Morning econ data dump just hit and futures are taking it on the chin. Dow down 0.6%, S&P 500 off 0.3%, Nasdaq down 0.35% — nothing dramatic but the momentum from yesterday's bounce is fading. Looks like people are pricing back in some of that Iran uncertainty we thought was done with.

Jobless claims held up pretty decently though — initial claims came in at 213K, actually a touch better than expected. Continuing claims jumped to 1.87M, highest since early January, but honestly still in reasonable territory for the labor market. The interesting part is productivity came in hot at +2.8%, beating by a full percentage point. Some people are talking AI efficiency, but then unit labor costs also printed at +2.8% — higher than expected — so employers are still paying more to get that output. Mixed signals on whether this productivity surge is sustainable.

Import prices came in softer than expected, which is decent for the econ. Exports are running stronger too at +0.6%. Meanwhile oil is up another 2% this morning, WTI sitting around $78/barrel now. That Strait of Hormuz situation is still the wildcard — if that gets disrupted, you're looking at a real problem for energy prices and everything downstream.

So we've got solid econ fundamentals in the labor market and trade side, but geopolitical risk is keeping people cautious. Worth keeping an eye on how this plays out over the next few days.