Major indices continue to be under pressure as investors react to yesterday’s Fed meeting and the Iran Conflict enters a new phase. Notably, the S&P 500 and Nasdaq broke below their 200 day moving averages.

Energy (XLE) is once again the only sector making non-marginal gains, with natural gas prices contributing to the rise. Meanwhile, Materials (XLB) is the worst performing sector due to lower metal commodity prices as a result of less rate cut expectations.

In other news, the Trump Xi meeting has been postponed in order to focus on the Middle East.

Economic Data

New home sales in the US fell 17.6% to a seasonally adjusted annualized rate of 587K in January after falling 6.8% in December.

The Confrence Board Leading Economic Indicator fell 0.1% M/M in January, decelerating from a 0.2% decrease in the prior month. Consumer expectations and building permits weighed the most on the indicator, partially offset by financial components and weekly hours.