Morning Note - 04/23/26: Stocks Lower As Iran War Turbulence Continues
When it rains, it pours. Sorry but this is an incomplete update due to no internet at my hotel last night. Tomorrow’s should be fine. Where it is updated it says UPDATED.
Overnight Summary & Early Morning Trading: UPDATED
The S&P 500 finished Wednesday higher by 1.05% at 7137.90 from Tuesday lower by -0.63% at 7064.01.
The S&P 500 sees support now at 7100 from 7000. Resistance is now at 7200 from 7100. In the last month, support has moved from 6300 to 7100.
S&P 500 hit its eighth All-Time Closing High of 2026 yesterday.
Futures are lower this morning by -30 down by -0.44% at 7140 on the SP 500 at 6:40 a.m. EDT.
Bond Market is lower today on price with the 10-Year Yield at 4.321% from 4.286%.
Executive Summary: UPDATED
Stocks had a third up week, gaining 4.54%, and up 11.89% in the last three weeks. We are now up 1.23% since the peak in January on the S&P 500.
U.S. moves into Week Nine of its attack on Iran. Key to this week is to see how the U.S. Blockade plays out and negotiations evolve.
Key Events of Note Today: UPDATED
Economic news of note.
Weekly - Jobless Claims and Natural Gas Inventories of note.
Monthly - Global U.S. Manufacturing PMI and U.S. Services are out this morning.
Fed Speakers of Note today: We are back into the blackout period for next week’s meeting.
President Trump’s schedule:
Participates in Executive Time at 8:00 a.m. EDT.
Receives his Intelligence Briefing at 11:00 a.m. EDT.
Participates in Signing Time at 1:30 p.m. EDT.
Participates in a Health Care Affordability Event at 3:00 p.m. EDT.
Participates in a Policy Meeting at 4:30 p.m. EDT.
Holds a Private Dinner at 7:15 p.m. EDT.
Notable Earnings Out After The Close: UPDATED
Beats: KALU +1.78, URI +0.76, RS +0.49, MOH +0.45, MEDP +0.36, TXN +0.32, CACI +0.32, FAF +0.31, CCS +0.29, STC +0.26, PKG +0.26, CHDN +0.20, LBRT +0.19, GSHD +0.17, HXL +0.16, FRME +0.14, SEIC +0.13, AZZ +0.12, LRCX +0.11, IBM +0.10, KMI +0.09, LVS +0.09, CATY +0.08, FULT +0.08, PNFP +0.07, RJF +0.07, WEX +0.07, TSLA +0.06, CCI +0.04, WCN +0.04, PTEN +0.04, CSX +0.04, RLI +0.04, EGP +0.02, GTY +0.02, QS +0.02, BANC +0.01, CVBF +0.01, ROL +0.01 of note.
Misses: ASGN (0.29), MTH (0.11), SIGI (0.11), GGG (0.08), GL (0.04), EPRT (0.02), OII (0.02), TOWN (0.02), LUV (0.02), HLX (0.01) of note.
Flat: FR +0.00, KNX +0.00, NP +0.00, CASH +0.00, NOW +0.00 of note.
Capital Raises:
IPOs For The Week: None of note.
New IPOs/SPACs launched/News: IPOs Ahead This Week: ELMT EMI NHP XE YSWY.
IPOs Filed/Priced:
Secondaries Filed Or Priced:
Notes Filed Or Priced: None of note.
Convertible Offerings Filed or Priced: None of note.
Private Placement: None of note.
Direct Offering: None of note.
Exchangeable Subordinate Voting Shares: None of note.
Private Placements: None of note.
Selling Shareholders:
Mixed Shelf Offerings:
News After The Close:
After the Close Winners:
After the Close Losers:
Buybacks:
Executive, Corporate Changes:
Dividends Announcements or News:
Top Names Ex-Dividend Today: of note.
Top Names Ex-Dividend Tuesday: of note.
What’s Happening This Morning: (as of 7:30 a.m. EDT) UPDATED
Futures S&P 500 -35, NASDAQ 100 -130, Dow Jones -352. Europe is lower while Asia is lower. Bond yield is at 4.317% from 4.278% on the 10-Year. Crude Oil and Brent Crude are higher with Natural Gas higher. Gold, Silver and Copper are lower. The U.S. Dollar is higher versus the Euro, higher against the Pound and higher against the Yen. Bitcoin is at $77,611 lower by $1300 at -1.65% from $78,251 on Wednesday.
