Major indices have moved off session lows and found some resistance near their unchanged level despite a surge in oil prices.

Magnificent Seven names are mostly moving lower, with Tesla (TSLA) lagging the group after posting Q1 deliveries below estimates.

The leading sectors are the more defensive sectors of Utilities (XLU), Consumer Staples (XLP), and Real Estate (XLRE). Meanwhile, Consumer Discretionary (XLY) is lagging with Tesla (TSLA) and home improvement names contributing to the sector moving lower.

Iran and Oman are reportedly drafting a framework to monitor and supervise traffic through the Strait of Hormuz.

In the last two days, we have gone from “nobody wants to help US reopen Hormuz” to this kind of headline.

In other news, Visa (V) released an interesting survey finding that 53% of businesses would let AI agents negotiate prices or terms directly with other AI on the company’s behalf. Additionally, it found that 77% of business leaders are already using AI or piloting AI use and 71% would optimize products to be tailored to AI agents.

Initial Jobless Claims for the week ending on March 28^th fell to 202K from 211K, missing expectations of a rise to 212K. Additionally, Continuing Jobless Claims for the week ending on March 21^st rose to 1.841M from 1.816M and slightly above forecasts of 1.84M

February trade deficit narrowed to -$57.3 billion pointing to a stronger first-quarter GDP and beat consensus of -$59.2 billion.

Investors look reluctant to take on risks ahead of the holiday.

As a reminder the market will be closed for Good Friday tomorrow. We hope everyone has a happy Easter and Passover.

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