WTI Crude, Gold, HSI, Dow, S&P 500 and Nasdaq
The three major averages retreated on Tuesday, snapping four-day winning streaks for the Dow and S&P 500. Equities rose during the first quarter but remain well below their all-time highs.
U.S. Treasury yields fell on Wednesday, but the potential for further rate hikes from central banks is contributing to market volatility. New Zealand’s central bank overnight hiked rates by 50 basis points, noting that inflation was “too high and persistent.” Meanwhile, Cleveland Fed President Loretta Mester said Tuesday night that she thought the U.S. central bank still needs to raise rates further.
E-Mini Nasdaq
The Nasdaq Composite fell on Wednesday for a third-straight losing session as investors shifted away from growth stocks amid signs that the U.S. economy is weakening.
Wednesday’s moves came as traders mulled over the latest ADP private payrolls report, which showed slowing job growth in March. That followed Tuesday’s job openings report that suggested the Federal Reserve’s efforts to cool the labor market might finally be having an effect. In February, the number of available positions fell below 10 million for the first time in nearly two years.
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