Major indices gave back morning gains and are now sitting near session lows. Investors continue to watch the Iranian peace negotiations ahead of the ceasefire deadline, tomorrow evening.

Only two sectors are in the green today, with Energy (XLE) leading the pack while oil continues to move higher on Middle Eastern tensions.

Meanwhile, Real Estate (XLRE) is lagging, as the Ten Year Treasury Yield (TNX) rises 4.3 basis points. Kevin Warsh is testifying at his confirmation hearing, and indicated that the Fed needs to be fundamentally reformed. Warsh also indicated that Trump never asked him to pre-commit to any rate decisions.

Economic Data

Retail sales rose by 1.7% M/M in March, above the 0.7% increase in February and forecasts of a 1.4% gain.

The move was driven by a 15.5% surge in gasoline station receipts, as the Iran Conflict moved prices higher over March. However, broader consumer spending still saw growth bolstered by tax refunds, with most components expanding.

Meanwhile, pending home sales rose 1.5% M/M in March from a 2.5% gain in February and above expectations of a 0.1% increase.