Major indices are still in the red, but moving off of session lows. Many options are expiring and traders are unwinding positions to dodge assignment, as this is the first Triple Witching of the year. In addition, the market is reacting to results from FedEx (FDX), Nike (NKE), Lennar (LEN), and Micron (MU).

It’s a red of sea, however, there are two key stocks bucking the trend Tesla (TSLA) and Boeing (BA). Tesla (TSLA) is showing resilience following a live presentation given by Elon Musk, while Boeing (BA) is rallying after Trump selected them for the sixth-generation fighter aircraft, the F-47.

All sectors are in the red, Communication Services (XLC) is holding up the best, while Materials (XLB) is performing the worst.

The move lower in the Materials segment is driven primarily due to poor guidance issued by Nucor (NUE).

Trump signaled earlier today in the White House that he was open to some flexibility on tariffs, but reiterated that these will still aim to be reciprocal in nature and start on April 2nd. He also noted he’ll be speaking with Chinese President Xi Jinping soon about trade talks.

Have a great weekend!