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The Market at 04:30PM ET
Dow: +212.90… | Nasdaq: +49.63… | S&P: +21.54…
NASDAQ Vol: 1.78 bln… Adv: 1184… Dec: 1009…
NYSE Vol: 748.0 mln… Adv: 2134… Dec: 808…

Moving the Market

U.S.-led strike on Syrian government met with limited retaliatory response from Russia

Retail Sales for March beat estimates (+0.6% actual vs +0.4% Briefing.com consensus)

Transports outperform following upbeat earnings from J.B. Hunt (JBHT)

Sector Watch
Strong: Industrials, Energy, Materials, Consumer Staples, Utilities, Telecom Services
Weak: Financials, Real Estate

04:30PM ET

[BRIEFING.COM] Investors breathed a sigh of relief on Monday, pushing stocks solidly higher, after a U.S.-led strike on Syria over the weekend turned out to be less dramatic than many had feared.

The S&P 500 finished higher by 0.8% at 2677.84 after getting rejected at its 50-day moving average (2687). The Dow Jones Industrial Average and the Nasdaq Composite also finished a step below their 50-day moving averages, adding 0.9% and 0.7%, respectively.

U.S., U.K., and French forces carried out a much-anticipated missile attack against the Syrian government late Friday, targeting three sites associated with the production of chemical weapons following a suspected poison gas attack against the rebel-held town of Douma on April 7. Russian President Vladimir Putin -- who supports the Syrian government -- condemned the attack, saying additional strikes could invite chaos in global affairs, but made no mention of a military response to this particular incident -- giving the impression that it's now in the rear-view mirror.

That realization proved to be a positive for the equity market, but didn't bode so well for crude oil, which surged more than 8.0% last week on the bet that heightened tensions in the oil-rich Middle East would lead to a slowdown in production; West Texas Intermediate crude futures slid 1.6% to $66.18 per barrel. However, the energy sector, which typically moves in tandem with the price of crude oil, rallied 1.0%.

All 11 S&P sectors finished Monday in positive territory, with gains ranging from 0.4% to 1.5%. Lightly-weighted groups populated the top and bottom of the sector standings, with telecom services (+1.5%), utilities (+1.4%), and materials (+1.4%) closing at the top, and real estate (+0.4%) closing at the bottom. The heavily-weighted financial space (+0.5%) was the second-worst performer.

In corporate news, drug retailers CVS Health (CVS 66.10, +2.67) and Walgreens Boot Alliance (WBA 66.22, +2.40) rallied 4.2% and 3.8%, respectively, following a CNBC report that internet retail giant Amazon (AMZN 1441.50, +10.71) has shelved plans to sell and distribute pharmaceutical products to hospitals. Separately, Merck (MRK 58.65, +1.48) and Bristol-Myers (BMY 54.08, -4.57) both reported better-than-expected clinical trial results for their respective cancer treatments, but Merck surpassed expectations even more so than Bristol. Merck shares jumped 2.6%, while Bristol shares tumbled 7.8%.

On the earnings front, Bank of America (BAC 29.93, +0.13) struggled early after reporting above-consensus first quarter earnings ahead of Monday's opening bell, but eventually finished up 0.4%. Financial peer Charles Schwab (SCHW 53.08, +2.04) soared 4.0% after also beating bottom-line estimates for Q1. Moving to transports, JB Hunt (JBHT 119.75, +6.98) jumped 6.2% after beating both earnings and revenues estimates for the first quarter, helping to fuel a broad transport rally; the Dow Jones Transportation Average finished Monday higher by 2.3%.

In the bond market, U.S. Treasuries ended Monday slightly lower, which was a minor victory in light of the larger losses posted overnight. The 2-yr yield flirted with 2.40% before closing flat at 2.37%, while the benchmark 10-yr yield flirted with 2.87% before closing with a one basis point gain at 2.83%.

Reviewing Monday's economic data, which included Retail Sales for March, the Empire State Manufacturing Survey for April, Business Inventories for February, and the NAHB Housing Market Index for April:

March retail sales increased 0.6% (Briefing.com consensus +0.4%). The prior month's reading was left unrevised at -0.1%. Excluding autos, retail sales increased 0.2%, as expected. The prior month's increased was left unrevised at 0.2%.
The key takeaway from the report is that March stopped a streak of three consecutive monthly declines in retail sales, although it also demonstrates that consumers continue to show some restraint in discretionary spending.
The Empire Manufacturing Survey for April declined to 15.8 (Briefing.com consensus 20.0) from the prior month's unrevised reading of 22.5.
Business Inventories increased 0.6% in February (Briefing.com consensus +0.6%). The January reading was left unrevised at +0.6%.
The key takeaway from the report is that inventory growth outpaced sales growth, as inventories increased for manufacturers (+0.3%), retailers (+0.4%), and merchant wholesalers (+1.0%).
The NAHB Housing Market Index for April decreased to 69 (Briefing.com consensus 70) from an unrevised reading of 70 in March.

