It’s a seesaw session for major indices with The Russell 2000 lagging the most, while the Nasdaq leads. Tariff news and economic data are contributing to today’s market action.

Notably the magnificent seven are leading the way and still in the green. Tesla (TSLA) is leading the group higher.

Five sectors are moving higher, with Consumer Staples (XLP) leading the way, followed by Consumer Discretionary (XLY). Technology (XLK) and Energy (XLE) are the laggards of the day.

Economic Data

Q4 GDP was revised slightly higher to 2.4% from 2.3%, yet still declined from Q3 at 3.1%.

Pending home sales in February increased 2% m/m, breaking the prior two months of contraction. The South saw the strongest move as sales grew 6.2% m/m.

Kansas City Manufacturing index rose to -2 from -5 last month, and in-line with consensus. The index is at its highest level since May 2024. Internals were weak with new orders down to -12 from -7 prior and prices paid up to +42 from +38 in February.