Dow was off 37, advancers modestly over decliners & NAZ declined 52. The MLP index added 2+ to the 217s & the REIT index was off 1+ to the 352s. Junk bond funds saw a little buying & Treasuries remained lower, bringing higher yields. Oil continued above 73 & gold recovered 19 to 1973 (more on both below).
AMJ (Alerian MLP Index tracking fund)
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SVB customers tried to withdraw nearly all the bank’s deposits over two days, Fed’s Barr testifies
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Gold prices settled higher as worries about the banking sector eased following back-to-back losses for the precious metal. Apr gold futures gained $19 (1%) to settle at $1973 per ounce. Gold prices gained following 2 consecutive session losses. Data from the Conference Board showed that a survey of US consumer confidence rebounded slightly in Mar to 104.2 from a revised 103.4. The index remains well below the levels associated with a healthy economy. Inflation expectations remain high, with Americans expecting prices to rise 6.3% in the next 12 months. Last week, the central banks raised interest rates with one hand while handing out liquidity to banks with the other.
Gold Futures Post a Gain after Back-to-Back Declines
Oil futures finished at their highest in more than 2 weeks, with prices finding support from a pullback in banking concerns, strength in Chinese energy demand & news of a short-term oil-supply disruption. Natural-gas futures, meanwhile, posted their highest settlement since Sep 2020, with prices pressured as forecasts for more moderate temperatures in parts of the US dulled demand expectations. May West Texas Intermediate crude rose 39¢ (0.5%) to settle at $73.20 a barrel, the highest since Mar 13. Apr natural gas lost 6¢ to settle at $2.03 per M British thermal units ahead of the contract's expiration at the end of tomorrow's trading session.
Oil Futures Marks Highest Finish in Over 2 Weeks; Natural-Gas Prices End to Lowest in Over 2 Years
Fed's Barr sees 'need' for stronger bank regulations after SVB failure. His testimony was very scary for investors. In response, traders were selling stocks in the PM. More talk about a coming recession later this year is not helping matters. Nervous investors are investing in 2 year Treasuries which now yield more than 4%.
Dow Jones Industrials
