Investors are showing remarkable resolve as indices erased earlier losses and moved into the green. Additionally, the Volatility Index (VIX) is reversing course.

The S&P 500 (SPX) is doing its second bounce off its 50-day moving average this month, the first one was last Friday.

Most of the Magnificent Seven and Technology (XLK) names are rebounding into the green today.

Six sectors are posting gains this afternoon, with Energy (XLE) continuing to lead the way. Oil prices are moving higher following a Ukrainian strike on a large Russian fuel terminal near Novorossiysk, as well as some other refineries deeper in Russia. Technology (XLK) is the runner up, many of the names in the sector are recovering from yesterday’s dip.

On the flip side, Financials (XLF) and Communication Services (XLC) are lagging. The more defensive sectors, Health Care (XLV), Materials (XLB), and Consumer Staples (XLP) are also moving lower as investors rotate into growth names.

Trade Deals Continue

US Trade Representative Greer indicated the deal with Switzerland will include a 15% tariff on Swiss goods, as well as a $200 billion investment agreement. It includes commitments to purchase more Boeing (BA) aircraft and to establish gold smelting operations in the USA.

Have a great weekend!