Did we hit the peak? Oil is now trading roughly 10% lower than Monday’s highs. While it is still averaging just under $90 per barrel, the trend is moving in the right direction.

As oil prices move lower, interest rates tend to follow, since energy costs play a major role in inflation. Rates have not yet returned to the lows we saw at the end of February, but the momentum is improving.

In housing, existing home sales rose 1.7%, despite expectations for a 0.5% decline. The main driver continues to be interest rates. When rates begin to improve, buyers quickly notice and the urgency to purchase returns.

The job market, however, remains challenging. The latest ADP employment report showed job growth, but March is still averaging around 60,000 to 70,000 new jobs, which is considered a relatively soft number by historical standards.

Overall, we are beginning to see early signs of stabilization, but markets are still working through the recent volatility.

More Employment numbers to come this week. Stay tuned.

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