The S&P 500 Index is up 0.28%, the Dow Jones Industrial Average has risen 0.39%, and the Nasdaq 100 Index is up 0.49% as of today, following an 11% drop in oil prices. This decline in oil prices comes after President Trump stated that the Iran war is “pretty much” over, and plans for a coordinated G-7 oil stockpile release were discussed.
February existing home sales in the U.S. showed a surprising increase of 1.7% month-over-month to 4.09 million, exceeding forecasts of a decline to 3.88 million. Notably, despite the positive stock performance, the 10-year T-note yield climbed to 4.105%. In oil markets, WTI crude prices have retreated to approximately $84 per barrel after reaching a high of $119.48 earlier in the week amidst geopolitical tensions, including an attack on a major UAE refinery and ongoing military operations in Iran.
