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Wealth Daily 10 April 2022

WEALTH DAILY 2022-05-10
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 US equities tumbled to a 13-month low on Mon. The Dow Jones Industrial Average lost 653.67 pts or 1.99% lower to close at 32,245.70. The broader S&P 500 index fell 3.2%. The tech-heavy Nasdaq Composite retreated 4.29%. The small-cap Russell 2000 dropped 4.21%. All sectors except for consumer staples fell on Mon. 

Investors appeared to be more worried about an economic slowdown than higher interest rates and inflation. Treasury yields fell and commodity prices dropped. 

Oil fell the most since Mar. The front-month Brent and WTI futures closed down $6.45 at US$105.94/bbl and $6.68 at US$103.09/bbl respectively. Aramco dropped the price of Arab Light grade for Asia by almost $5 a barrel. 

The most actively traded US gold futures (Jun) contracts settled down $24.20, or 1.3%, at US$1,858.60/oz. July silver, which is the most actively traded silver futures, fell 54.7 cents, or 2.4%, to end at US$21.820/oz. 

The shares of fertilizer company Mosaic (MOS US, -12.79%), which has been a bellwether for rising agricultural prices, fell sharply. 

The yield on the 10-year Treasury note reached 3.20% before slipping back 9.27 basis points (bps) to 3.0338%, while the yield on the 2-year Treasuries fell 13.7 bps to 2.5938%. 

The ICE dollar index (DXY), which measures the strength of the greenback against a basket of currencies, was little changed at 103.651. 

Bitcoin (XBTUSD, -9.54%) dropped below $31,000 for the first time since Jul 2021, putting its drop from Nov’s high at more than 50%. 

European equity markets finished lower on Mon. The UK FTSE lost 2.32%, France's CAC 40 fell 2.75%, while the German DAX retreated 2.15%.