FED: US TSY 9Y-10M AUCTION: NON-COMP BIDS $78 MLN FROM $39.000 BLN TOTAL

Trump via Truth Social: Donald J. Trump
@realDonaldTrump
Many important meetings and phone calls taking place today while I am at Trump National Doral, in Miami. Additionally, I will be going to Speaker Mike Johnson’s (who is doing a fantastic job!) fundraising event, at 4 P.M., and then, prior to leaving for D.C., I will hold a News Conference from a Doral Ballroom at approximately 5:30 P.M. Thank you for your attention to this matter! President DONALD J. TRUMP"

• US Data/Speaker Calendar (prior, estimate). All times ET
• 03/10 0600 NFIB Small Business Optimism (99.3, 99.6)
• 03/10 0815 ADP weekly NER Pulse (12.75k prior)
• 03/10 0855 Redbook Retail Sales Index
• 03/10 1000 Existing Home Sales (9.91M, 3.88M), MoM (-8.4%, -0.8%)
• 03/10 1130 US Tsy $90B 6W bill auction
• 03/10 1300 US Tsy $58B 3Y Note auction (91282CQE4)
• Source: Bloomberg Finance L.P. / MNI

• Stocks are paring losses at midday, after falling to late November levels early Monday as the escalating war in Iran spurred surging crude prices: WTI nearly trading $120/bbl overnight.
• The deeper energy shock sapped risk sentiment as Saudi Arabia announced production cuts (along with UAE, Kuwait and Bahrain) as the Straight of Hormuz remains closed, preventing exports to mostly Asian countries.
• Energy sector shares continued to benefit from the surge in crude: Diamondback Energy Inc, Devon Energy Corp, Coterra Energy Inc and Occidental Petroleum Corp all climbing over 2% by midday.
• Meanwhile, IT sector shares were buoyed by semiconductor makers, Sandisk outperforming peers gaining 8% while Ciena Corp, Teradyne Inc, Western Digital Corp, Broadcom Inc and KLA Corp gained 3-5% in the first half.
• Conversely, Financials led declines in the first half with Banks and Insurance companies underperforming amid rising credit risk exposure: MetLife, KeyCorp, Wells Fargo, Moody's Corp, Capital One Financial and Fifth Third Bancorp all trade -3-3.75%.