Market

It’s been a see-saw session with multiple messages, but the greatest influence is FedChairman Jay Powell and comments about stepping up to the plate.  

Most sectors are higher with the lone disaster coming in Energy after another monster build in crude oil inventories; +6.8 billion in the most recent week brings total without strategic reserve to $483 billion.  The amount of oil sloshing around is now 6% above the five-year average for the first time this year.

West Texas Intermediate is now struggling to hold above $50 a barrel.  It wasn’t long ago it was heading toward $65.

Communication Services is  lower as Google (GOOGL) takes another hit,  as it files an appeal of the European Commission $1.7 billion fine related to its AdSense business.  This is the latest appeal for the tech/communication services giant.

• $5.0 billion against Android
• $2.7 billion against Google Shopping

There is a strong showing in Utilities and Real Estate, which underscore the angst of the market.

Meanwhile, the market is beginning to factor in no tariffs on Mexico; although,  there will be more information after Vice President Pence meets with Mexican delegates later today.