On Tuesday, investors will receive March Housing Starts (Briefing.com consensus 1268K) and Building Permits (Briefing.com consensus 1315K) at 8:30 AM ET and March Industrial Production (Briefing.com consensus +0.3%) and Capacity Utilization (Briefing.com consensus 77.8%) at 9:15 AM ET.

Nasdaq Composite: +3.7% YTD
Russell 2000: +1.8% YTD
S&P 500: +0.2% YTD
Dow Jones Industrial Average: -0.6% YTD

Dow: +212.90… | Nasdaq: +49.63… | S&P: +21.54…
NASDAQ Adv/Dec 1184/1009. …NYSE Adv/Dec 2134/808.

03:40PM ET
[BRIEFING.COM]

Commodities ending the day lower
Overall, commodities, as measured by the Bloomberg Commodity Index, are -0.3% at 89.0339
The dollar index is -0.4% at 89.17
Energy:
May WTI crude oil futures settled -$1.16 at $66.18/barrel on the day
In other energy, May natural gas settled $0.02 higher at $2.75/MMBtu
Metals:
June gold settled +$2.60 at $1350.40/oz, while May silver settled +$0.01 to $16.67/oz
May copper settled +$0.03 at $3.10/lb

Dow: +247.60… | Nasdaq: +51.84… | S&P: +24.09…
NASDAQ Adv/Dec 1914/1015. …NYSE Adv/Dec 2125/801.

03:00PM ET

[BRIEFING.COM] The major averages are drifting near their best marks of the day moving into the final hour of today's session. The Dow Jones Industrial Average is up 1.1%, the S&P 500 is higher by 1.0%, and the Nasdaq Composite is showing a gain of 0.9%.

All 11 sectors are trading in the green; industrials (+1.1%), energy (+1.2%), materials (+1.3%), consumer staples (+1.2%), utilities (+1.2%), and telecoms (+1.7%) are leading, while financials (+0.8%), consumer discretionary (+0.8%), technology (+0.7%), and real estate (+0.7%) underperform.

In earnings, Netflix (NFLX 307.23, -4.42) will report its quarterly results following today's closing bell, while UnitedHealth (UNH 230.90, +6.62), Johnson & Johnson (JNJ 132.01, +1.39), and Goldman Sachs (GS 259.16, +3.24) are all due to report tomorrow morning.
Dow: +231.98… | Nasdaq: +54.29… | S&P: +24.31…
NASDAQ Adv/Dec 1517/966. …NYSE Adv/Dec 2126/779.

02:30PM ET

[BRIEFING.COM] The broader market has retreated modestly after making highs about 30 minutes ago, still holding gains better than 0.7% apiece.

All 11 S&P 500 sectors hold gains at this juncture; leading the way higher, the thinly-weighted telecom services sector (+1.3%) enjoys strong gains out of Verizon (VZ 48.32, +0.66, +1.4%) and AT&T (T 35.67, +0.53, +1.5%) on no relative news. Also strong today, the consumer staples (+1.4%) sector outperforms the broader market as constituents Wal-Mart (WMT 87.07, +1.05, +1.2%), Philip Morris International (PM 103.27, +1.42, +1.4%), and Costco (COST 195.33, +6.42, +3.4%) display relative strength.

In Treasuries, the yield on the benchmark 10-yr note is up one basis point at 2.84%.
Dow: +244.31… | Nasdaq: +52.72… | S&P: +25.40…
NASDAQ Adv/Dec 1571/960. …NYSE Adv/Dec 2113/778.

02:00PM ET

[BRIEFING.COM] The S&P 500 bumps up against its 50-day simple moving average (2687) in recent trade, boasting gains of 1.1% on the session. The Dow Jones Industrial Average earlier broke through its 50-day SMA (24,623), currently up 1.2% while the Nasdaq Composite sits only a stone's throw away from its 50-day SMA (7,192).

Shares of select health care names have moved higher in recent trade due in part to a report out of CNBC which detailed that e-commerce giant Amazon (AMZN 1,443.80, +13.01, +0.9%) plans to hold off on endeavors to sell drugs to hospitals. Some names moving on the report include Cardinal Health (CAH 64.07, +3.65, +6.0%), Express Scripts (ESRX 73.01, +1.39, +1.9%), and Walgreens Boot Alliance (WBA 67.41, +3.59, +5.6%). The S&P 500 health care sector (+1.1%) modestly extends earlier gains.

