March S&P 500 E-Mini futures (ESH26) are trending up +0.33% this morning, rebounding slightly from yesterday’s sharp losses as oil prices retreated, while investors await a flurry of U.S. economic data, with particular attention on the Fed’s favorite inflation gauge and the second estimate of fourth-quarter GDP.
There is little indication that the conflict in the Middle East is nearing de-escalation on its 14th day, with both President Trump and Iran’s new supreme leader escalating their rhetoric. Still, the price of WTI crude fell more than -2% after the U.S. temporarily lifted sanctions on Russian oil already at sea in an effort to expand available crude supply. The Trump administration is also reportedly preparing to waive a century-old maritime law that mandates the use of American vessels to transport goods between U.S. ports.
