U.S. equities traded mixed as a surge in crude oil prices stoked stagflation fears, widening the gap between energy and defensive winners on one side and technology stocks. The price of WTI crude rose by 4.9% to $92.42 per barrel, and Brent crude gained 4.2%. The yield on the 10-year Treasury note rose to 4.39%, up approximately 4 basis points, reversing part of Monday's decline due to Iran's denial of talks. The Wall Street Journal reported that Saudi Arabia and the UAE are moving towards joining the conflict against Tehran, contradicting President Donald Trump's claims that the two countries had "very good and productive conversations" regarding a resolution of their hostilities. The S&P Global U.S.-eaked Manufacturing PMI climbed to 52.4 in March, raising expectations of further business activity.