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Wealth Daily 29 March 2022

WEALTH DAILY 2022-03-29
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 It was another day of gains on Wall Street on Mon, while crude oil prices slumped on worries over the potential impact on demand of lockdowns in China. 

The Dow Jones Industrial Average gained 94.65 pts, or 0.27%, to close at 34,955.89. The S&P 500 index rose 0.71%. The tech-heavy Nasdaq Composite advanced 1.31%. The small cap Russell 2000 closed nearly flat. 

Tesla (TSLA US, +8.03%) shares jumped after it said that it plans to seek shareholder approval that would enable another stock split. Amazon (AMZN US, +2.56%) became the first mega cap tech stock to erase losses for the year. Currently, it posted a ytd return of 1.3%. 

The front-month Brent and WTI futures closed down $8.17 at US$112.48/bbl and $7.94 at US$105.96/bbl respectively. 

The yield on the 10-year Treasury note slipped 1.46 basis points (bps) to 2.4585%. The 5-year Treasury yield (2.5564%) and 30-year Treasury yield (2.5399%) inverted on Mon for the first time since 2006. 

Aussie 3-year yields jumped to the highest since 2014. 

The Bank of Japan intervened to cap the rise in Japanese yields on Mon, but the 10-year still rose to 0.247%, the top of its allowed range under the yield curve control. The Japanese yen is trading around 123.73 per US dollar as it continued to weaken, hovering near a six-year low. 

The most actively traded US gold futures (Apr) contracts settled down $14.40, or 0.7%, at US$1,939.80/oz. May silver, which is the most actively traded silver futures, fell 41.9 cents, or 1.6%, to end at US$25.196/oz. Bitcoin is trading this around US$47,500 this morning.

That’s about 6% higher than Fri.  The ICE dollar index (DXY), which measures the strength of the greenback against a basket of currencies, rose 0.31% to 99.091. 

The Cboe volatility index (VIX) closed below 20 for the first time since Jan 14. 

European equity markets finished mixed on Mon. The UK FTSE lost 0.14%, France's CAC 40 rose 0.54%, while the German DAX advanced 0.78%.