Tuesday, April 21st, 2026

Peace talks are apparently back on for today between the U.S. and Iran, as they were a week ago in Islamabad, Pakistan. Hopes are high for a near-term deal that would open the Strait of Hormuz and eventually have Iran give up its uranium-enrichment program for building nuclear weapons.

It’s a big ask, I’m sure all would agree. But oil prices are now below $90 per barrel (/bbl) on WTI and $95/bbl on Brent crude. Pre-market futures also look healthy on this promise. The Dow is leading the major indexes at this hour: +286 points, +0.58%, the S&P 500 is +25 points, +0.36%, the Nasdaq +118 points, +0.44%, and the small-cap Russell 2000 +12 points, +0.45%.
 

Retail Sales Jump Month over Month

The March print on U.S. Retail Sales is out ahead of today’s open, +1.7% versus expectations for +1.5%, and 100 basis points (bps) up month over month from the upwardly revised +0.7%. This March number is the highest we’ve seen since January 2023. Ex-autos, this figure rises another 20 bps to +1.9%, +0.5% higher than anticipated and an upwardly revised +0.7% the prior month. Again, this is the highest read we’ve seen since January three years ago.

Gas stations for the month rose +15.5% in retail sales, which turbo-charged these month-over-month gains. Year over year, +4.0% is the new headline, +30 bps from the prior month. For some context, this is still below the average +4.74% from 1993-2026.
 

What to Expect After Today’s Open

Two economic reports await investors a half-hour after today’s opening bell. It’s expected that Business Inventories for February will have swung back to positive +0.3% versus -0.1% the previous month. Pending Home Sales for March are expected to land in positive territory for the second-straight month, though lower: +0.5% versus the prior print of +1.8%, which was the highest since November.
 

Earnings Results Ahead of the Bell: MMM, GE & More

St. Paul, MN-based 3M MMM posted mixed results in its Q1 earnings report released this morning. Earnings of $2.14 per share easily surpassed the Zacks consensus of $2.02. Revenues of $6.00 billion came in a smidge below the $6.02 billion analysts were expecting, but up from the $5.78 billion in the year-ago quarter. Shares are down -3% on the news, but the stock had gained +15.2% year to date.

GE Aerospace GE posted big positive surprises on both top and bottom lines in its Q1 report this morning. Earnings of $1.86 per share was well above the $1.61 consensus, for a +15.5% surprise, while revenues in the quarter of $11.61 billion outpaced expectations by +9.1%, and much higher than the $9 billion reported a year ago. But a 44x forward P/E and some margin pressures expected in its Commercial Engines business is helping move the stock down -3.7%. For more on GE’s earnings, click here.

UnitedHealth UNH came in strongly ahead of Q1 estimates this morning, with earnings of $7.23 per share up +11.9% from the Zacks consensus of $6.46 per share. Revenues of $111.72 billion outperformed estimates by +2.07%, and the health insurance major is up +7% in today’s pre-market trading, swinging to positive gains year to date. For more on UNH’s earnings, click here.

Homebuilder D.R. Horton DHI was mixed in its fiscal Q2 report this morning. Earnings of $2.24 per share bettered the $2.15 estimate, for a +4.2% positive surprise (though down from the $2.58 per share released in the year-ago quarter). Revenues of $7.56 billion wound up -1.33% from estimates. Shares are up nearly +7% at this hour, after the stock having gained +6% year to date. For more on DHI’s earnings, click here.

After today’s closing bell, we’ll see new quarterly results from Intuitive Surgical ISRG, United Airlines UAL and Capital One COF.

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Key Earnings Reports For Apr 21, 2026