Wealth Daily 30 March 2022



WEALTH DAILY 2022-03-30
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 US equities rose for a fourth straight session on Tue. In the fixed income market, the 2- and 10-year Treasury yield curve is briefly inverted. An inverted yield curve has historically been a reliable indicator that a recession would come in the next year or two. However, Wall Street traders remained in an optimistic mood. Reported progress in peace negotiations between Russia and Ukraine appeared to help boost sentiment. 


The Dow Jones Industrial Average gained 338.30 pts, or 0.97%, to close at 35,294.19 on Tue. The S&P 500 index rose 1.23%. The tech-heavy Nasdaq Composite advanced 1.84%. The small-cap Russell 2000 gained 2.65%. 


Apple (AAPL US, +1.91%) rose for an 11th day on Tue.  The yield on the 10-year Treasury note slipped 6.42 basis points (bps) to 2.3944%.


The 2-year yield closed at 2.345%, just a hair lower than the 10-year.  Sanctions on Russia have combined to send the price of fertilizer up sharply since last Feb. Peace talks sent the shares of fertilizer giant Mosaic (MOS US, - 5.18%) lower. Mosaic’s shares are still up 64% ytd. 


The front-month Brent and WTI futures closed down $2.25 at US$110.23/bbl and $1.72 at US$104.24/bbl respectively.


The most actively traded US gold futures (Jun) contracts settled down $26.70, or 1.4%, at US$1,918.00/oz. May silver, which is the most actively traded silver futures, fell 46 cents, or 1.8%, to end at US$24.736/oz. 


The ICE dollar index (DXY), which measures the strength of the greenback against a basket of currencies, fell 0.69% to 98.404. 


European equity markets finished higher on Tue. The UK FTSE gained 0.86%, France's CAC 40 rose 3.08%, while the German DAX advanced 2.80%.