US Stocks Rally on Cooling Labor Data

US equities led gains as cooling U.S. JOLTS labor data and mixed-to-positive corporate results supported risk appetite and reinforced downward pressure on Treasury yields. The S&P 500 (SPX) rose 2.91%, the Nasdaq (^IXIC) gained 3.83% and the Dow (DJIA) added 2.49%; European markets were modestly higher with the CAC (FRA40) +0.57%, the FTSE (UKX) +0.48% and the DAX (DAX) +0.52%, while Shanghai (000001.SS) was unchanged (0.0%).

Technology led sector gains with VGT (4.34%), while energy underperformed with XLE (-1.13%). Notable stock moves included APLS (+135.40%) and CNTA (+44.02%) among winners, and BTU (-7.65%), SOC (-7.40%) and MKC (-6.11%) among the largest decliners.

Euro area flash HICP rose to 2.5% in March driven by an energy-led spike, a move that could prompt reassessment of ECB timing and lift euro-area nominal yields. U.S. JOLTS showed openings little changed at 6.9 million while hires fell to 4.8 million, a datapoint the release flagged as indicative of cooling labor demand that may reinforce Treasury yield declines and support equities. RBA minutes revealed a 5–4 vote to raise the cash rate to 4.1%, highlighting uncertainty about the path forward and contributing to hawkish repricing in AUD and commodity exposures.

Royal Gold (RGLD) issued 2026 sales-volume guidance, a five-year production outlook and disclosed a $125 million revolver repayment, a package the release said should support equity sentiment and reduce credit risk premia. McCormick (MKC) posted Q1 sales and EPS above expectations and reaffirmed full-year guidance, leading to intraday volatility in the name. Earnings-driven moves also included Nvidia (NVDA) topping EPS estimates and beats from Home Depot (HD) and Walmart (WMT), which helped shape intraday risk flows. Several completed transactions were reported: Veralto completed the acquisition of GlobalVision and finalized $300 million of share repurchases, Closed Loop Partners' private equity group closed on Sutter Metals to advance U.S. metals and critical minerals supply, and Samsung Biologics completed the acquisition of GSK's Rockville manufacturing facility; Oak Hill Capital and Grain Management completed related transactions involving Hunter Communications. Announced deals included the Playlist–EGYM merger and The Neighborhood Beverage Company's acquisition of Punch'd Energy, along with announced strategic buys such as Lattice's acquisition of Mandala Technology.