Welcome to Markets Desk, your midday read on what's moving markets and the broader economy.
The services sector held its ground in April despite headwinds from the Iran conflict, according to a fresh survey out this morning. Businesses continued expanding at a reasonably solid pace, though caution is clearly creeping in. That's a nuanced signal for the Fed — not enough weakness to force a pivot, but enough softness to keep the door open.
Shifting to equities, Sandisk is drawing serious attention after posting surging revenue and meaningful gross margin expansion. The NAND memory market appears to be in the early innings of a supercycle, and new contract structures are giving the company more pricing visibility. Whether that momentum justifies a buy is the question traders are wrestling with today.
And in regulatory news, FDA Commissioner Marty Makary sat down with CNBC's David Faber to defend the agency's recent drug approval record after a notable wave of public and industry backlash. Makary pushed back firmly, arguing the decisions were grounded in science. With pharmaceutical stocks sensitive to any shift in approval posture, the market will be watching how this pressure evolves.
That's the tape. Markets Desk, signing off the floor.
