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“Sitting here in limbo, waiting for the dice to roll.”– Jimmy Cliff
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Andrew Jackson once said that he had always been afraid of banks, and the market echoed that sentiment for the last several weeks, but this morning, they’ve put those fears aside. A deal from First Citizens Bank to acquire the assets of SVB Financial coupled with the fact that there were no other major headlines of trouble over the weekend here or in Europe, specifically with Deutsche Bank, has futures firmly in positive territory to start the last trading week of the first quarter. The economic calendar is quiet today with the Dallas Fed Manufacturing survey being the only report scheduled for release (10:30 Eastern). In Europe, the major equity indices are all up by more than 1%. It’s a good start at least!
For the equity market, we’re kicking off the last week of the quarter in a bit of a limbo period as the S&P 500 closed out last week modestly above its 200-day moving average (DMA) after briefly breaking below it during the trading day Friday. That was a moral victory for bulls, but it came just a day after it failed to close above its 50-DMA on Thursday after briefly breaking through it to the upside.
Given the pre-opening strength in equities and lack of new stresses in the financial sector, treasuries are selling off this morning, especially at the short end of the curve as the two-year yield is up close to 20 basis points (bps) and inching towards 4%. Crude oil is back above $70 per barrel, and gold is down 1.5% after failing to hold the $2,000 level last week.
Within the S&P 500, it was a broad rally last week as nine of eleven sectors (even Financials!) finished the week in positive territory. The only losers were Real Estate and Utilities which were both down close to 2%. On the upside, it was an interesting mix as Communication Services and Technology led the way higher (so surprise), but right behind those two sectors, Materials and Energy both also rallied over 1%.
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