Major indices spent almost the entire Monday session in the red and all finished lower after a torrid week just passed. Stocks are at or near all-time highs once again, even though conditions in the Middle East remained strained, to say the least. Both Iran and the U.S. have accused each other of violating the tepid ceasefire, with the U.S. hitting a cargo vessel with missiles before boarding it and Iran claiming to have sent one of their oil tankers through the U.S. blockade without harm.
At this point, it's hard ot tell which side, if either, is telling the truth, but the fact of the matter is the supposed ceasefire will end on Wednesday. Neither side has sent representatives to Islamabad to resume peace negotiations despite pleadings from Pakistani mediators.
With the Middle East at a stalemate, earnings reports are picking up the slack in market noise to keep things churning.
After the close on Monday, reports came from:
Steel Dynamics (STLD) - stock is flat pre-market after missing on EPS, slaes higher, optimistic guidance
Alaska Airlines (ALK) - shares down 3.5% as company pulls annual forecast over unstable fuel pricing
Tuesday, before the open reports:
3M (MMM) - EPS beat, revenue miss, shares down 3.5%
Halliburton (HAL) - earnings beat, sales higher for 1Q, shares up 1%
United Health Group (UNH) - earnings beat, solid forecast, shares up 8%
DR Horton (DHI) - earnings beat, strong guidance, shares up 7%
GE Aerospace (GE) - wins on earnings, guidance, stock down 3%
Synchrony Financial (SYF) - earnings beat, dividend raise, stock buyback, down 1.5%
Something of a mixed picture in the earnings department hasn't dented the enthusiasm of the bulls prior to Tuesday's open. Stock futures are higher, with Dow futures up 240, NASDAQ futures up 69, and S&P futures adding 15 points.
With stocks at nosebleed levels, there is the possibility that any kind of disruption, such as a resumption of fighting after the ceasefire ends, could dislocate some stocks.
The latest bombast from President Trump was Monday afternoon, sounding familiar notes:
I’m winning a War, BY A LOT, things are going very well, our Military has been amazing and, if you read the Fake News, like The Failing New York Times, the absolutely horrendous and disgusting Wall Street Journal, or the now almost defunct, fortunately, Washington Post, you would actually think we are losing the War. The enemy is confused, because they get these same Media “reports,” and yet they realize their Navy has been completely wiped out, their Air Force has gone onto darker runways, they have no Anti Missile or Anti Airplane Equipment, their former leaders are mostly gone (This has been, in addition to everything else, Regime Change!), and perhaps, most important of all, THE BLOCKADE, which we will not take off until there is a “DEAL,” is absolutely destroying Iran. They are losing $500 Million Dollars a day, an unsustainable number, even in the short run. The Anti-America Fake News Media is rooting for Iran to win, but it’s not going to happen, because I’m in charge! Just like these unpatriotic people used every ounce of their limited strength to fight me in the Election, they continue to do so with Iran. The result will be the same — It already is! President DONALD J. TRUMP
Looks like gains will come early but will be difficult to maintain amid swirling political and military drama.
At the Close, Monday, April 20, 2026:
Dow: 49,442.56, -4.84 (-0.01%)
NASDAQ: 24,404.39, -64.11 (-0.26%)
S&P 500: 7,109.14, -16.92 (-0.24%)
NYSE Composite: 23,178.35, -19.35 (-0.08%)
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