White House & Policy - March 17, 2026 (Morning)

 ## Policy Overview The administration has maintained a cautious stance overnight, with no new executive orders or major regulatory announcements. However, the geopolitical tensions in the Middle East, particularly the ongoing conflict involving Iran, have prompted the White House to signal heightened vigilance on energy security and supply chain resilience. The administration is expected to emphasize strategic energy reserves and diplomatic efforts to stabilize global oil markets in upcoming remarks. No new legislative developments have emerged overnight, but Congress is scheduled to hold hearings today on the economic impact of recent international conflicts and the Federal Reserve's monetary policy outlook. The president is also set to deliver remarks later in the day addressing national security concerns and the administration’s approach to balancing inflation control with economic growth. Market sentiment is cautiously optimistic heading into the open, supported by the Federal Reserve’s expected decision to hold interest rates steady, as well as the administration’s focus on mitigating supply disruptions. However, uncertainty remains due to the geopolitical risks and their potential to disrupt energy markets and global trade flows. ## Market Impact Pre-market futures indicate a positive reaction to the administration’s steady policy approach and the Fed’s anticipated pause on rate hikes. The S&P 500 futures are up, reflecting a 1.32% gain in the underlying index, while the Nasdaq 100 futures show a 1.37% increase. The Dow Jones and Russell 2000 futures also indicate gains of 1.20% and 1.10%, respectively. Sector ETFs are broadly higher, with technology leading gains at +1.78%, followed by financials (+1.33%) and industrials (+1.32%). Energy is up 0.97%, despite a decline in oil prices pre-market, which have dropped 1.79% to $117.74 per barrel. This divergence suggests that energy stocks are benefiting from the administration’s focus on energy security and potential strategic reserve releases, even as oil prices retreat from recent highs. The U.S. dollar is slightly weaker, with the UUP ETF down 0.72%, reflecting some easing of safe-haven demand. Long-term Treasury prices are higher, with the 20+ Year Treasury ETF (TLT) up 0.97%, indicating a modest flight to quality amid geopolitical uncertainty. Gold prices are flat, showing little immediate reaction. Cryptocurrency markets are softer, with Bitcoin down 1.52%, pressured by stalled U.S. crypto legislation and regulatory uncertainty. ## Winners & Losers ### Potential Winners **$UBER** – Gains following expanded robotaxi partnership with Nvidia, aligning with administration support for autonomous vehicle innovation and AI integration. **$NVDA** – Benefiting from strong AI chip demand and positive analyst outlooks, supported by government interest in AI technology development. **$AMZN** – Rising on AI and data center investment momentum, with potential policy tailwinds from infrastructure and technology initiatives. **$BLK** – BlackRock’s shares up amid increased asset management demand as investors seek stability during geopolitical tensions. **$CRM** – Salesforce benefits from positive capital allocation strategy and cloud growth, sectors favored by administration tech policies. **$BAC** – Financials rally on expectations of steady interest rates and regulatory clarity. ### Potential Losers **$CRWD** – CrowdStrike down 3.69%, possibly due to concerns over cybersecurity spending shifts amid changing government priorities. **$PARA** – Paramount Global shares down 4.94%, reflecting media sector pressure from regulatory scrutiny and geopolitical risk impacting advertising revenues. **$SBUX** – Starbucks down 1.23%, potentially affected by consumer spending caution amid inflation and geopolitical uncertainty. **$DFS** – Discover Financial Services down 1.19%, reflecting credit risk concerns amid economic uncertainty. **$KLC** – Kaltura down 5.13%, despite positive earnings, possibly due to sector rotation away from smaller tech names. ## Trade & Tariff Watch No new tariffs or trade restrictions were announced overnight. However, ongoing trade negotiations with China remain in focus, especially after the administration’s call for delayed summit meetings due to the Iran conflict. This delay introduces uncertainty in U.S.-China trade relations, potentially impacting technology and manufacturing sectors. Retaliatory measures from other countries have not been reported, but supply chain disruptions linked to Middle East tensions continue to be monitored closely. The administration’s emphasis on supply chain resilience may lead to future policy actions aimed at reducing dependency on vulnerable trade routes. ## Sector Exposure - **Energy:** The administration’s focus on energy security amid Middle East conflict supports energy stocks despite recent oil price volatility. Strategic reserve management and potential infrastructure investments are key drivers. - **Technology:** AI and autonomous vehicle partnerships highlighted by companies like Nvidia and Uber align with government priorities on innovation and digital infrastructure, boosting sector sentiment. - **Financials:** Steady interest rate expectations and regulatory clarity underpin gains in banking and asset management stocks. The administration’s approach to financial regulation remains balanced, supporting sector stability. - **Defense:** Although no new spending announcements were made, heightened geopolitical risks sustain demand for defense contractors, with modest gains in key names. - **Healthcare:** Limited policy news today, but ongoing legal challenges around vaccine policies and drug pricing remain a background risk. ## What to Watch Today - Federal Reserve’s policy decision expected to hold rates steady; updated economic outlook to be released. - Congressional hearings on economic impacts of Middle East conflict and Fed policy. - Presidential remarks on national security and energy policy scheduled later in the session. - Key earnings reports from Oracle (**$ORCL**) and Delta Air Lines (**$DAL**), both with potential policy sensitivity. - Monitoring oil price movements and supply chain updates amid ongoing Middle East tensions. - Watch for intraday volatility in AI-related stocks like **$NVDA**, **$UBER**, and **$AMZN** as policy and geopolitical news evolve.