treasuries was slightly lower at 4.309%.In economic news, the pace of US existing home sales fell by 3.6% to a 3.98 million seasonally adjusted annual rate in March from 4.13 million in February, compared with a smaller decrease expected to a 4.05 million rate in a survey compiled by Bloomberg as of 7:30 am ET, data from the National Association of Realtors released Monday showed.In corporate news, Goldman Sachs (GS), which reported higher Q1 earnings and net revenue pre-bell, is launching a new three-tranche offering in the US investment-grade debt market, with bond maturities spanning four to eight years, Bloomberg reported. Goldman shares were down 2%.Blackstone (BX) is partnering with I Squared Capital on a potential offer for the core advertising business of German media group Stroer, Bloomberg reported. Blackstone shares gained 5.2%.KKR (KKR) said its real estate arm plans to significantly ramp up property acquisitions in Japan, targeting a market it estimates at about 450 trillion yen ($2.8 trillion), as companies increasingly divest non-core assets, Bloomberg reported. KKR shares climbed 6.2%.

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Sectors

Sector Update: Financial

Financial stocks were advancing in Monday afternoon trading, with the NYSE Financial Index rising 0.5% and the State Street Financial Select Sector SPDR ETF (XLF) adding 1%.The Philadelphia Housing Index was increasing 0.3%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) was shedding 0.2%.Bitcoin (BTC-USD) was rising 2.3% to $72,375, and the yield for 10-year US Treasuries was slightly lower at 4.309%.In corporate news, Goldman Sachs (GS), which reported higher Q1 earnings and net revenue pre-bell, is launching a new three-tranche offering in the US investment-grade debt market, with bond maturities spanning four to eight years, Bloomberg reported. Goldman shares were down 2.2%.

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Japan

US Equity Indexes Mixed as Technology Gains Help Push Nasdaq Higher

US equity indexes were mixed in Monday's midday trading, with technology topping sector charts and helping lift the Nasdaq Composite.The Nasdaq rose 0.4% to 23,000.3, while the S&P 500 climbed 0.2% to 6,831.2. Both gauges traded lower earlier in the session. The Dow Jones Industrial Average, however, fell 0.2% to 47,810.6.Defensive sectors -- consumer staples and utilities -- led the decliners.The US military blockade on all traffic entering and leaving Iranian ports started at 10 a.m. ET Monday, after weekend peace talks in Pakistan faltered, CNN reported Monday."If any of these ships [that the president refers to as Iran's 'fast attack ships'] come anywhere close to our BLOCKADE, they will be immediately ELIMINATED," Trump said on a social media post.In company news, Goldman Sachs (GS), which reported higher Q1 earnings and net revenue pre-bell, is launching a new three-tranche offering in the US investment-grade debt market, with bond maturities spanning four to eight years, Bloomberg said Monday, citing a person with direct knowledge of the matter.Shares of the investment bank dropped 2.5% intraday, the steepest decline on the Dow.

Dow JonesNasdaq CompositeS&P 500$GS
Research

Research Alert: CFRA Reiterates Buy Opinion On The Goldman Sachs Group, Inc.

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We keep our $1,000 target using a forward P/E of 16.1x, which is above the average five-year historical P/E at 15.5x on normalized earnings. We raise our 2026 EPS estimate by $5.00 to $62.00 and 2027's by $1.00 to $66.00, on projected revenue of $65.8B and $67.7B, respectively. We think the macroeconomic factors supporting GS's fundamentals are likely to show accelerated investment banking fees in Q1 2026 vs. Q4 2025. An elevated equity market is also contributing to higher fee income across several businesses and higher trading volumes. Despite the Iran-US conflict, March results did not impede strong Q1 2026 performance. We think capital market uncertainties depend on the duration of the conflict and its impact on the global economy and capital market fundraising. Private credit is a mixed picture for GS, which benefits with wider spreads on direct loans to the ALT industry but may face some credit defaults should we enter the part of the credit cycle leading to potential recession.

