Good morning. Yesterday the S&P opened higher and quickly headed to its best levels before trading in a narrow range for the rest of the day, in contrast to the strong rallies off worst levels we saw on Monday and Tuesday. The day ended with solid gains: S&P 500 +0.8%, equal-weight +0.4%, Russell 2000 +1.0%. Outperformance was seen in areas like retail/thematic/high beta that were under pressure Tuesday. Consumer Discretionary and Tech led higher overall, while Energy, Staples and Materials lagged. Economic data was strong from both the ISM Services and ADP employment report.

Equity futures were trading slightly lower earlier this morning, though the S&P was off its lows after climbing at the start of the European session. It looks like that move coincided with reports on the socials that Iran was willing to give up its uranium stockpile under unspecified conditions, though there’s been no further substantiation or US response since, and futures drifted lower again. We’re back around the overnight lows, currently looking to start the cash session down 0.5%. After selling off 20% the last two days, South Korea bounced like my kids at Fun Max in Wappinger Falls. The KOSPI jumped 10% and other Asian markets gained as well. Japan’s Nikkei was up ~2%.

Crude is trading higher again today. China has told its oil refiners to suspend exports of diesel and gasoline due to the Iranian conflict. Precious metals are flat to slightly lower while ag is modestly higher. Bitcoin and Ether are modestly lower after yesterday’s rally.