MARKET SNAPSHOT
The S&P 500 and Nasdaq composite extended their recent winning streaks, closing at fresh highs. The Dow Industrials edged lower. Crude futures ended the session practically unchanged. Treasurys sold off and yields rose as peace in the Middle East remains elusive while the U.S. economy keeps showing resilience. Gold futures settled lower. The U.S. dollar weakened slightly.
MARKET WRAPS
EQUITIES
Surging tech stocks carried the S&P 500 and Nasdaq composite to new records on Wednesday, a milestone in major indexes' rebound from war-fueled losses.
The S&P 500 rose 0.8% and closed above 7000 for the first time, hitting its first closing high since January. The Nasdaq composite surged 1.6%, notching its first record since October and its 11th consecutive gain. The Dow Jones Industrial Average pared losses, trading 0.2% lower.
Investors took in more positive signs on the state of the U.S. economy. Bank of America said consumer spending held up despite a turbulent start to the year and rising prices at the pump, adding to a chorus of big lenders seeing resilience in the American economy.
Luxury-goods stocks took a hit, meanwhile, after Birkin maker Hermès surprised investors with weak sales. Concerns that its once-indestructible business model is buckling are amplifying jitters about the effects of the war on discretionary spending.
Earlier Wednesday, markets in Asia mostly ended higher.
China's benchmark Shanghai Composite Index ended flat, the Shenzhen Composite Index fell 0.7%, and the ChiNext Price Index dropped 1.2%.
Hong Kong's Hang Seng Index rose 0.3%.
Japan's Nikkei Stock Average gained 0.4%.
South Korea's Kospi climbed 2.1%.
Australia's S&P/ASX 200 Index edged up 0.1%.
New Zealand's S&P/NZX 50 Index rose 0.5%
COMMODITIES
Crude futures ended the session practically unchanged with participants awaiting more clarity about U.S.-Iran negotiations, a possible extension of the cease-fire, and the reopening of the Strait of Hormuz.
Expectations for further talks have been bearish for oil, while U.S. inventory data for last week were on the bullish side with draws in crude, gasoline and diesel stocks and a 4.1 million barrel drop in the SPR. U.S. crude exports rose by 1.1 million barrels a day and imports fell by 1 million b/d.
"This bullish international crude trade data appears sustainable for several weeks, especially if the Strait of Hormuz remains closed," Ritterbusch & Associates said.
WTI added 1 cent to $91.29 a barrel and Brent edged up 0.1% to $94.93.
Front-month silver futures settled up 0.1% to $79.491 a troy ounce.
Silver looks on pace to move above the $80/oz threshold for the first time in roughly a month, partially because of the latest news about physical demand for the metal.
The global silver market deficit is expected to widen to 46.3 million ounces in 2026 from 40.3 million in 2025, according to data from the Silver Institute. That's even as total demand falls 2% due to weaker industrial and jewelry consumption. But that's while demand for silver coins and bars rise 18%. Physical demand for precious metals as a conductor used in electronics has been a factor supporting prices.
Gold futures settled down 0.5% to $4,800/oz.
TODAY'S TOP HEADLINES
Trump Threatens to Fire Powell if He Doesn't Resign When Fed Chair Term Ends
President Trump doubled down on the Justice Department's criminal investigation of Federal Reserve Chair Jerome Powell, saying in a television interview that he won't drop the probe and threatening to fire Powell if he doesn't resign when his term as chair ends next month.
"Well then I'll have to fire him, OK?" Trump said in a Fox Business interview that aired Wednesday morning.
Fed officials are protected by a law that limits the reasons they can be removed. The Supreme Court is now weighing the bounds of that law as it prepares to rule on another case stemming from Trump's attempt to fire a different Fed official.
U.S. Home-Builder Sentiment Slips Amid Economic Uncertainty
Confidence among U.S. home builders fell in April as rising building materials prices, elevated interest rates and an increased economic uncertainty weighed during the heart of spring-buying season.
