From Marc to Market:
Overview: Equities are mostly lower, while bonds have risen. The dollar is trading in narrow ranges and mixed against the G10 currencies and emerging markets. Most Asian bourses were lower. The Nikkei (though not the Topix) and Hong Kong were the chief exceptions. Europe's Stoxx 600 is off for the second consecutive day, in what looks like the first back-to-back loss since early this month. US equity futures are lower, with the NASDAQ, which eked out a small gain yesterday, is off more than 1% to lead the indices lower. European benchmark 10-year yields are mostly off 1-3 basis points. The 10-year US Treasury yield is down a couple of basis points to almost 3.56%. The US 2-year yield is off almost 4 bp to 4.20%.
The dollar is trading quietly, mostly within yesterday's ranges. Softer than expected New Zealand Q1 CPI has helped drag the Kiwi about 0.5% lower to lead the decliners today. The Swiss franc has edged up by around 0.2% and solidifies its top-ranking performance among the G10 currencies this year (~3.25%). Weak March export orders has kept the Taiwanese dollar under pressure, but most emerging market currencies are firmer. The JP Morgan Emerging Market Currency Index is trying to snap a four-day drop. Gold recovered yesterday from an intrasession low near $1970 and is now straddling the $2000 area. June WTI is extending its sell-off. It is off by around 1.9% today after dropping a little more than 2% yesterday. Today's low is about $77.50. The lower end of the gap created in the reaction to OPEC+ cuts at the start of the month extends to $73.90....
....MUCH MORE
Here's the gap he's looking at via FinViz:
Down $1.28 to $77.96 at the moment.
