GOOD MORNING! The price of oil to rise on Thursday on a heightening of geo-political tensions. An American buildup in the Middle East suggest there is a window for Iran must reach an agreement on nukes. President Trump suggested that he expects something get done in the next 10 to 15 days or else. Stocks started to taking a cue from the rise in oil prices and run on a private loan fund causing investors to lose risk appetite, pushing the indexes lower. As they went lower, Treasury yields trailed in behind them, but erased some of the gains as Fed Governor Miran, in a speech, started to shift his views toward less rate accommodation. The economic releases got a glance and very little of anything else. Applications for employment benefits in the latest weekly report fell, reinforcing the perception of stabilization in the labor market, and December’s trade widened.

     Ahead of a full slate of economic data and the possibility of a Supreme Court ruling on President Trump’s blanket tariffs the markets are little changed in early pre-cash trading. On tap is the first estimate of the 4th quarter GDP, December’s personal income, spending, savings and PCE Deflators, S&P Global Group’s preliminary Purchasing Managers Indices, December’s new home sales and the final February University of Michigan Consumer Sentiment. Reactions to the data and positioning for the weekend will be dominant today, so buckle up.