Major indices are mostly moving lower as investors react to the latest wave of earnings, economic data, and Iran negotiations.

Energy (XLE) is in the lead and getting a boost from higher oil prices as Iran tensions continue and the UAE leaves OPEC. Defensive sectors are mostly in the green, with Consumer Staples (XLP) in second place. The sector is getting a boost from favorable earnings reported by Coca-Cola Company (KO). On the other hand, Technology (XLK) is lagging and being led lower by semiconductors and hardware names following this morning’s OpenAI article.

Economic Data

The Conference Board Consumer Confidence Index edged higher to 92.8 in April from 92.2 and above expectations of 89. The Expectations Index rose by 1.2 points to 72.2, partially offset by a 0.3 point dip to 123.8 in the Present Situation Index. Notably, energy price pressures from the Iran Conflict remained a factor this month.

The Richmond Fed Manufacturing Index rose 3 points to 3 in April, beating the forecasted reading of -5.

Notable Points:

• New orders rose to 8 from 4
• Shipments held at -2
• Local business conditions improved to 10 from -5
• Employment improved to 0 from -2
• Prices paid edged higher to 6.4 from 6.11
• Prices charged slowed to 4.73 from 4.85

The Dallas Fed Services Index edged higher to -9.9 in April from -13.3.

Notable Points:

• Revenue index increased 3 points to 4.3
• Outlook index rose 5 points to -5
• Input prices rose 7 points to 31.2
• Selling prices increased to 8.3 from 4.9