NASDAQ Index, SP500, Dow Jones Forecasts – Stocks Pull Back As WTI Oil Climbs Above $90

President Donald Trump demanded unconditional surrender from Iran. White House press secretary Karoline Leavitt noted that U.S. expected to achieve goals in Iran with 4-6 weeks. In case the Stait of Hormuz remains closed for six weeks, the global economy will find itself under material pressure.

Today, traders also had a chance to take a look at the Non Farm Payrolls report for February. The report showed that U.S. economy lost -92,000 jobs, compared to analyst forecast of +59,000 jobs. The previous report was revised from 130,000 to 126,000.

Unemployment Rate increased from 4.3% in January to 4.4% in February, compared to analyst forecast of 4.3%. Disappointing job market reports put additional pressure on SP500 today.

Retail Sales decreased by -0.2% month-over-month in January, compared to analyst forecast of -0.3%. Business inventories grew by +0.1% month-over-month in December, in line with analyst estimates.

Not surprisingly, energy stocks were among the gainers in today’s trading session. However, traders were rather cautious as high oil prices may hurt the economy.

Financial and consumer cyclical stocks were among the biggest losers. Basic materials stocks have also moved lower despite the rally in precious metals markets.