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Market Snapshot

https://www.briefing.com/stock-market-update

Dow 34308.08 -413.04 (-1.19%)
Nasdaq 13411.94 -299.04 (-2.18%)
SP 500 4412.53 -75.75 (-1.69%)
10-yr Note -4/32 2.752
NYSE Adv 952 Dec 2237 Vol 926.7 mln
Nasdaq Adv 1517 Dec 2948 Vol 4.8 bln

Industry Watch
Strong: Industrials
Weak: Information Technology, Energy, Health Care, Consumer Discretionary

Moving the Market

-- 10-yr yield jumps another seven basis points to 2.78%

-- Growth stocks paced the retreat along with energy stocks

-- S&P 500 closes below 50-day moving average (4427) amid late-day selling

Stocks fall as rates continue to rise
11-Apr-22 16:15 ET
Dow -413.04 at 34308.08, Nasdaq -299.04 at 13411.94, S&P -75.75 at 4412.53

[BRIEFING.COM] The S&P 500 fell 1.7% on Monday, as the market remained pressured by rising rates, technical factors, and growth concerns. The Nasdaq Composite declined 2.2%, the Dow Jones Industrial Average declined 1.2%, and the Russell 2000 declined 0.7%.

The 10-yr yield, specifically, jumped another seven basis points to 2.78% (+45 bps for the month and +127 bps for the year), fueling the valuation-minded selling activity in the growth stocks. Weakening technical factors exacerbated the negative disposition.

The S&P 500 fell further below its 200-day moving average (4493) in early action amid influential weakness in the mega-caps. Moreover, with there being no noticeable interest to buy the dip in front of key CPI data tomorrow, the benchmark index sliced right through its 50-day moving average (4427) late in the session.

The late-day slide took all 11 S&P 500 sectors into negative territory on a closing basis. The information technology (-2.6%), consumer discretionary (-1.9%), and communication services (-1.7%) sectors, which are home to the mega-caps, were influential drags on the market.

The energy sector (-3.1%) was the weakest performer, though, as oil prices dropped below $95.00 per barrel ($94.16/bbl, -4.02, -4.1%), which was attributed to demand/growth concerns resulting from the COVID lockdowns in Shanghai.

The industrials (-0.3%), materials (-0.5%), financials (-0.5%), and consumer staples (-0.5%) sectors outperformed on a relative basis with modest declines.

AT&T (T 19.63, +1.41, +7.7%) was an individual standout, rising 7.7% after completing its planned spin-off of its WarnerMedia segment, The Wall Street Journal reported AT&T is aiming to increase prices and reduce costs, and JP Morgan upgraded the stock to Overweight from Neutral.

The 2-yr yield, meanwhile, decreased two basis points to 2.50%. The U.S. Dollar Index (99.99, +0.20, +0.2%) rose for the eighth straight session. The CBOE Volatility Index jumped 15.0% to 24.34 amid increased hedging interest given the persistent selling pressure in equities.

Investors did not receive any economic on Monday. Looking ahead, the Consumer Price Index for March and the Treasury Budget for March will be released on Tuesday.

Dow Jones Industrial Average -5.6% YTD
S&P 500 -7.4% YTD
Russell 2000 -11.8% YTD
Nasdaq Composite -14.3% YTD

Crude futures fall 4%
11-Apr-22 15:30 ET
Dow -308.48 at 34412.64, Nasdaq -245.64 at 13465.34, S&P -62.13 at 4426.15

[BRIEFING.COM] The S&P 500 is trading at session lows with a 1.4% decline, slipping just below its 50-day moving average (4427).

Ten of the 11 S&P 500 sectors are trading lower, paced by the energy (-2.7%) and information technology (-2.7%) sectors with losses over 2.0%. The industrials sector (+0.1%) is the only sector trading higher -- barely.

WTI crude futures settled sharply lower by $4.02 (-4.1%) to $94.16/barrel.