Within the past 30 minutes, a Wall Street Journal report came out suggesting that President Donald Trump would nominate two individuals for the position of Federal Reserve vice chairman -- Richard Clarida and Michelle Bowman.
Dow: +302.63… | Nasdaq: +68.65… | S&P: +30.03…
NASDAQ Adv/Dec 1654/929. …NYSE Adv/Dec 2174/722.

01:35PM ET

[BRIEFING.COM] The major U.S. indices are just below their best levels of the day with stocks rallying to begin the trading week as Q1 earnings season gets underway.

A look inside the Dow Jones Industrial Average shows that UnitedHealth Group (UNH 231.17, +6.89), Merck & Co. (MRK 58.46, +1.29), & Caterpillar (CAT 152.76, +2.53) are outperforming. UnitedHealth is advancing ahead of tomorrow's earnings report, while Merck is gaining after releasing impressive results from a Phase 3 combination therapy trial involving its blockbuster drug KEYTRUDA in metastatic nonsquamous non-small cell lung cancer.

Conversely, General Electric (GE 13.34, -0.15) is the worst-performing Dow component after completing late Friday its financial restatements for 2016 & 2017. Analysts at Goldman chimed in this morning cautioning that 2018 projections could be 'at risk' following the release of the revised financials.

With the strong start to the week, the DJIA is now up 2.3% this month.
Dow: +300.92… | Nasdaq: +67.79… | S&P: +28.66…
NASDAQ Adv/Dec 1636/968. …NYSE Adv/Dec 2163/724.

01:05PM ET

[BRIEFING.COM] Equities are up today, extending last week's gains. The Dow Jones Industrial Average is leading the charge, up 1.2%, while the S&P 500 and the Nasdaq Composite hold gains of 1.0% and 0.9%, respectively. All three indices are currently trading at their best marks of the day.

Today's bullish bias was in place even before the opening bell after a U.S.-led strike on the Syrian government failed to ignite a broader Middle East conflict over the weekend as some had predicted. The strike, which was specifically aimed at destroying the Syrian government's ability to carry out another chemical attack, elicited a verbal response from Russian President Vladimir Putin -- who warned of "chaos" in international relations if there were more airstrikes. However, it looks doubtful that Russia, which is an ally of the Syrian government, will respond with military action.

WTI crude futures have dropped 1.2% to $66.60 per barrel today after surging more than 8.0% last week on the bet that increased tensions in the Middle East would lead to a slowdown in crude production. The energy sector, which typically moves in tandem with crude prices, has advanced 1.2%, however, and is currently hovering near the top of today's sector standings. The utilities space (+1.4%) is the top-performing group, while industrials (+1.2%), materials (+1.2%), and telecom services (+1.2%) also show notable strength.

No sector is trading in the red, but the heavily-weighted financial group (+0.3%) is struggling to keep pace with the broader market. Within the financial group, Bank of America (BAC 29.59, -0.21) is down 0.7% despite reporting above-consensus earnings for the first quarter this morning, and Charles Schwab (SCHW 52.35, +1.31) has jumped 2.5% after reporting better-than-expected Q1 profits.

In other earnings news, JB Hunt Transport Services (JBHT 119.10, +6.33) has jumped 5.6% today, hitting a three-week high, after beating both earnings and revenues estimates for the first quarter this morning. JB Hunt's positive performance has helped fuel a broad transport rally, pushing the Dow Jones Transportation Average higher by 2.3%.

Meanwhile, in the health care sector, Merck (MRK 58.50, +1.33) and Bristol-Myers (BMY 53.74, -4.90) both reported better-than-expected clinical trial results for their respective immunotherapy drugs, but Merck surpassed expectations even more so than Bristol; as a result, Merck shares are up 2.3% today, while Bristol shares are down 8.4%. Merck's drug, Keytruda, reduced the risk of death for cancer patients by 51% when combined with chemotherapies versus chemo alone.

The equity rally has led to decreased demand in the Treasury market today, pushing yields higher across the curve; the benchmark 10-yr yield is up two basis points at 2.84%. Meanwhile, the U.S. Dollar Index is down 0.4% at 89.15, hitting a three-week low, and the CBOE Volatility Index is down 4.1% at 16.69.

Reviewing today's economic data, which included Retail Sales for March, the Empire State Manufacturing Survey for April, Business Inventories for February, and the NAHB Housing Market Index for April:

March retail sales increased 0.6% (Briefing.com consensus +0.4%). The prior month's reading was left unrevised at -0.1%. Excluding autos, retail sales increased 0.2%, as expected. The prior month's increased was left unrevised at 0.2%.
The key takeaway from the report is that March stopped a streak of three consecutive monthly declines in retail sales, although it also demonstrates that consumers continue to show some restraint in discretionary spending.
The Empire Manufacturing Survey for April declined to 15.8 (Briefing.com consensus 20.0) from the prior month's unrevised reading of 22.5.
Business Inventories increased 0.6% in February (Briefing.com consensus +0.6%). The January reading was left unrevised at +0.6%.
The key takeaway from the report is that inventory growth outpaced sales growth, as inventories increased for manufacturers (+0.3%), retailers (+0.4%), and merchant wholesalers (+1.0%).
The NAHB Housing Market Index for April decreased to 69 (Briefing.com consensus 70) from an unrevised reading of 70 in March.