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Wire

Top Midday Stories: Goldman Shares Fall Despite Q1 Earnings Topping Estimates; Revolution's Pancreatic Cancer Drug Met Key Study Goals

The Dow Jones Industrial Average was down while the S&P 500 and Nasdaq Composite were up in late-morning trading Monday, as Wall Street digests news from the weekend that the US and Iran failed to strike a deal, and President Donald Trump announced a blockade of the Strait of Hormuz.In company news, Goldman Sachs (GS) reported Q1 earnings Monday of $17.55 per diluted share, up from $14.12 a year earlier and above the FactSet consensus analyst estimate of $16.47. First-quarter net revenue was $17.23 billion, up from $15.06 billion a year ago and above the FactSet consensus of $16.99 billion. The company also said it's launching a three-tranche, investment-grade bond offering in the US, with bond maturities spanning four to eight years, Bloomberg reported, citing a person with direct knowledge of the matter. Goldman shares were down 3.6% around midday.Revolution Medicines (RVMD) said Monday the phase 3 trial of its experimental drug, daraxonrasib, intended to treat a type of pancreatic cancer, met key goals. The drug delivered a median overall survival of 13.2 months, compared with 6.7 months for chemotherapy, the company said. Revolution said it plans to submit the data to global regulators, including the US Food and Drug Administration, for marketing application. Revolution shares were up 36.4%.GFL Environmental (GFL) has entered into a definitive agreement to acquire all of the issued and outstanding shares of Secure Waste Infrastructure for 24.75 Canadian dollars per share, representing an enterprise value of about CA$6.4 billion ($4.62 billion), the companies said Monday. The deal is expected to close in H2, they said. GFL shares were down 7.8%.Fastenal (FAST) reported Q1 earnings Monday of $0.30 per diluted share, up from $0.26 a year earlier and in-line with the FactSet consensus. First-quarter net sales were $2.20 billion, up from $1.96 billion a year ago and in-line with expectations. Fastenal shares were down 6.7%.Conagra Brands (CAG) said Monday it has appointed John Brase as chief executive officer and president, effective June 1. Brase, who previously served as chief operating officer and president at J.M. Smucker (SJM), will succeed Sean Connolly, who will step away from his leadership positions and board seat on May 31, the company said. Conagra shares were down 5.6%, while J.M. Smucker shares were down 2.7%.Microsoft (MSFT) is developing new features for Copilot it hopes will make the AI assistant function more like OpenClaw, The Information reported Monday, citing a company statement. Microsoft shares were up 2.3%.Price: $874.99, Change: $-32.81, Percent Change: -3.61%

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US Markets

Goldman Tops First-Quarter Views; CEO Says Prolonged Iran War Poses Inflation Risks

Goldman Sachs (GS) posted first-quarter results above market estimates, while Chief Executive David Solomon said a protracted Middle East conflict could pose upside risks to inflation.The lender reported earnings of $17.55 a share for the March quarter, climbing from $14.12 a year earlier and topping the FactSet-polled consensus of $16.47. Net revenue advanced 14% to $17.23 billion, exceeding the Street's view for $16.99 billion.Shares of the bank were down 3.6% in Monday trade."As the quarter progressed, the macro environment started to weigh on sentiment (as) volatility increased meaningfully amid concerns around (artificial intelligence-driven) disruption and sectors like software, heightened uncertainty in parts of private credit and the conflict in the Middle East," Chief Executive David Solomon said on an earnings conference call, according to a FactSet transcript.Energy prices have soared in the aftermath of the US-Israel war with Iran that began at the end February. While the US and Iran have agreed to a temporary ceasefire, the two sides were unable to reach a deal during negotiations in Pakistan over the weekend."At this point, the underlying economy still remains relatively robust," Solomon told analysts. "But if the resolution of the conflict drags, that probably will be a headwind in some of these areas, particularly inflation trends."While Solomon forecasts a more constructive regulatory backdrop this year, he said the geopolitical landscape remains "very complex."The US Central Command said Sunday that military forces will begin implementing a blockade of maritime traffic entering and exiting Iranian ports on Monday.Investment banking fees in the first quarter benefited from a boost in completed merger and acquisition volume, though initial public offering "activity slowed a little bit, particularly in March," due to the Middle East conflict, Solomon told analysts.Revenue in Goldman's global banking and markets segment increased 19% year on year to $12.74 billion. Investment banking fees surged 48% amid significantly higher revenue in advisory and equity underwriting. Fixed income, currencies and commodities revenue fell 10%.Revenue in the asset and wealth management segment grew 10% to $4.08 billion, reflecting higher management and other fees, partially offset by lower private banking and lending revenue.Price: $874.94, Change: $-32.86, Percent Change: -3.62%

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