Major indices opened strong, but a reversal in oil has since weighed on the broader market and major indices are now near session lows.

Notably, neo-cloud and Bitcoin mining stocks are continuing to get a boost. Earlier this week there was an announcement that Nvidia (NVDA) will invest $2B in Nebius (NBIS). Additionally, Bitcoin prices are moving higher giving a further boost.

The Utilities (XLU) sector is out in front, with nearly every S&P component in the sector moving higher. Meanwhile, Communication Services (XLC) is lagging with Meta Platforms (META) leading the sector lower following a delay of their new Avocado AI model.

Strait Talk

India has reportedly negotiated with Iran to allow its tankers to continue to transit the Strait of Hormuz.

There are also reports that Italy and France are in talks to try and secure passage.

Economic Data

The Preliminary University of Michigan Consumer Sentiment Index for March fell to 55.5 from 56.6 in February and was slightly above forecasts of 55.

Notable Points:

• Consumer expectations fell to 54.1 from 56.6
• Current conditions increased to 57.8 from 56.6
• Year ahead inflation expectations were flat at 3.4%
• 5-year inflation expectations edged lower to 3.2% from 3.3%

Q4 Real GDP growth was revised lower to an annualized rate of 0.7% from 1.4%. The report showed downward revisions to exports, consumer spending, government spending, and investment.

The Atlanta GDPNow forecast for Q1’26 has moved up to 2.7%, from 2.1% on March 6th, and held steady.

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