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Wealth Daily 01 April 2022

WEALTH DAILY 2022-04-01
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 Shares on Wall Street fell on Thur, as traders wrapped up one of the worst quarters since the onset of the Covid-19 pandemic. Although US stocks have bounced back in recent weeks, the S&P 500 ended the 1Q down 4.95% and the Nasdaq Composite dropped 9.1%. 

On Thur, the Dow Jones Industrial Average lost 550.46 pts, or 1.56%, to close at 34,678.35. The broader S&P 500 index fell 1.57%. The tech-heavy Nasdaq Composite retreated 1.54%. The small-cap Russell 2000 dropped 1.00%.  Crude oil futures dropped following news that the US will release roughly a million barrels of oil a day from its reserves for six months beginning in May. The front-month Brent and WTI futures closed down $5.54 at US$107.91/bbl and $7.54 at US$100.28/bbl respectively.

The 2-year and 10-year Treasury yield was briefly inverted, meaning the yield of the 2-year note was higher than the 10-year note yield. An inverted yield curve can be a signal that a recession is on the horizon. The trading day ended with both the 10-year and the 2-year Treasury note having roughly the same yield. The yield on the 10-year Treasury note slipped 1.08 basis points (bps) to 2.3380%, while the yield on the 2-year rose 2.83 bps to 2.3345%. 

Chinese stocks listed in the US fell after SEC Chair Gary Gensler talked down prospects of an imminent deal to allow Chinese firms to keep trading on US exchanges. The Invesco Golden Dragon China ETF (PGJ US) fell 5.26%. 

The ICE dollar index (DXY), which measures the strength of the greenback against a basket of currencies, rose 0.53% to 98.312. 

The most actively traded US gold futures (Jun) contracts settled up $15.00, or 0.8%, at US$1,954.00/oz. May silver, which is the most actively traded silver futures, rose 2 cents, or 0.1%, to end at US$25.133/oz. 

Bitcoin (XBTUSD) fell 3.19% to US$45,767.58, down for a third straight day.  European equity markets finished lower on Thur.

The UK FTSE lost 0.83%, France's CAC 40 fell 1.21%, while the German DAX retreated 1.31%.

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