Dow: +297.05… | Nasdaq: +62.81… | S&P: +26.98…
NASDAQ Adv/Dec 1643/997. …NYSE Adv/Dec 2126/753.

12:30PM ET

[BRIEFING.COM] The major averages are trading at session highs this afternoon, sporting gains between 0.6% and 0.9%.

Immunotherapy drugs from Merck (MRK 58.50, +1.32) and Bristol-Myers (BMY 53.96, -4.69) showed better-than-expected clinical trail results, but Merck surpassed expectations even more so than Bristol. As a result, Merck shares are up 2.4% today, while Bristol shares have dropped 8.1%.

In Europe, stocks started the week on a modestly lower note, with the Euro Stoxx 50 shedding 0.2%.
Dow: +209.59… | Nasdaq: +43.70… | S&P: +19.96…
NASDAQ Adv/Dec 1638/1056. …NYSE Adv/Dec 2074/792.

11:55AM ET

[BRIEFING.COM] Equity indices are trading near recent levels, with the Dow (+0.8%) showing relative strength.

Transports are outperforming today, evidenced by the 2.3% increase in the Dow Jones Transportation Average. JB Hunt (JBHT 120.12, +7.35) is leading the rally with a gain of 6.6% after reporting its first quarter results this morning -- which showed above-consensus earnings and revenues.

Looking ahead, Netflix (NFLX 306.61, -5.04) will report earnings following today's closing bell.
Dow: +197.13… | Nasdaq: +33.23… | S&P: +16.93…
NASDAQ Adv/Dec 1623/1119. …NYSE Adv/Dec 2024/810.

11:25AM ET

[BRIEFING.COM] The S&P 500 is still trading near its opening level, sporting a gain of 0.6%.

WTI crude futures have dropped 1.3% to $66.50 per barrel today, giving back a chunk of last week's 8.4% rally, after a U.S.-led strike on Syria failed to further escalate tensions in the oil-rich region; some traders believed the strike could prompt a retaliatory response, possibility leading to a slowdown in crude production. However, the energy sector, which typically moves in tandem with crude prices, is up 0.8% today, trading a step ahead of the broader market.

Meanwhile, the lightly-weighted utilities sector is the top-performing group with a gain of 1.2%, trimming its month-to-date loss to 0.3%. For comparison, the S&P 500 has added 1.2% in April.
Dow: +197.06… | Nasdaq: +26.79… | S&P: +17.39…
NASDAQ Adv/Dec 1680/1077. …NYSE Adv/Dec 2074/735.

11:00AM ET

[BRIEFING.COM] The S&P 500, the Nasdaq Composite, and the Dow Jones Industrial Average hold gains between 0.4% and 0.8%.

All 11 S&P 500 sectors are trading in the green, including financials (+0.7%), consumer discretionary (+0.5%), industrials (+0.9%), energy (+0.6%), materials (+0.8%), technology (+0.4%), health care (+0.7%), consumer staples (+0.7%), utilities (+0.9%), telecom services (+1.0%), and real estate (+0.1%).

In the bond market, U.S. Treasuries are still lower, pushing yields higher across the curve; the benchmark 10-yr yield is up two basis points at 2.84%.
Dow: +185.77… | Nasdaq: +30.77… | S&P: +16.75…
NASDAQ Adv/Dec 1678/1083. …NYSE Adv/Dec 1997/777.

10:30AM ET
[BRIEFING.COM]

Commodities are beginning the day higher
Overall, commodities, as measured by the Bloomberg Commodity Index, are currently +0.1% at 89.4045
Dollar index is currently -0.4% at 89.18
Looking at energy...
May WTI crude oil futures are now -$0.67 at $66.72/barrel
In other energy, May natural gas is +$0.03 at $2.77/MMBtu
Moving on to metals...
June gold is currently +$3.90 at $1351.80/oz, while May silver is +$0.09 at $16.75/oz
May copper is now +$0.04 at $3.115/lb

Dow: +215.62… | Nasdaq: +41.93… | S&P: +19.14…
NASDAQ Adv/Dec 1745/966. …NYSE Adv/Dec 2014/755.

10:05AM ET

[BRIEFING.COM] Stocks are still modestly higher, with the S&P 500 up 0.5%.

Just in, Business Inventories increased 0.6% in February (Briefing.com consensus +0.6%). The January reading was left unrevised at +0.6%.

