Closing Bell: Markets Pull Back as Ceasefire Deadline Spurs Risk Off Trade

Key Points

• The S&P 500 fell 0.63%, the Nasdaq‑100 declined 0.42%, and the Russell 2000 underperformed with a 1.00% drop.
• Apple named hardware chief John Ternus as its next CEO, with Tim Cook set to become executive chairman in September 2026, ending Cook’s nearly 15-year tenure.
• Amazon expanded its partnership with Anthropic, committing the AI firm to over $100B in AWS spend over the next decade and lifting Amazon’s potential investment to as much as $33B.

The S&P 500 fell 0.63%, the Nasdaq‑100 slipped 0.42%, and the Russell 2000 underperformed with a 1.00% decline. Energy was the lone sector to finish higher on the day, while Real Estate, Utilities, and Industrials were the biggest laggards.

Apple Names John Ternus CEO, Tim Cook to Become Executive Chairman

Apple announced a leadership transition that will see Tim Cook move to executive chairman and longtime hardware chief John Ternus assume the CEO role, effective September 1, 2026. Cook will remain CEO through the summer to oversee the handoff, then shift his focus to select initiatives, including engagement with global policymakers. Ternus, currently Apple’s senior vice president of Hardware Engineering, will also join the board, marking a notable shift toward hardware-centric leadership while maintaining continuity on geopolitical and regulatory issues, and bringing an end to Cook’s nearly 15-year tenure as CEO.

Amazon Deepens Anthropic Partnership With $100B AWS Spend Commitment

Amazon deepened its partnership with Anthropic through a sweeping long-term agreement that commits the AI startup to spending more than $100B over the next decade on AWS, alongside a major expansion of Amazon’s equity investment. Amazon is investing $5B upfront, with up to $20B more tied to milestones, bringing total potential investment in Anthropic to as much as $33B. The AWS spending will support multiple generations of Trainium AI chips, tens of millions of Graviton CPU cores, and up to 5 gigawatts of power capacity for training and inference—roughly equivalent to powering 4 million or more U.S. households.

Economic Data

10:30 AM ET: Crude Oil Inventories

Earnings Calendar

· Before Market Open: T, BA, BSX, CME, ELV, GEV, MAS, MCO, OTIS, PM, RCI, TDY, TNL, VRT, WAB

· After Market Close: CACI, CHDN, CCI, CSX, HXL, IBM, KALU, KMI, KNX, LRCX, LVS, MTH, MOH, PKG, PTEN, QS, RJF, RS, ROL, NOW, LUV, TSLA, TXN, URI, WCN, WEX

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