The US stock market on the 31st continued to fall. The amount of reduction was widened toward the close. The S & P 500 Index fell on a quarterly basis for the first time since two years before it entered the bear market due to the new coronavirus disease.
S & P 500 species are 4530.41, down 1.6% from the previous day. On a quarterly basis, it has fallen by nearly 5%, the sharpest drop since January-March 2020 (first quarter). The Dow Jones Industrial Average is down $ 550.46 (1.6%) from the previous day to $ 34678.35. The Nasdaq Composite Index fell 1.5%.
Price movements on the last day of January-March were limited in many financial markets. The quarter faced two threats: hawkish financial authorities seeking to curb inflation and the war in Ukraine.
“The question is what risks we will face in April-June,” said Rob Howarth, senior investment strategy director at US Bank Wealth Management. “Many challenges still remain,” he said.
“The recent rise has masked much of the pain of the last three months,” said Matt Mayley, chief market strategist at Miller Tabak. The S & P 500 species has now fallen on the 35th day since the beginning of the year, the highest number since 1984 for January-March, according to data compiled by Bloomberg.
In the US Treasury market, as of 4:21 pm New York time, 2-year bond yields rose 1 basis point (bp, 1bp = 0.01%) to 2.31%. Yields on 10-year bonds fell 3bp to 2.32%, narrowing the yield gap with 2-year bonds. Markets remain wary of the risk that US monetary authorities’ tightening policies will cause recessions.
In the foreign exchange market, the dollar and the currency of refuge are rising. The background is low crude oil prices. At the end of the quarter, there were moves to reduce risk. The euro has fallen. Russian President Vladimir Putin demanded payment in the ruble for the supply of natural gas to Europe, but he expressed his intention to continue the supply.
The Bloomberg Dollar Spot Index, which shows the movement of the dollar against the 10 major currencies, rose 0.3%. As of 4:22 pm New York time, the dollar is down 0.1% against the yen at 121.69 yen. The euro is down 0.8% against the dollar at 1 euro = 1.1069 dollars.
The New York crude oil futures market has fallen sharply. It was affected by the fact that US President Joe Biden tried to curb energy costs and ordered an additional release of about 1 million barrels a day from oil reserves. Total emissions are expected to reach 180 million barrels, a record-breaking release from strategic stockpiles.
The May contract for West Texas Intermediate (WTI) futures on the New York Mercantile Exchange (NYMEX) ends at $ 100.28 a barrel, down $ 7.54 (7%) from the previous day. The North Sea Brent May contract for the London ICE is down $ 5.54 to $ 107.91. This day is the final transaction for the May contract. The June contract closed at $ 104.71, down $ 6.73.
New York gold market continues to grow. Gold has been reassessed as a refuge asset amid growing concerns over the situation in Ukraine, inflation and the outlook for the global economy, the sharpest quarterly rise in almost two years.
The spot price is as of 1:40 pm New York time, 1 ounce = $ 1497.80, 0.8% higher than the previous day. If it ends as it is, it will be the largest increase in the quarter since the April-June period of 2020. The June contract for gold futures on the New York Board of Trade (COMEX) ended at just $ 1,954, up 0.8% from the previous day.
Original title:Stocks Sink to First Quarterly Loss in Two Years: Markets Wrap(excerpt)
USTs Hold Advance Into Month-End; Swap Spreads Extend Tightening（抜粋）
Havens Rise as Risk Appetite Wanes at Quarter-End: Inside G-10（抜粋）
Gold Reclaims Its Haven Appeal as Worries Over War, Growth Mount（抜粋）