Daily Market Color

Rates Extend Pullback as Equity Selloff Deepens

Decline in rates continues, 10-year Treasury yield down to 2.72%. Swap rates and Treasury yield continued to decline today as the rout in equities continued- the 10-year Treasury yield falling 10bps to 2.72%. Rates at the short end fell even more dramatically, 2-year yields ending the day 15 bps lower, and 30bps below the multiyear high established last Thursday.

Equity sell-off continues. Stocks fell across developed markets today. The Nasdaq Composite falling nearly 4% on a day that saw only 10 constituents in the green. The index had plenty of company, as nearly every index across the Americas and Europe fell on the day. It doesn’t look like equities will get a reprieve from tech earnings either, both Microsoft and Google failed to beat analyst estimates in their first quarter results.

Day ahead. Inventory levels for the month of March will be released, along with pending home sales. Tomorrow, all the focus will be on earnings, as a full 56 members of the S&P 500 index report results.

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