The markets were prepared to take off yesterday when an errant posting on Secretary of Energy Chris Wright’s social media had to be pulled.

It wasn’t malicious, but it was a bad look, given the organized opposition to everything the administration attempts.

The good news is the market didn’t swoon, but there is no room for careless mishaps. The world is watching, and everyone is on edge. At some point very soon, ships will have to begin moving through the Strait of Hormuz. 

I suspect when that happens, it will break on President Trump’s social media first.

Market Tiptoes

Only the Communications Service (XLC) and Technology (XLK) finished in the green, but barely. Energy (XLE) took it on the chin, even though oil caught a bid on the communication snafu by Wright’s team. The action in oil stocks has been off from the start, suggesting a lack of belief that crude oil will remain elevated.

The market remains mired in the “fear” zone, and close to slipping into “extreme fear.”

Watching Military Updates

Today, the major concerns shift from missiles and drones to mines in the Strait.

Oracle (ORCL)

Oracle (ORCL) has been criticized, and its shares have been hammered over its financing deals and negative free cash flow to keep the dream alive.

Yesterday, the company crushed it on earnings and noted an unheard-of backlog of $553 billion.

The stock popped on the news, and could be the story of the session, as evidence continues to mount that all the spending on artificial intelligence (AI) is smart, and the payoff will live up to the hype.

Today’s Session

CPI out this morning came in line with consensus across the board, but there were whispers that the numbers would be higher.

CPI is drifting in the right direction.

The market was flat in pre-open trading when the numbers were released at 8:30, then began moving lower.  I’m a little surprised. Lots of rumblings out of the Strait of Hormuz were reportedly that a Thai ship was struck with a projectile.

Crude is higher, and that’s the main driver of investor sentiment and risk tolerance for now.

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