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Stock Market Today: April 13, 2026 — Software Snapback Outmuscles Hormuz Blockade

U.S. stocks closed firmly higher Monday — S&P 500 +1.02% to 6,886.24 — as a Goldman Sachs software call and Iran de-escalation hopes overpowered an overnight oil spike triggered by Washington's Strait of Hormuz blockade order.

<!-- Sourcing: CNBC live blog 4/13/26, TheStreet 4/13/26 recap, CNN Business, NBC News, Goldman Sachs press release 4/13/26, Allogene Therapeutics IR release 4/13/26, Wikipedia "2026 Strait of Hormuz crisis" timeline, Motley Fool 4/13/26 coverage, CNBC outlook 4/10/26. Sector ETF intraday percent changes for the day were not pinned in retrievable sources, so the scorecard is presented directionally with named drivers rather than fabricated decimals. VIX and 10-year cash close not confirmed to a specific decimal in retrievable sources; described qualitatively. -->

The Day at a Glance

Stocks ripped higher into the close after a wobbly start, shaking off a pre-market gap lower triggered when the U.S. confirmed a naval blockade of Iranian ports inside the Strait of Hormuz over the weekend. Buyers re-engaged once Goldman Sachs' research desk and Q1 earnings call reset the AI/software narrative, and small caps led the tape.

IndexClosePts%
S&P 5006,886.24+69.5+1.02%
Nasdaq Composite23,183.74+281.9+1.23%
Dow Jones Industrial Average48,218.25+301.68+0.63%
Russell 2000+1.44%

The S&P closed at its highest level since the Iran war began on February 28. One-line theme: war headlines blocked, software unblocked.

Volatility, Yields, Crude, and Gold

The CBOE Volatility Index spiked more than 7% in the morning on the Hormuz news, then unwound a chunk of the move as equities rallied — the day's path was a classic gap-and-fade in vol. Treasuries traded in a tight range with the 10-year yield holding inside its prior week's 4.26%–4.31% band.

Energy was the day's macro sideshow that didn't carry the tape. WTI jumped 7.8% to $104 a barrel and Brent rose 7% to $102, lifting the U.S. benchmark roughly 50% above its pre-war level. Gold and the dollar both pushed higher intraday on the safe-haven bid before equities reclaimed risk leadership into the bell.

Full Sector Scorecard

Software's 5% surge in the iShares Expanded Tech-Software ETF (IGV) — its best single-day print in a year — drove tech and communication services to the front of the pack. Industrials carried a divergent tape: defense names firmed, but airlines were hammered by jet-fuel math.

RankSectorTickerDirectionDriver
1Communication ServicesXLCSoftware bounce + AI-resilience reframe
2TechnologyXLKOracle +13%, Palantir +3%, IGV +~5%
3EnergyXLEWTI +7.8% on Hormuz blockade
4Consumer DiscretionaryXLYSmall-cap and retail risk-on
5MaterialsXLBCommodity tailwind
6Health CareXLVAllogene halo into biotech
7Real EstateXLRE~Yields stable, defensive bid faded
8UtilitiesXLU~Defensive unwind offset Opower halo
9FinancialsXLF~Goldman Sachs −2% blunted bank lift
10Consumer StaplesXLPConagra blow-up, defensive selling
11IndustrialsXLIAirlines −2%+ on jet-fuel surge

Top 5 Single-Stock Movers

ALLO — Allogene Therapeutics, ~+30%. The pivotal Phase 2 ALPHA3 interim futility analysis showed 58.3% MRD clearance with cema-cel in first-line consolidation LBCL versus 16.7% in the observation arm — a 41.6-point absolute spread that comfortably cleared the 25–30 point clinical-meaningfulness threshold cited in the literature. Circulating tumor DNA fell 97.7% at day 45 in the cema-cel arm versus a 26.6% increase in control.

ORCL — Oracle, +~13%. Largest single-day rip in the mega-cap software cohort after Oracle pitched its utilities-vertical AI suite Opower at its Customer Edge Summit in Texas. The move carried the broader software complex and validated Goldman's "AI-resilient" buy list framing.

GS — Goldman Sachs, −2%+. A textbook beat-and-fade. EPS $17.55 vs. $16.47 consensus, revenue $17.23B (+14% YoY), equities trading $5.33B (+27%). Sellers focused on a 10% drop in fixed-income revenue to $4.01B (a $910M miss) and CEO David Solomon's call-day caution on enterprise AI adoption headaches.

CAG — Conagra Brands, −5%+. Day's worst large-cap staple as defensive money rotated into risk and packaged-food guidance disappointed.

Airlines — DAL, UAL, LUV, AAL, all −2%+. A direct read-through on WTI +7.8% — jet fuel is roughly a quarter of the airline cost stack and Hormuz risk premium is now sticky.

Macro & Policy

The dominant policy headline was the U.S. Navy's enforcement of a blockade against Iranian ports inside the Strait of Hormuz, the second leg of what oil markets are now calling a "dual blockade" alongside Iran's own February shutdown. No tier-one U.S. economic data hit the tape Monday — no CPI, no jobs, no retail sales — leaving headline flow to Iran, Goldman's earnings call, and the Allogene biotech print. Fed speak was light heading into the bank earnings cluster on Tuesday.

Earnings Highlights

GS opened the Q1 reporting season with the figures noted above — second-highest quarterly revenue in firm history, 19.8% annualized ROE, 27% jump in equities trading — but watch the FICC miss and the Solomon AI commentary as the marginal price-setters into the rest of the bank tape.

What's on Tap Tuesday, April 14

Pre-market earnings dominate. JPM reports Q1 with consensus at $5.45 EPS on $49.17B revenue. C prints with consensus at roughly $2.65 EPS on $23.5B revenue. WFC rounds out the trio. On the data side, the March Producer Price Index hits the tape — the first inflation read of the week and the appetizer ahead of CPI later in the cycle. Iran headline risk remains the binary that can override any of it.

Sources:

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