Mid-Morning Look: April 13, 2026

Market Overview

U.S. stocks opened lower today as oil prices surged due to geopolitical tensions, specifically the U.S. decision to block the Strait of Hormuz. However, the market has since stabilized, with reports indicating that Iran is considering a proposal to end the conflict, which would involve halting uranium enrichment. President Trump has ordered a blockade of all maritime traffic to and from Iranian ports, effective April 13 at 10 AM ET, following the collapse of peace talks led by Vice President JD Vance. The U.S. is demanding that Iran cease its nuclear program and support for regional proxy groups as part of any renewed negotiations.

Market Indices

• DJ Industrials: -230.07 (-0.48%) at 47,686
• S&P 500: -0.60 (-0.01%) at 6,816
• Nasdaq: +35.39 (+0.15%) at 22,938
• Russell 2000: +5.80 (+0.22%) at 2,636

Economic Data

March Existing Home Sales decreased by 3.6% to a rate of 3.98 million units, falling short of the consensus estimate of 4.06 million. The median home price for existing homes rose to $408,800, a 1.4% increase from March 2025. The inventory of homes for sale in the U.S. stands at 1.36 million units, representing 4.1 months of supply.

Sector Movers

Homebuilders/Building Products

Evercore has upgraded shares of MAS, PHM, and TOL to Outperform, citing their resilience amid current industry challenges. The firm favors builders over product manufacturers due to better downside support in valuations.

Diagnostics

Jefferies initiated coverage on CAI and VCYT with Buy ratings, while TEM was rated Underperform. The firm is optimistic about the oncology diagnostics sector, noting the polarization between market leaders and laggards.

Auto-Related Semiconductors

Bank of America downgraded NXPI to Neutral due to concerns over its product offerings and market exposure. Conversely, ON was upgraded to Buy, supported by its strong pipeline and cash flow generation.

Stock Gainers

• ALLO: +45% - Positive interim data from a CAR-T therapy study.
• HUBS: +5% - Software sector rebound.
• IDYA: +17% - Successful trial results for an eye cancer drug.
• INTC: +3% - Continued gains in the chip sector.
• LEG: +13% - Acquisition by SGI.
• RVMD: +35% - Promising results for a pancreatic cancer treatment.
• SNDK: +3% - Added to the Nasdaq 100 index.
• SYRE: +24% - Positive mid-stage trial results for an ulcerative colitis drug.

Stock Laggards

• BBY: -3% - Downgraded by Goldman Sachs.
• CIEN: -3% - Profit-taking in optical stocks.
• GS: -4% - Mixed earnings report.
• PLCE: -23% - Weaker than expected Q4 results.
• REPL: -67% - Received another complete response letter from the FDA.

Conclusion

The market is navigating through geopolitical tensions and mixed economic data, with specific sectors showing resilience and others facing challenges. Investors are advised to monitor developments closely, especially regarding the ongoing situation with Iran and its implications for oil prices and market stability.