Separately, the NAHB Housing Market Index for April decreased to 69 (Briefing.com consensus 70) from an unrevised reading of 70 in March.
Dow: +165.24… | Nasdaq: +17.87… | S&P: +14.02…
NASDAQ Adv/Dec 1481/1264. …NYSE Adv/Dec 1823/855.

09:40AM ET

[BRIEFING.COM] The major averages are higher in the opening minutes, sporting gains between 0.4% and 0.6%.

Almost all S&P sectors are in the green, with energy (-0.2%) being the lone exception. The industrials (+0.7%), health care (+0.7%), and utilities (+0.8%) sectors are the top-performing groups, while the top-weighted financials (+0.4%) and technology (+0.4%) sectors trade in line with the broader market.

As a reminder, Business Inventories for February (Briefing.com consensus +0.6%) will be released at 10:00 AM ET.
Dow: +150.27… | Nasdaq: +27.92… | S&P: +12.25…
NASDAQ Adv/Dec 1502/1196. …NYSE Adv/Dec 1774/840.

09:19AM ET
[BRIEFING.COM] S&P futures vs fair value: +21.00. Nasdaq futures vs fair value: +48.50.

Stocks are on track for a higher open, as the S&P 500 futures are trading 21 points, or 0.8%, above fair value.

Investors are breathing a sigh of relief after a U.S.-led strike against the Syrian government over the weekend was met with a limited retaliatory response from Russia. Russian President Putin threatened that any additional strikes could invite chaos in global affairs, but it looks like the dust has settled on this particular incident.

In earnings news, Bank of America (BAC 29.90, +0.08) is up 0.3% after reporting better-than-expected earnings for the first quarter, and Charles Schwab (SCHW 51.77, +0.73) is up 1.4% after also beating bottom-line estimates for Q1. Netflix (NFLX 315.30, +3.65) will report after the close.

Investors received the Retail Sales report for March this morning, which came in better than expected, showing a month-over-month increase of 0.6% (Briefing.com consensus +0.4%). Meanwhile, the Empire Manufacturing Survey for April missed estimates, declining to 15.8 (Briefing.com consensus 20.0) from 22.5 in March.

Today's last piece of economic data, Business Inventories for February (Briefing.com consensus +0.6%), will be released at 10:00 AM ET.

08:54AM ET
[BRIEFING.COM] S&P futures vs fair value: +18.80. Nasdaq futures vs fair value: +48.50.

The S&P 500 futures are trading 19 points, or 0.7%, above fair value.

Equity indices in the Asia-Pacific region were mixed following news of the military strike on Syria. Chinese markets underperformed on the back of weakness in financial and property development stocks. The People's Bank of China raised its 14-day reverse repo rate to 2.70% from 2.65%. Separately, China will reportedly allow foreign investors to trade Dalian iron ore futures beginning May 4 and the U.S. Treasury Department did not name China as a currency manipulator. Japan's Nikkei bucked a weaker trend in spite of press reports highlighting a fading approval rating for Prime Minister Abe.

In economic data:
South Korea's March trade balance $6.80 billion (Prior $6.90 billion). March exports +6.1% year-over-year (Prior +6.1%) and March imports +5.2% year-over-year (Prior +5.0%).

---Equity Markets---

Japan's Nikkei gained 0.3%. Nippon Meat Packers led all components with a 3.2% increase. Sumitomo Dainippon Pharma, Familymart, Nippon Electric Glass, Daiichi Sankyo, and Maruha Nichiro were next in line with gains between 2.4% and 3.0%. Fast Retailing (-2.3%) was the worst-performing component.
Hong Kong's Hang Seng declined 1.6% after losing as much as 2.0% at one point. Financial and property development stocks were influential laggards, although it was China Shenhua Energy (-4.2%) that topped the list of losers. AIA Group, Country Garden Holdings, China Overseas, and China Resources Land rounded out the list of top five laggards with losses between 3.4% and 4.0%.
China's Shanghai Composite lost 1.5% with financial shares weighing. China Fortune Land Development was the biggest loser, plunging 10.0%. China Construction Bank (-4.3%), ICBC (-3.5%), Agricultural Bank of China (-2.8%), and Bank of China (-2.6%) were among the more actively-traded stocks that suffered notable declines.
India's Sensex added 0.3% despite a 5.0% decline in shares of Tata Motors. Hero MotoCorp, Kotok Mahindra Bank, Adani, Bajaj Auto, and Mahindra & Mahindra acted as offsets with gains between 1.7% and 1.9%.

