Stock market today: Dow, S&P 500, Nasdaq mixed after Trump orders Hormuz blockade against Iran

Tech has taken the baton back from energy.

The latest nine-day rally has flipped one of the market’s clearest wartime trades on its head.

And the move may not be over yet: the Nasdaq Composite (^IXIC) is on track for a ninth straight day of gains, its longest winning streak since December 2023.

During the sell-off from Feb. 27 through March 30 — a stretch that covered the start of the US-Iran war — energy (XLE) was the only sector in the green, rising 11% while tech (XLK) fell 8%.

Since the March 30 low, that script has reversed: Tech has jumped 13% in the best sector gain in the market, while energy has fallen 8%, the worst.

That kind of role reversal suggests investors are moving back toward the old bull-market playbook rather than embracing a broader new-market regime. Industrials (XLI), consumer discretionary (XLY), and real estate (XLRE) have all rebounded sharply too, but the average sector is still trailing the S&P 500 (^GSPC) in this bounce.

There’s another wrinkle under the surface: Even tech’s comeback has not been broad.

Semiconductor stocks (^SOX, SOXX) have surged while software continues to lag badly, a split that has opened up across the sector. And as yesterday’s “Magnificent Seven”7 Chart of the Day showed, even Big Tech is no longer moving as one.

The next test is whether this leadership reversal has staying power — or whether the next geopolitical jolt sends investors running right back into the war trade.

Conagra (CAG) CEO Sean Connolly is stepping down on June 1 after 11 years as CEO.

John Brase will be the next CEO at the snack and meal giant. He is currently the chief operating officer at The J.M. Smucker Co. (SJM) and, prior to that, spent 30 years at Procter & Gamble (PG).

“The decision to appoint John as Conagra’s next leader follows our thoughtful approach to succession planning, including discussions with Sean, and our determination that now is the right time for this leadership transition,” Richard Lenny, the independent chair of Conagra’s board of directors, said in the release.

Investors seemed to be taken by surprise by the news. Conagra stock fell 6% in late morning trading.

“We believe that Mr. Brase is well regarded by investors … But he also joins a company facing clear challenges,” JPMorgan analyst Thomas Palmer wrote in a note to clients.

The company reported earnings per share earlier this month of $1.70, which were close to expectations of $1.69, according to Bloomberg estimates.

However, there are “mounting earnings pressures to consider,” Palmer wrote, including “inflation, especially freight and packaging, which could limit the magnitude of CAG’s earnings recovery next year.”

Lackluster volume growth is also a key focus for analysts. Volume grew just 0.5% in the third quarter.

Stifel analyst Matthew Smith added that there is “limited balance sheet flexibility, given current leverage against the improved volume trajectory in the Refrigerated & Frozen segment.”

That segment includes brands like Marie Callender’s and Birds Eye, which saw volume grow the most last quarter, up 0.6%, against declines in all the other categories, like grocery and snacks, international, and food service, down 2.2%, 2%, and 0.1%, respectively.

The Street is mostly on the sidelines on this stock with one Buy rating, 12 Holds, and four Sells.

When analysts and investors talk about a potential SpaceX (SPAX.PVT) IPO — likely to happen sometime this summer at the earliest — they are, in large part, talking about Starlink.

The satellite internet service has grown from an engineering project into the dominant revenue machine, supercharging the world’s most valuable private company.

Yahoo Finance’s Pras Subramanian takes a look at what Starlink, what it offers, and what the key numbers are ahead of the public listing:

Read more here.

President Trump threatened to destroy Iranian ships in the Strait of Hormuz on Monday, just minutes after a US blockade was set to begin in the region.

“Iran’s Navy is laying at the bottom of the sea, completely obliterated — 158 ships,” Trump wrote on Monday morning.

He noted the US has not targeted a small number of what they call “fast attack ships because “we did not consider them much of a threat.”

“Warning: If any of these ships come anywhere close to our BLOCKADE, they will be immediately ELIMINATED, using the same system of kill that we use against the drug dealers on boats at Sea,” he added.

Over the weekend, Trump announced that the US would begin a blockade in the Strait of Hormuz on Monday at 10 a.m. ET, restricting vessels entering and leaving the critical waterway.

The move is intended to cut off Iran’s ability to export oil and reduce the country’s control over the passage.

Oil futures trimmed earlier gains but still remained above $100 per barrel on Monday.

After more than a year of going nowhere, Amazon (AMZN) is finally pressing into a key test.

The stock has rallied to a key resistance level after its biggest three-day surge in five months, leading the “Magnificent Seven” stocks off the March 30 low.

Amazon is now running into a downtrend line drawn from the early November high and early January peak, while the $238–$240 area has repeatedly capped rallies since early 2025.

That leaves the stock at a decision point. With shares lower today, this may be the pause or pullback you’d expect at the resistance level. But if Amazon can push through $240, it would open the door to retest all-time highs near $255–$260.

On weakness, bulls want to see the $220–$225 area hold, which lines up with the 200-day moving average and recent support.

Oil prices rose on Monday after US-Iran talks fell through, putting pressure on stocks to start the trading week.

The S&P 500 (^GSPC) and tech-heavy Nasdaq Composite (^IXIC) fell 0.3%, while the Dow Jones Industrial Average (^DJI) slid 0.7% in the first minutes of trading.

Oil was back above $100 per barrel, with Brent (BZ=F) trading at $101 per barrel and West Texas Intermediate (CL=F) trading at $103 per barrel.

Goldman Sachs (GS) shares fell more than 3% despite reporting a profit increase driven by equity trading in the first quarter. The earnings call with CEO David Solomon just started — you can listen to it live here.

Treasurys sold off on Monday as President Trump’s threat to block the Strait of Hormuz and new consumer price data released on Friday revived higher inflation expectations.

As oil prices surged on Monday, the 10-year yield (^TNX) climbed 3 basis points to 4.34%, while the longer-dated 30-year yield (^TYX) rose 2 basis points to 4.93%. Bond yields trade inversely to bond prices, meaning prices were lower on Monday.

The US dollar index (DX-Y.NYB) also climbed to nearly 99 as higher oil prices supported the notion that the Fed would hold or raise interest rates.

Goldman Sachs’ (GS) profits climbed in the first quarter, fueled by jumps in M&A dealmaking and record equity trading.

But the stock dropped 3% in premarket trading as intermediation revenue for fixed income, currencies, and commodities fell short of expectations.

Yahoo Finance’s David Hollerith reports:

Read more here.

The prospect that the Iran war will reintensify after the failure of peace talks threatens to spark fresh volatility across global markets, after a week that saw a fragile ceasefire drive stocks up and oil down by the most this year.

From Bloomberg:

Read more here.

Wall Street’s biggest banks are riding into the first quarter earnings season on far less certain ground than where they began 2026. This coming week, their ability to churn out more profits will once again be put to the test.

Yahoo Finance’s David Hollerith reports:

Read more here.

Reuters reports:

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Bloomeberg reports:

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