Dow nosedived 513, decliners over advancers a relatively muted better than 4-1 & NAZ dropped 122.  The MLP index sank 5+ to the 215s & the REIT index was off 3+ to the 365s.  Junk bond funds were also hit with selling & Treasuries shot up causing yields to plunge.  Oil continued to slide, off 3+ to 68, & gold advanced 17 to 1928 on demand from nervous investors.

AMJ (Alerian MLP Index tracking fund)

Shares of Credit Suisse plunged to a fresh all-time low for the 2nd consecutive day after a top investor in the embattled Swiss Bank said it would not be able to provide any more cash due to regulatory restrictions.  Trading in the bank's plummeting stock was halted several times throughout the morning as it fell below 2 Swiss francs ($2.17) for the first time.  The share price rout renewed a broader sell-off among European lenders, which were already facing significant market turmoil as a result of the Silicon Valley Bank fallout.  Some of the biggest decliners included France's Societe Generale

Credit Suisse shares tank after Saudi backer rules out further assistance

Wholesale prices unexpectedly drop — signaling easing inflation for Americans

Mortgage rates are high & volatile, homes are still pricey, & inflation is not in check, but, even so, the nation's homebuilders are starting to feel better about their business.  A monthly gauge of builder confidence in the market for newly built single-family homes rose in Mar, even though analysts expected a drop.  The National Association of Home Builders/Wells Fargo Housing Market Index rose 2 points to 44.  Anything above 50 is considered positive.  It's the 3rd straight monthly increase in builder sentiment.  The index stood at 79 in Mar of last year, when mortgage rates were significantly lower.  “Even as builders continue to deal with stubbornly high construction costs and material supply chain disruptions, they continue to report strong pent-up demand as buyers are waiting for interest rates to drop and turning more to the new home market due to a shortage of existing inventory,” NAHB Chair Alicia Huey said.  “But given recent instability concerns in the banking system and volatility in interest rates, builders are highly uncertain about the near- and medium-term outlook.”  Of the index's 3 components, current sales conditions rose 2 points to 49 & buyer traffic rose 3 points to 31.  Sales expectations in the next 6 months, however, fell one point to 47.  “While financial system stress has recently reduced long-term interest rates, which will help housing demand in the coming weeks, the cost and availability of housing inventory remains a critical constraint for prospective home buyers,” said Robert Dietz, NAHB's chief economist in the release.  “A follow-on effect of the pressure on regional banks, as well as continued Fed tightening, will be further constraints for acquisition, development & construction (AD&C) loans for builders across the nation. When AD&C loan conditions are tight, lot inventory constricts and adds an additional hurdle to housing affordability,” said Dietz.

Homebuilders say demand is rising, but they’re concerned about a banking fallout

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