Sector Action: UPDATED
Daily Positive Sectors: Technology, Communications Services, Materials and Energy led the way higher.
Daily Negative Sectors: Real Estate, Industrials and Financials were lower.
One Month Winners: Energy of note.
Three-Month Winners: Energy, Materials, Utilities, Consumer Defensive and Industrials of note.
Six-Month Winners: Energy, Materials, Utilities, Industrials, Healthcare and Consumer Defensive of note.
Twelve-Month Winners: Materials, Energy, Industrials, Utilities, Communication Services and Technology of note.
Year to Date Winners: Energy, Materials, Consumer Defensive, Utilities and Industrials of note.
Bolded means the Sector is new to the period in which it falls.
Upcoming Earnings Of Note: (Erlanger Chartroom Software – sorted by market cap, highest to lowest with most visible names) UPDATED
Today After the Close:
Friday Before The Open:
Notable Earnings of Note This Morning: UPDATED
Beat: SNY +1.60, BFH +1.09, TECK +0.56, CBRE +0.48, BPOP +0.47, WST +0.45, FCFS +0.36, THRM +0.33, AXP +0.28, R +0.27, TMO +0.19, ROP +0.17, TCBI +0.16, DOW +0.15, HON +0.13, HELE +0.13, POOL +0.08, CMCSA +0.07, AAL +0.07, UNP +0.07, NEE +0.06, NOK +0.05, PENN +0.04, MBLY +0.03, PCG +0.03, NDAQ +0.03, KDP +0.02, BX +0.02, AMBP +0.02, HZO +0.02, HBAN +0.02, VLY +0.02, CNP +0.01, DOV +0.01 of note.
Missed: LMT (0.30), VC (0.19), IRDM (0.13), ORI (0.11), STRA (0.08), SNA (0.06), STM (0.04), PHM (0.02) of note.
Flat: None of note.
Still to Report: FCX, LADR of note.
Company Earnings Guidance: NOT UPDATED
Positive Guidance: After The Close & This Morning - of note.
Mixed - None of note.
Negative or Mixed Guidance: After The Close & This Morning - TSLA of note.
Advance/Decline Daily Update: UPDATED
Gap Ups & Down In Early Pre-Market: (+2% or down more than -2%): NOT UPDATED
GapUp: of note.
GapDown: of note.
Insider Action: None see Insider Buying with dumb short selling. None see Insider Buying with smart short sellers. Above $100,000 in purchases with high shorts but no history: None of note. NOT UPDATED
Rags & Mags: Repeated stories from prior days never listed, i.e. “rehashed news”. Sorted by Global, U.S. and stock specific.
Economic & Geopolitical: UPDATED
Federal Reserve Speakers of note today: Now in blackout period until next week’s FOMC meeting.
President Trump’s schedule for today:
Participates in Executive Time at 8:00 a.m. EDT.
Receives his Intelligence Briefing at 11:00 a.m. EDT.
Participates in Signing Time at 1:30 p.m. EDT.
Participates in a Health Care Affordability Event at 3:00 p.m. EDT.
Participates in a Policy Meeting at 4:30 p.m. EDT.
Holds a Private Dinner at 7:15 p.m. EDT.
Economic Data Out -
Weekly -
Jobless Claims and Natural Gas Inventories out at 8:30 and 10:30 a.m. EDT.
Monthly -
None of note.
M&A Activity & Daily: None of note.
Moving Average Table: 94% from 100% of Equities are Positive, and 24% from 72% Bonds are Positive. Today we are showing the DMA Levels instead of the moving averages. UPDATED
Meeting & Conferences of Note: NOT UPDATED
Sellside Conferences:
Citigroup Biotech Private Access Day
Top Analyst, Investor: of note.
Shareholder Meetings: of note.
Fireside Chat: None of note.
FDA Presentation: None of note.
R&D Day: None of note.
Meetings:
AACR Annual Meeting through Apr. 22
Adobe Summit
American Academy of Neurology Meeting
Bloom Burton Healthcare Investor Conference
Google Cloud Next
Upgrades & Downgrades: NOT UPDATED
The recommendations listed below in this “Upgrade/Downgrade” section are compiled from what we believe are Tier I, II and III firms. Recommendations posted are taken from a variety of sources each day and we only post upgrades or significant initiations as well as downgrades to underweight or sell. The purpose of this posting is to make the reader aware of market-moving recommendations.
Upgrades: of note.
Downgrades of note.