Major indices have climbed off their morning lows despite the Iranian conflict uncertainty.

Most of the heatmap is in the red, but it is encouraging to see pockets of green in software, telecom, and oil and gas names.

All sectors are posting losses, with Materials (XLB) at the bottom of the list, as metal commodity prices are lower. Interestingly, even Energy (XLE) is in red despite oil and natural gas prices moving higher.

Iran Developments

President Trump has ordered Secretary Bessent to cut off all trade dealings with Spain, as a response to the country denying the U.S. permission to use jointly operated bases to attack Iran. 

Additionally, Trump is reportedly reviewing options to help control oil prices during the conflict. This includes a proposal to aid in oil tanker insurance.