Major indices are mixed with the first rally attempt fading. The Russell 2000 and S&P Mid Cap 400 have also shaken off their early losses and now outperform the major averages.

The magnificent seven are still mostly moving lower and software names are under further pressure today. Yet, there is a lot of green on the heatmap.

Seven sectors are moving higher today, with Energy (XLE) out in the front as energy commodity prices retake some of their losses from yesterday’s large dip. Materials (XLB) are the runner up, with the sector benefiting from strength in chemical producers as well as commodity metals continuing to recover.

On the other end of the list, Communication Services (XLC) is lagging, with its magnificent seven components contributing to the decline.

This morning, the Pakistani Prime Minister indicated that he fully supports Trumps’ plan to pursue dialogue and peace with Iran by using Pakistan as a host for talks.

Additionally, Iran is now charging a $2M fee to transit Hormuz, with some ships already paying the toll to navigate the passage safely.

In other news, Claude unveiled improvements to Claude Desktop that allow the Anthropic suite to be a direct competitor to OpenClaw’s capabilities, including using your computer similar to how a human could.

Economic Data

The S&P Composite PMI edged down to 51.4 in March from 51.9 in February. The manufacturing component rose to 52.4 from 51.6, above expectations of 51.3. While on the other side, the services component fell to 51.1 from 51.7, below the anticipated 51.5.

Meanwhile, the Richmond Manufacturing Index rose 10 points to 0 in March beating estimates of -5.

Notable Changes:

• Shipments eased to -2 from -13
• New order volumes rebounded to 4 from -9
• Pace of staff reduction fell to -2 from -7
• Prices paid decelerated to 6.11 from 6.52
• Future shipments moved to 26 from 29
• New orders growth eased to 30 from 35

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