The market is showing resolve once again as it navigates a steady stream of geopolitical and energy-related headlines. Meanwhile, the VIX (fear index) plummeted over 10%.

The move higher was driven by reports that the International Energy Agency had called an emergency meeting with member nations to review supply conditions and discuss whether strategic reserves could be released to stabilize the market if necessary. Oil is moving lower in response to these headlines.

Microsoft (MSFT) is the only Magnificent Seven in red, which saw an insider sale reported today.

Nine sectors are higher this afternoon, with Technology (XLK) in the lead, followed closely by Communication Services (XLC). Technology is benefiting from continued dip buying in semiconductor names. On the other hand, Energy (XLE) is the laggard, as oil continues its pullback from yesterday’s highs, and being one of just two sectors that hold a week-to-date loss.

An interesting headline from today: Meta platforms (META) is acquiring Moltbook. Moltbook is essentially Facebook, but only for AI to talk to each other. The site was previously mired by security concerns, but with a new parent company these security holes will likely be patched up.

Economic Data

Existing Home Sales in February rose 1.7% M/M to an annualized rate of 4.09M, well ahead of the anticipated decline to 3.89M.

February NFIB Small Business Optimism declined to 98.8 from 99.3 in January, missing consensus of 99.6. Uncertainty continues to be the word of the day for small businesses with the Uncertainty Index near its highs.