As we start the week Iran remains top of mind for markets with no shortage of headlines over the weekend. Oil futures turned lower in the early morning hours, helping equity futures off their lows. The S&P opened up 0.6% and reached a high of +1.4%, around where we are currently. Gains are broad as the equal-weight is also up 1% while small caps are slightly outperforming. Perhaps the beginning of March Madness is helping sentiment, as well as the World Baseball Classic creating some big time drama where there’s usually only inconsequential spring training tune-up games. President Trump is expected to speak shortly before noon today, which could add to that drama.

Yields are backing off a bit today, helping equities overall and Real Estate in particular is among the leaders today. Tech is the best sector currently with both semis and software higher. Nvidia’s GTC conference is a major focus for the sector today. There were also reports that Meta will be the most recent company to announce sweeping layoffs impacting up to 20% of its workforce. The company also announced a $27B infrastructure agreement with Nebius a week after Nvidia announced a partnership with the company, keeping the AI spending narrative alive and well. Financials are also higher, bouncing from recent weakness. Consumer Staples is lagging today, about flat so far. Materials (fertilizer names lower) and Utilities are only marginally higher.

The energy complex is modestly lower. Crude is off 1% (WTI -3%) while US nat gas is down 2% (TTF up 2%). Gold and silver are off their overnight lows but still slightly in the red. Gold approached its 50d ma (4,950) for the first time since the big drawdown at the start of February but never quite got there earlier today. Ag is lower with soy and corn lagging, likely on the possible delay of the Tump-Xi summit. Crypto outperformed last week and is extending to the upside today. Bitcoin is testing the early March highs ~$74k with the declining 50d ~$77.4k. Ethereum took out its respective high ~$2,200 and broke above its 50d ma trading up to 2,300 overnight. Alt coins are participating broadly.