Stock market today: US stocks surge as investors brush away Israel-Iran conflict fears in favor of solid retail sales data

• US stocks jumped on Monday as investors brushed away concerns about the Israel-Iran conflict.
• Stock gains extended following March retail sales data, which climbed 0.7%, more than double expectations of 0.3%. 
• First-quarter earnings results are underway, and Goldman Sachs impressed investors with a beat.

US stocks jumped on Monday as investors shifted their focus away from this weekend’s Israel-Iran conflict and turned toward solid economic data and a fresh batch of company earnings. 

Iran fired hundreds of missiles and drones at Israel, but its defense system, in coordination with its allies, intercepted nearly all of the projectiles.

“There appears to be widespread relief that Iran’s bombardment of Israel on Saturday was largely rebuffed, apparently relatively easily,” Trade Nation senior market analyst Dave Morrison said. 

As markets turned to the week ahead, top of mind for investors on Monday was solid economic and earnings data. Retail sales in March jumped 0.7%, more than double consensus estimates of 0.3%. While the solid sales data might lead to a longer road for disinflation, it does suggest the US economy is still on solid footing.

Goldman Sachs, meanwhile, reported first-quarter earnings results that beat Wall Street estimates, with its investment banking and fixed-income businesses driving much of the profit beat. Goldman Sachs stock jumped nearly 4% in Monday morning trades. 

Here’s where US indexes stood shortly after the 9:30 a.m. opening bell on Monday: 

• S&P 500: 5,161.17, up 0.73% 
• Dow Jones Industrial Average: 38,333.38, up 0.95% (+358.95 points)
• Nasdaq Composite: 16,239.01, up 0.38% 

Here’s what else is going on today: 

• The average US home price could spike 20% to a record $500,000 if the Fed cuts interest rates too soon, expert says. 
• Shares of Trump Media and Technology Group plunged nearly 20% after the company filed with the SEC to sell millions of shares.
• Goldman Sachs reported its highest quarterly profit since 2021. Here’s a break down of the results.

In commodities, bonds, and crypto: 

• West Texas Intermediate crude oil dropped 0.51% to $85.22 a barrel. Brent crude, the international benchmark, fell 0.60% to $89.91 a barrel. 
• Gold edged lower by 0.08% to $2,372.20 per ounce. 
• The 10-year Treasury yield climbed 8 basis points to 4.61%. 
• Bitcoin edged higher by 0.50% to $68,119.