Major indices are moving lower as the Michigan Consumer Sentiment came worse than expected (more below) and core-PCE index coming hotter-than-expected.

The Magnificent Seven is leading the market lower and contributing to Nasdaq’s underperformance. Amazon (AMZN) and Alphabet (GOOG/L) are the laggards of the pack.

Only two sectors are in green territory. Utilities (XLU) is in the green by a wide margin, while Health Care (XLV) is flat. Consumer Discretionary (XLY) is the laggard, followed by Technology (XLK) and Communication Services (XLC).

The Fear & Greed Index once again crossed into the Extreme Fear zone.

Consumer Sentiment in March plummeted to 57, its lowest level since November 2022, and missed initial read of 59. The report showed a particular worry from consumers about the labor market.

• Current Conditions up to 63.8 vs. 63.5 initial
• Expectations down to 52.6 vs. 54.2 initial
• 1-year inflation expectations: 5% vs. 4.9% initial
• 5-10 year inflation expectations: 4.1% vs. 3.9% initial

Have a great weekend.