Here are the main takeaways from the National Association of Home Builders' latest report released Wednesday:
The NAHB/Wells Fargo Housing Market Index, a gauge of builder confidence in the market for newly built single family housing, was 34 in April, down from 38 in March. The reading was the lowest level since September 2025. Economists polled by the Wall Street Journal expected a reading of 37.
U.S. Import Prices Rise Less Than Expected in March
U.S. import prices rose less than expected in March from February and were driven by higher costs for fuel imports, data from the Bureau of Labor Statistics showed Wednesday.
Overall import prices rose 0.8% in March, slightly lower than the downwardly revised 0.9% increase in February, the data showed.
That result was less than the 2.4% increase expected by a consensus of economists polled by The Wall Street Journal. Year-on-year prices were up 2.1%, the BLS said.
Bank of America's 30% jump in equities revenue pushes stock toward a two-month high
Shares of Bank of America rallied Wednesday, after the banking giant reported first-quarter profit and revenue that rose more than expected, boosted by strength in its sales and trading business.
Boosted by recent volatility as a result of the Iran conflict, BofA's BAC equities business saw revenue soar 30% to record levels. An easier regulatory environment, which has boosted merger and acquisition activity, helped drive a 21% increase in investment-banking fees.
"[W]e saw healthy client activity, including solid consumer spending and stable asset quality, indicating a resilient American economy," said CEO Brian Moynihan.
Live Nation Illegally Monopolized Concerts and Ticketing, Jury Finds
A federal jury on Wednesday found that Live Nation illegally monopolized the ticketing market for major concerts in the U.S., in a win for a group of states that accused it of overcharging music fans and pressuring venues to use its dominant ticketing service, Ticketmaster.
The verdict came after five weeks of trial and nearly four days of deliberation by jurors in a New York City federal court. The Justice Department made the decision last month to settle its case against Live Nation, leaving more than 30 states to try their claims without the federal government.
Now, the group of states will likely try to persuade a judge during a new phase of proceedings that splitting up Live Nation is the only way to fix a broken market. Live Nation shares were down more than 6% after the verdict was read.
Tesla, Apple Veteran Doug Field Exits Ford in Organizational Overhaul
Doug Field, lured by Ford Motor from Apple five years ago to bring the 120-year-old automaker into the digital and electric age, is leaving the company amid a wider reorganization.
Field has been leading a secretive effort to develop a line of affordable, high-tech electric vehicles and is the latest high-profile Silicon Valley transplant to exit a Detroit automaker.
His exit comes as Ford races to get the first of those vehicles into production by next year.
Morgan Stanley beats Wall Street earnings forecasts - by a wide margin
Morgan Stanley has comfortably beat expectations in its first quarter, with earnings per share 41 cents higher than Wall Street consensus.
The New York-headquartered bank reported earnings per share of $3.43 in the period ending March 31, compared to analysts' expectations of $3.02, according to data compiled by the London Stock Exchange Group.
In three days that have been packed with major Wall Street banks reporting results for the period, Morgan Stanley, the last of them, posted revenue of $20.6 billion, an increase of 16% year-on-year. Mean forecasts stood at $19.8 billion.
Expected Major Events for Thursday
00:00/SKA: Mar Revised trade data
01:00/AUS: Apr Consumer Inflationary Expectations Survey
01:30/CHN: Mar House Price Index
01:30/AUS: Mar Labour Force
01:30/AUS: Mar Foreign Exchange Transactions and Holdings of Official Reserve Assets
02:00/CHN: Mar Retail sales
02:00/CHN: Mar Fixed Assets Investment
02:00/CHN: Mar Industrial Output
02:00/CHN: 1Q GDP
08:30/HK: Feb External Merchandise Trade: Volume & Price Statistics
09:59/CHN: Mar FDI Foreign Direct Investment
22:45/NZ: Mar Electronic Card Transactions
22:45/NZ: Mar Selected Price Index
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This article is a text version of a Wall Street Journal newsletter published earlier today.
(END) Dow Jones Newswires
April 15, 2026 16:55 ET (20:55 GMT)
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