Yesterday markets were mixed as investors continued to digest conflicting Iran headlines. The S&P 500 ended modestly lower with tech and software coming under pressure again as Anthropic had a new release that allows users to enable Claude to use their computers to complete tasks, including assignment via your phone. The NYSE FANG+ fell 2% while the iShares Software ETF was down 4% however, semiconductors did move higher. Private credit also came back into focus after another round of redemptions, but the impacted stocks closed well off the lows. The equal weight version of the S&P 500 ended slightly higher with energy and materials leading to the upside. Small and midcap indices were up closer to 0.5%.

Shortly after the close there were reports that the US proposed a one-month ceasefire after sending a 15-pt plan to end the war to Iran. This has triggered a relief rally global equities have been moving higher, oil prices were down ~5% helping global yields to settle down as well. The optimism is being tempered by a healthy dose of skepticism as Iran/Israel continue to carry out strikes and the US is moving more military assets to the region. S&P futures were trading up ~1%, right at its 200d again, when the Fars News Agency said that Iran will not accept a ceasefire shortly after 8:00 am and the gains were cut in half though we’re starting to move higher again as the most recent round of headlines from the agency says, “What we seek is an end to the war, not just a ceasefire”. Outside of the Iran headlines it remains reasonably quiet.