Major indices are continuing lower across the board as investors continue to react to the Iranian Conflict and the subsequent increase in fuel prices.

Energy (XLE) continues its move higher today as oil and natural gas prices rise. Meanwhile, Financials (XLF) are lagging, with banks and asset managers contributing to the decline following an announcement from BlackRock (BLK) limiting withdrawals from one of its flagship private credit funds for the first time.

There have been several oil tankers struck or shot at this past week, which is adding upward pressure to oil and natural gas prices. Although the capabilities to continue to strike ships is becoming quickly diminished and the amount of attacks appears to be falling in the last 2 days.

The Atlanta Fed GDPNow estimates for Q1 GDP growth fell to 2.1% from the prior 3.2%.

Markets are now pricing in a higher chance for a second rate cut this year after today’s jobs report. This is compared to last week where two cuts were fully priced in.