Crude oil reacts to Hormuz blockade and ECB holds steady.

Bob Iaccino of Path Trading Partners breaks down the morning's market action. Stock futures trade slightly lower following a mixed bag of manufacturing PMI data from Europe and the U.S. Crude oil edges higher amid ongoing geopolitical tensions and the blockade in the Strait of Hormuz, though prices remain relatively stable. Meanwhile, the ECB signals a patient approach to interest rates, with President Christine Lagarde and Bundesbank President Joachim Nagel pushing back on premature easing. Finally, a heavy slate of earnings reports and upcoming economic data, including U.S. consumer sentiment, rounds out the week.