Stocks Rebound on Hopes Ceasefire Deal Holds on | Closing Bell

Summary

• Markets rallied for a seventh consecutive day, with major indices up 0.6%-0.8%, buoyed by hopes of progress toward a ceasefire in the Middle East.
• Sector performance was mixed: Consumer Discretionary (+2.5%) and Industrials (+1%) led gains, while Energy (-1.2%) was the biggest laggard.
• CoreWeave surged 3.5% after securing a massive $21B deal to supply AI computing power to Meta Platforms through 2033, deepening their existing partnership.
• Intel jumped 4.7% to a five-year high after announcing Alphabet's Google committed to using its future generations of data center chips, a key part of its AI infrastructure comeback strategy.
• Constellation Brands (maker of Corona, Modelo) was the S&P 500's top gainer, up 8.5%, as investors viewed its initial disappointing guidance as potentially conservative, with positive momentum noted.
• Brown-Forman (maker of Jack Daniel's) rallied nearly 13% on a Wall Street Journal report that Sazerac had approached it about a potential deal, adding to existing speculation.
• Software stocks, represented by the iShares Expanded Tech-Software Sector ETF (IGV), fell 3.9% on renewed concerns about AI services disrupting traditional software business models.
• Sports betting stocks Flutter Entertainment (parent of FanDuel) and DraftKings fell 3.9% and 7%, respectively, on reports Ohio lawmakers are considering legislation that would severely restrict mobile and prop betting.
• Texas Pacific Land Corp, the worst S&P 500 performer, fell over 15% following the death of the CEO of its largest shareholder, Horizon Kinetics, which owns ~15% of the company.
• Oil prices remained elevated with WTI above $99/barrel (+2.7%), with a JPMorgan strategist noting the market could tolerate $100/barrel for a while.
• Bond yields were volatile, reflecting market indecision tied to Treasury auctions, Middle East geopolitical tensions, and anticipation of the upcoming inflation print.