Hormuz Hopes Flicker, Then the Tape Shrugs

Right now the S&P500 is parked near flat around 7,750 and the Nasdaq's drifting a touch lower. Versus my last brief the S&P slipped a bit further while the Nasdaq barely moved, so the whole session still feels stuck without real direction. Buying picked up early on chatter that the US and Iran are close to a deal over the Hormuz Strait, but that enthusiasm faded and left the indexes mixed. The cheer that lifted the Kospi and Kosdaq at yesterday's Korean close hasn't carried over to New York today — instead gold's rallying, gold miners are catching a bid, and utilities and real estate are getting left behind. My positions are just sitting there regardless of today's chop — Microsoft, Nvidia and Freeport still green, Amazon still the lone red mark. Into the close, I'm watching whether that Hormuz deal actually lands, and whether anyone from the Fed drops a hint ahead of the inflation numbers.