Major indices are moving off of session lows and showing signs of resilience, with the Dow Jones even edging into the green.

Up volume on the NYSE and NASDAQ also saw a big improvement from the open.

Seven sectors are moving higher, with Consumer Staples (XLP) leading the way, followed by Energy (XLE) which is getting a boost from a rise in oil prices. Technology (XLK) is the laggard driven by weakness in semiconductors.

Weakness in magnificent seven stocks is pulling the market lower, with the notable exception of Apple (AAPL).

Economic Data

The Dallas Manufacturing Index fell 8 points to -16.3 in March. The drop was mainly driven by a 7 point jump in outlook uncertainty to 36.2, the highest level since fall of 2022; however, this was partially offset by the production index jumping 15 points to 6.

The Chicago PMI rose to 47.6 in March from 45.5 in February and above expectations of 45.2. This was largely due to a rise in production.

We could see a bounce at the close but all eyes are still on “Liberation Day,” which could create a distraction for buyers.