Oil Longs Shaken by Pullback

Market Overview - U.S. equity index futures showed slight increases after a volatile session, with the S&P 500 down 0.2% to 6,781, Nasdaq 100 unchanged at 24,956, Dow 30 down 0.1% to 47,706, and Russell 2000 down 0.2% to 2,548, indicating fragile market sentiment amid geopolitical tensions and oil price fluctuations [1][1][1] - Treasury yields mostly increased, with market expectations indicating a hold from the Fed next week, and a potential rate cut in July and December being nearly evenly split [1][1][1] Stocks - Rivian Automotive shares rose 4.2% following an upgrade to buy from hold ahead of its R2 SUV launch [1] - Oracle reported better-than-expected earnings and revenue, leading to an 8.7% increase in shares during extended trading [1] - Hims & Hers Health shares increased by 5.9% after receiving an upgrade from Bank of America [1] - BioNTech shares fell 17.9% due to a Q4 net loss and news of co-founders leaving to start a new company [1] Commodities - Gold prices rose above $5.2K as tensions in the Middle East persisted, with safe-haven demand increasing amid a weaker dollar [1] - Oil price volatility remained above pre-conflict levels, with WTI prices fluctuating below $80, influenced by ongoing disruptions in the Strait of Hormuz [1] - The IEA proposed a significant release of oil reserves, exceeding the previous record of 182 million barrels in 2022 [1] - API's weekly energy inventory showed draws for oil (-1.7 million barrels), gasoline (-1.8 million), and distillate (-2.3 million) [1] Economic Data - The U.S. NFIB small business optimism index for February declined to 98.8, missing the forecast of 99.7 [1] - Existing home sales in February increased to 4.09 million, up from 4.02 million [1] - Japanese producer prices contracted by 0.1% month-over-month, with a year-over-year decline to 2% [1] Upcoming Events - U.S. CPI data is expected to be released, with headline CPI year-over-year anticipated to hold at 2.4% and core CPI at 2.5% [1]