Tuesday is a heavy risk-off day on the U.S. stock market, with losses recorded by all major indices and sectors, as tensions in the regional banking industry remain high ahead of a crucial Federal Open Market Committee meeting.
Cues From Tuesday's Trading:
Both the S&P 500 and the Dow Jones Industrial Average dropped 1.4% as of midday, while the tech-heavy Nasdaq 100 eased 1%. Small caps were the underperformer, with the Russell 2000 dropping 2.6%.
Analyst Color:
Allaying concerns about the market rally fueled by a few stocks, Carson Group’s Ryan Detrick said this happens every year. “Year best performers will always count for most of the gains,” he said.
Highlighting the strength of the current rally, the analyst noted that the Dow advancers/decliners ratio line is at new highs and the S&P 500 Index is close to breaking out.
“This is actually wide participation and always remember that breadth leads price,” Detrick said. “Good chance new highs are coming with A/D lines making new highs.”
Latest Economic Data:
The number of job openings fell by 384,000 in March 2023 to 9.6 million, the lowest level since April 2021 and less than the market's forecast of 9.775 million, signaling that the labor market is cooling.
In March 2023, new orders for manufactured goods grew by 0.9 percent compared to the previous month, reversing a two-month decrease, but lower than the expected 1.1% gain.
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Stocks In Focus:
Energy stocks tumbled as oil prices dropped 5%, with energy giants Exxon Mobil Corp. (NYSE:XOM) and Chevron Corp. (NYSE:CVX) both falling 4.5%.
Commodities, Bonds, Other Global Equity Markets:
Crude oil plummeted 5%, with a barrel of WTI-grade crude dropping to $71.88. The United States Oil Fund ETF (NYSE:USO) was 4.7% lower to $63.43 per share.
Treasury yields fell markedly, with the 10-year yield down by 13 basis points to 3.44% and the two-year yield down 18 basis points to 3.96%. The iShares 20+ Year Treasury Bond ETF (NYSE:TLT) was 2.1% higher on the day.
European equity indices were negative across the board. The iShares MSCI Eurozone ETF (NYSE:EZU) fell 1.4%.
Staff writer Piero Cingari updated this report midday Tuesday.
Read Next: Financial Whirlwind: 5 Stocks Feeling The Jitters Ahead Of Expected Fed Interest Rate Hike
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