Major European indices are sporting modest losses, weighing the impact of the strike on Syria that involved the participation of Great Britain and France. Russian President warned about "chaos" in global affairs if there was another strike on Syria; meanwhile, warnings of further sanctions on Russia and possible counter-sanctions by Russia have added to the geopolitical tension. In other developments, the head of the Swiss National Bank said in an interview over the weekend that it is not time to change the bank's monetary policy and Moody's bumped up its rating on Spain's sovereign debt to Baa1 from Baa2.

In economic data:
Germany's March wholesale price index 0.0% month-over-month (expected +0.4%; prior -0.3%); +1.2% year-over-year (expected +1.5%; prior +1.2%)

---Equity Markets---

Germany's DAX is flat. Lufthansa (+1.8%), Fresenius ST (+0.9%), and Deutsche Boerse (+0.7%) lead the list of winners while Prosiebensat (-1.9%), Volskswaegn (-1.4%), and Deutsche Telekom (-1.0%) bring up the rear.
France's CAC is down 0.1%. Valeo (-1.3%), Michelin (-1.7%), and Atos (-1.1%) are weighing while STMicroelectronics (+1.2%), Airbus Group (+0.7%), and Kering (+0.3%) are helping to offset the weakness.
UK's FTSE is down 0.4%. WPP (-5.0%) leads all losers following the news that CEO Sir Martin Sorrell has stepped down, effective immediately. Intu Properties (-4.4%), Micro Focus (-1.7%), and HSBC (-1.7%) are notable laggards as well. On the flip side, Whitebread (+6.9%) and Hammerson (+2.4%) are pacing the winners.


08:34AM ET
[BRIEFING.COM] S&P futures vs fair value: +17.30. Nasdaq futures vs fair value: +45.50.

The S&P 500 futures are trading 17 points, or 0.7%, above fair value.

Just in, March retail sales increased 0.6% (Briefing.com consensus +0.4%). The prior month's reading was left unrevised at -0.1%. Excluding autos, retail sales increased 0.2%, as expected. The prior month's increased was left unrevised at 0.2%.

Separately, the Empire Manufacturing Survey for April declined to 15.8 (Briefing.com consensus 20.0) from the prior month's unrevised reading of 22.5.

08:01AM ET
[BRIEFING.COM] S&P futures vs fair value: +15.50. Nasdaq futures vs fair value: +36.50.

Equities are on course for a higher open, looking to extend last week's gains, following a U.S.-led attack on the Syrian government over the weekend. The S&P 500 futures are currently trading 16 points, or 0.6%, above fair value.

U.S., U.K., and French forces launched more than 100 missiles late on Friday, targeting Syrian government sites associated with the production of chemical weapons following a suspected poison gas attack on April 7. The attack doesn't appear to have further escalated the conflict thus far, which is a relief for investors, who were nervous that a strike would prompt Russia, Syria's ally, to respond. In addition to the strike, the White House reportedly plans to impose new sanctions against Russia for supporting the use of chemical weapons.

West Texas Intermediate crude futures, which surged to their highest level in more than three years last week amid the belief that the heightened tensions in the Middle East could slow down production, are down 1.3% this morning at $66.56 per barrel. Meanwhile, U.S. Treasuries are also lower, pushing yields higher across the curve; the benchmark 10-yr yield is up four basis points at 2.86%, while the 2-yr yield is up two basis points at 2.39%.

Investors will receive several economic reports today; Retail Sales for March (Briefing.com consensus +0.4%) and the Empire State Manufacturing Survey for April (Briefing.com consensus 20) will be released at 8:30 AM ET, while Business Inventories for February (Briefing.com consensus +0.6%) will cross the wires at 10:00 AM ET.

Netflix (NFLX) will report earnings after the close.

In U.S. corporate news:

Bank of America (BAC 30.05, +0.25): +0.8% after reporting above-consensus earnings for the first quarter.

Reviewing overnight developments:

Equity indices in the Asia-Pacific region were mixed following news of the military strike on Syria. Japan's Nikkei +0.3%, Hong Kong's Hang Seng -1.6%, China's Shanghai Composite -1.5%, India's Sensex +0.3%.
In economic data:
South Korea's March trade balance $6.80 billion (Prior $6.90 billion). March exports +6.1% year-over-year (Prior +6.1%) and March imports +5.2% year-over-year (Prior +5.0%).
In news:
The People's Bank of China raised its 14-day reverse repo rate to 2.70% from 2.65%. Separately, China will reportedly allow foreign investors to trade Dalian iron ore futures beginning May 4 and the U.S. Treasury Department did not name China as a currency manipulator.
Japan's Nikkei bucked a weaker trend in spite of press reports highlighting a fading approval rating for Prime Minister Abe.

