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Stocks in Worst Quarterly Loss in 2 Years, Nasdaq Plunges 9.4%

Mukesh Buch
31 Mar, 2022
New York City

U.S. indexes slid on the final day of the quarter led by 2.4% decline in tech heavy Nasdaq. Popular indexes delivered worst quarterly performance in two years with S&P falling 5% and Nasdaq dropping 9.4%. Bond market also delivered worst quarter after inflation worries gripped investors and 2-year and 10-year bond yields matched at 2.34%.

Jobless Claims Rise 14,000, Continuing Claims at 43-Year Low

Barry Adams
31 Mar, 2022
New York City

Weekly initial jobless claims increased 1to 202,000 for the week ended March 26, and increase of 14,000 from the previous week, according to the Labor Department. Continuing jobless claims reached a record high of 6.2 million in April 2020 and have now declined to 1.3 million, the lowest since December 27, 1969. Nonfarm payroll report on Friday is expected to show a smaller increase than in Feb.

Commodities Deliver Best Quarterly Gains in Three Decades

Boris Petrov
31 Mar, 2022
New York City

Commodities are set to deliver their best quarter in more than three decades after crude oil prices surged 43%, wheat soared 33%, aluminum jumped 26%, nickel soared 58% and gold gained 7%. Copper, zinc, and lead added between 5% and 6% in the quarter.

Sharp Fall in U.S. Consumer Spending Growth On Higher Rent and Oil

Brian Turner
31 Mar, 2022
New York City

Consumer spending growth slowed in February after the rising gasoline prices and surging rent forced consumers to cut other expenses. Spending rose 0.2% in February and January spending increase was revised higher to 2.7% from 2.1%. The personal consumption expenditure index increased 0.6% in February, an increase of 6.4% from a year ago, after rising at 0.5% in January.

Oil Drops on Reserve Release Expectations

Brian Turner
31 Mar, 2022
New York City

Volatile oil prices turned lower after reports suggested that the U.S. is preparing to release at least one million barrels of oil a day for the next six months to stem the rising prices. OPEC and its allies agreed to a small increase of output by 432,000 barrels a day and reminded that the prices are decided by markets in New York and London.

Market Pessimism Returns After Cease-fire Talk Falters

Mukesh Buch
30 Mar, 2022
New York City

Stock rally fizzled after 4 days of gains in the U.S. and Europe and crude oil prices rebounded $2 a barrel on both coasts of Atlantic. European Union is preparing to impose additional stringent sanctions on Russian individuals and corporations and emergency arrangements for natural gas supply interruptions. Bond market yields also signal more economic pain ahead.

Natural Gas Buyers Anticipate Another Upward Jolt

Brian Turner
30 Mar, 2022
New York City

High natural gas prices are likely to trend even higher as the U.S. regulators prepare to divert natural gas to Europe because additional supplies from Qatar are expected to lag till 2023. Russia is implementing ruble payment demand for imported natural gas. Germany, Holland, Greece, and Italy are making emergency arrangements in the event of supply interruptions.

Ruble Rebounds 25% After Russia Places Capital Controls

Mukesh Buch
30 Mar, 2022
New York City

Ruble extended gains for the second week after Russia required exporting companies to sell foreign currencies to the central bank, limited purchase of foreign exchange by individuals, and demanded payment for imported gas in ruble. The ruble rebounded from the low of 120 to a dollar reached three weeks ago to 83.50 today on Moscow Stock Exchange.

Movers: Micron, Lululemon, Chewy, RH

Barry Adams
30 Mar, 2022
New York City

Micron Technology was in focus after the memory-chip maker reported better than expected sales and earnings. Data center linked revenues surpassed smartphone chip demand. Lululemon missed revenues outlook but announced $1 billion of share buyback. Chewy plunged 15% after reporting larger than expected loss. RH edged lower after the high-end retailer reported lower than expected revenues.

Travel and Hospitality Led March Private Sector New Jobs

Brian Turner
30 Mar, 2022
New York City

Private sector added 455,000 jobs in March following revised 486,000 in February and totaling 1.45 million the first quarter, according to ADP monthly survey. Travel and hospitality added 161,000, education and health services added 72,000 and business services expanded by 61,000 net new jobs. Manufacturing added 54,000 jobs followed by construction adding 15,000.

Citigroup to Sell India Retail Operations for $1.6 Billion

Arthi Gupta
30 Mar, 2022
New York City

Citigroup agreed to sell its retail banking, wealth management unit, credit card business, and back office operations for $1.6 billion. The lender will continue its institutional business as a part of plan to exit from 13 countries announced previously. Axis Bank will acquire 3 million new customers, 21 branches, and 3,600 employees in a deal that is expected to close in a year.

3-Year High Mortgage Rate at 4.8%, Refinance Applications Plunge 60%

Brian Turner
30 Mar, 2022
New York City

Mortgage rates continue to climb and 30-year rate reached a 3-year high to 4.8% last week from 4.5% in the week ahead, according to Mortgage Bankers Association. Total mortgage application volume declined 6.8% in the week and refinance applications plunged 60% from a year ago.

U.S. Indexes Look Down, Oil Turns Higher, Bond Yields in Focus

Mukesh Buch
30 Mar, 2022
New York City

U.S. indexes lacked direction and crude oil rebounded 3% after Ukraine Russia talks stalled. Benchmark indexes The S&P 500 and Nasdaq Composite declined 0.3%. Investors also tracked tight spreads between 2- and 10-year U.S. bond yields.

Nasdaq Up 1.8%, Apple, Google, and Amazon Erase YTD Losses

Barry Adams
29 Mar, 2022
New York City

Broader market indexes gained more than 1% led by strong advances in large cap tech stocks. Apple gained for the 11th day in a row and nearly erased losses of the year. Google and Amazon also nearly touched a positive line for the first time in the year.

U.S. Indexes Climb as Bond Yields Tighten More

Barry Adams
29 Mar, 2022
New York City

U.S. indexes gained more than 1% and crude oil price declined 5% and traded below $100 a barrel after cease-fire talks between Russia and Ukraine advanced. Auto stocks led the gainers. U.S. bond yields remained elevated and 5- and 30-year yields were only a hair distance apart.

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