Major European indices are sporting modest losses, weighing the impact of the strike on Syria that involved the participation of Great Britain and France. Germany's DAX -0.1%, France's CAC -0.1%, UK's FTSE -0.4%.
In economic data:
Germany's March wholesale price index 0.0% month-over-month (expected +0.4%; prior -0.3%); +1.2% year-over-year (expected +1.5%; prior +1.2%)
In news:
Russian President warned about "chaos" in global affairs if there was another strike on Syria; meanwhile, warnings of further sanctions on Russia and possible counter-sanctions by Russia have added to the geopolitical tension.
The head of the Swiss National Bank said in an interview over the weekend that it is not time to change the bank's monetary policy and Moody's bumped up its rating on Spain's sovereign debt to Baa1 from Baa2.

07:31AM ET
[BRIEFING.COM] S&P futures vs fair value: +15.50. Nasdaq futures vs fair value: +37.30.

06:55AM ET
[BRIEFING.COM] S&P futures vs fair value: +17.00. Nasdaq futures vs fair value: +45.30.

06:55AM ET
[BRIEFING.COM] Nikkei...21835.5...+56.80...+0.30%. Hang Seng...30315.59...-492.80...-1.60%.

06:55AM ET
[BRIEFING.COM] FTSE...7230.82...-33.70...-0.50%. DAX...12440.72...-1.70...0.00%.

04:30PM ET

[BRIEFING.COM] Stocks slipped on Friday, ending a positive week on a disappointing note, as some geopolitical angst prompted investors to take some money off the table ahead of the weekend. The S&P 500 declined 0.3%, the Nasdaq Composite lost 0.5%, and the Dow Jones Industrial Average dropped 0.5% -- trimming their gains for the week to 1.8%-2.8%.

The major averages started the session modestly higher following better-than-expected first quarter earnings results from financial giants JPMorgan Chase (JPM 110.30, -3.07, -2.7%), Wells Fargo (WFC 50.89, -1.81, -3.4%), and Citigroup (C 71.01, -1.12, -1.6%). However, after a short stint in the green, the financial sector moved lower, bringing the broader market with it. Volatility picked up in the final stretch, with the major averages dropping to new lows before bouncing back, as investors contemplated the likelihood of a U.S.-led strike on Syria over the weekend.

President Trump has promised that the U.S. will be striking the Syrian government, which is accused of carrying out a chemical attack against the rebel-held town of Douma last Saturday, but the president has intentionally made the timing of the attack unclear. Adding to the uncertainty, an attack would likely put the U.S. at odds with Russia, who supports Syrian President Bashar al-Assad and has vowed to shoot down any missiles fired at Syria.

The energy sector (+1.1%) helped keep losses in check on Friday, extending its weekly gain to 6.0%, as oil prices rallied for the fifth day in a row. West Texas Intermediate crude futures jumped 0.3% to $67.26 per barrel -- their best level in more than three years -- benefiting, once again, from the uncertainty surrounding the oil-rich Middle East. The utilities (+0.7%), consumer staples (+0.5%), and real estate (+0.5%) sectors also advanced, but the seven remaining groups finished in the red.

Unsurprisingly, the financial sector (-1.6%) finished at the bottom of the sector standings following the negative reaction to the big bank earnings. The consumer discretionary space (-0.6%) also underperformed, but no other group lost more than 0.3%. Within the top-weighted technology space (-0.3%), chipmaker Broadcom (AVGO 246.94, +7.51) outperformed, adding 3.1%, following news that the company's board has authorized the repurchase of up to $12 billion of common stock.

In the bond market, U.S. Treasuries finished Friday mixed, flattening the 2s10s spread to 45 basis points -- its lowest level since 2007. The yield on the benchmark 10-yr Treasury note slipped one basis point to 2.82%, while the yield on the 2-yr Treasury note climbed two basis points to 2.37%.

Reviewing Friday's economic data, which was limited to the preliminary reading of the University of Michigan Consumer Sentiment Index for April and the Job Openings and Labor Turnover Survey for February:

The preliminary reading of the University of Michigan Consumer Sentiment Index for April declined to 97.8 (Briefing.com consensus 100.6) from 101.4 in March.
The key takeaway from the report is that the monthly drop was due to worries about trade policies and expectations for rising interest rates.
The February Job Openings and Labor Turnover Survey showed that job openings decreased to 6.052 million from a revised 6.228 million (from 6.312 million) in January.

On Monday, investors will receive Retail Sales for March, the Empire State Manufacturing Survey for April, Business Inventories for February, and the NAHB Housing Market Index for April.

Nasdaq Composite: +2.9% YTD
Russell 2000: +0.9% YTD
S&P 500: -0.7% YTD
Dow Jones Industrial Average: -1.5% YTD

Week In Review: Light Volume Overshadows Gains

Wall Street had a good week in terms of gains, but volume was light, pointing to a lack of conviction among investors -- who spent the week digesting a steady stream of headlines. The tech-heavy Nasdaq Composite led the major indices higher, adding 2.8%, while the S&P 500 and the Dow Jones Industrial Average advanced 2.0% and 1.8%, respectively.

The stock market began the week on a positive note following weekend interviews from several White House officials, including Treasury Secretary Steven Mnuchin, that helped to alleviate fears that the U.S. is barreling towards a tit-for-tat trade war with China. Chinese President Xi Jinping helped further improve investor sentiment with a speech at the Boao Forum on Tuesday, saying that he plans to "significantly" cut tariffs on imported automobiles, reduce duties on other imported goods, and improve the intellectual property rights of foreign firms.

Moving to the Middle East, geopolitical tensions were heightened following a suspected chemical attack from the Syrian government on the rebel-held town of Douma that killed at least 40 people over the weekend. The situation escalated even further on Wednesday morning when Russia, which supports Syrian President Bashar al-Assad, warned that it would shoot down any missiles fired at Syria -- to which U.S. President Donald Trump replied "get ready Russia, because they will be coming."

As of this writing, the U.S. has yet to strike the Syrian government, but it could happen at any moment. The attack was first thought to be imminent, but President Trump muddled that belief on Thursday by tweeting that it could happen "very soon or not so soon at all!"

In addition to the situation in Syria, a missile attack aimed at Saudi Arabia by pro-Iranian rebels in Yemen served to further escalate tensions in the region. Saudi air defense forces intercepted one missile over the capital Riyadh on Wednesday, while two others were intercepted over the southern areas of Jazan and Najran.

With all the concerning headlines out of the oil-rich Middle East, traders pushed oil prices substantially higher this week, betting that the tensions will eventually lead to a slowdown in production. West Texas Intermediate crude futures surged 8.4% to $67.26 per barrel, closing Friday at their highest level in more than three years. The S&P 500's energy sector benefited from the jump in oil prices, finishing at the top of the week's sector standings by a comfortable margin; the group added 6.0%.

In Washington, Facebook (FB) CEO Mark Zuckerberg testified on Capitol Hill this week, answering questions regarding the company's Cambridge Analytica data scandal and Russia's alleged use of Facebook to influence the 2016 U.S. presidential election. Mr. Zuckerberg was grilled for 10 hours by nearly 100 lawmakers, but the market seemed satisfied with his answers. Facebook shares climbed 5.3% over the two days of testimony, eventually finishing the week with a gain of 4.7%.

On Friday, big banks kicked off the first quarter earnings season, with JPMorgan Chase (JPM), Wells Fargo (WFC), and Citigroup (C) all beating profit estimates on in-line revenues. However, shares of the three lenders, and the broader financial sector, sold off in the wake of the reports. The financial sector settled the week with a gain of 1.0%, which placed it in the middle of the sector standings. The lightly-weighted utilities and real estate groups finished at the back of the pack, losing a little more than 1.0% apiece.

Investors received the minutes from the March FOMC meeting this week, but the report contained few surprises. Some key inflationary data was also released this week -- namely the CPI readings for March -- but was met with a largely muted response from the market. In short, the consumer prices report showed a firming (though not scary) inflation trend that will keep the Federal Reserve wedded to its tightening bias and its belief that at least two more rate hikes are warranted this year.

The CME FedWatch Tool still anticipates that the next rate hike will occur at the June FOMC meeting with an implied probability of 95.0% (up from 85.2% last week). The market also still believes there will be a total of three rate hikes in 2018, but the chances for a fourth hike increased to 36.8% (from 26.3% last week).
Dow: -122.91… | Nasdaq: -33.60… | S&P: -7.69…
NASDAQ Adv/Dec 1100/1791. …NYSE Adv/Dec 1265/1647.

Special thanks to Bloomberg, Briefing, Reuters and Yahoo! Finance for their market summaries. Also, thank you for the review of TheStrategyLab performance record...hopefully the links and data will be useful for you.

Price Action Trading @ http://www.thestrategylab.com/price-action-trading.htm

Trade Strategies via Volatility Analysis @ http://www.thestrategylab.com/VolatilityTrading.htm

Rebuttal to Emmett Moore via TheStrategyLab.com Review @ http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=84&t=3167

The Strategy Lab: Valforex - The Manipulative Review Scam @ http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=84&t=3676

TheStrategyLab Review @ http://www.thestrategylab.com/thestrategylab-reviews.htm

Advance WRB Analysis Tutorial Chapters 4 - 12 @ http://www.thestrategylab.com/WRBAnalysisTutorials.htm

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Best Regards,
M.A. Perry
Online user name wrbtrader (more info about me) @ http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=127&t=850 & http://www.thestrategylab.com/wrbtrader.htm
TheStrategyLab Price Action Trading (no indicators)
Trader and Founder of WRB Analysis (wide range body/bar analysis)
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