Monday, June 5, 2023
  • Login
Upgrade
The Southern African Times
  • Home
  • Southern Africa
  • Business
    • African Start ups
    • African Continental Free Trade Area
  • Tech
    • Lifestyle
      • Health
      • Culture
      • Food and Drink
      • Entertainment
  • Opinion
  • Sports
  • Events
  • SAT Jobs
  • About Us
    • Advertise with Us
    • Contact Us
No Result
View All Result
  • Home
  • Southern Africa
  • Business
    • African Start ups
    • African Continental Free Trade Area
  • Tech
    • Lifestyle
      • Health
      • Culture
      • Food and Drink
      • Entertainment
  • Opinion
  • Sports
  • Events
  • SAT Jobs
  • About Us
    • Advertise with Us
    • Contact Us
No Result
View All Result
The Southern African Times
No Result
View All Result
Home Business

US stocks tumble to cap worst quarter since pandemic’s start

The S&P 500 declined, taking its loss in the past three months to nearly 5 percent, the most since March 2020.

by SAT Reporter
April 1, 2022
in Business, Business, Just In, Markets
0
US stocks tumble to cap worst quarter since pandemic’s start
0
VIEWS

(The Southern African Times) – U.S. stocks tumbled into the close, wrapping up their first losing quarter since the pandemic bear market, as Treasuries also pared the worst losses in at least five decades.

Moves in most financial markets were muted on the final day of a quarter that brought the twin threats of hawkish central banks bent on tamping down runaway inflation and the war in Ukraine. The S&P 500 declined, taking its loss in the three months to nearly 5%, the most since March 2020. The two-year Treasury yield gained after a 150 basis-point surge that’s the most since 1984. Ten-year rates slipped, narrowing the spread to shorter tenors, as investors remain on edge over the threat a restrictive Federal Reserve will cause a recession. And oil slumped, but held just above $100 a barrel in New York.

“The question is what kind of risk do we face in the second quarter?” Rob Haworth, senior investment strategy director at U.S. Bank Wealth Management, said by phone. “We’re still well left with a lot.”

S&P 500 Declines

Stocks, sovereign bonds and corporate credit all got hammered in the year’s first months amid concerns about a growth slowdown as central banks move to tackle inflation by withdrawing stimulus. Investors who piled into commodities fared best, riding massive gains in everything from oil to nickel and wheat. Yet, the increases have exacerbated price concerns and may lead to a sharper response from central banks.

“The recent rally has masked a lot of pain over the past three months,” wrote Matt Maley, chief market strategist at Miller Tabak + Co. Thursday’s decline marked the S&P 500’s 35th down day this year, the greatest number of first-quarter drawdowns since 1984, according to data compiled by Bloomberg.

Oil slid as U.S. President Joe Biden ordered a massive release of U.S. oil reserves while also prodding drillers to step up output. Meanwhile, stocks fell as U.S. inflation-adjusted spending declined last month as prices tempered demand.

Brent and West Texas Intermediate prices dropped about 6%, and European natural gas fell as Russia said it would halt gas contracts if buyers don’t pay in rubles.

“Aside from quarter-end considerations, oil is very much the center of attention,” Simon Ballard, chief economist at First Abu Dhabi Bank, wrote in a note to investors. Still, “all the usual suspects are still in play, keeping the market in check, including the specter of the Fed pursuing an aggressive path of monetary policy normalization over the coming months.”

Markets now see a strong chance the Federal Reserve will lift rates by a half point at its May meeting. The U.S. 2-year yield briefly exceeded the 10-year for the first time since 2019 on Tuesday, inverting yet another segment of the Treasury curve and reinforcing the view that Fed rate increases may cause a recession.

“This week’s brief inversion in the U.S. bond market, combined with elevated volatility on Treasury options, is a warning that the risk of U.S. recession should not be ignored,” wrote Lewis Grant, a senior portfolio manager at Federated Hermes. “U.S. bond markets are showing signs of stress. This is not mirrored in equities, where the VIX remains subdued and U.S. indexes trade above their pre-war levels. The bond market would appear to have a better handle on the potential risks.”

Just how frightening is yield-curve inversion? That’s the theme of the MLIV survey this week. Please click here to participate.

Some key events to watch this week:

  • U.S. jobs report, Friday

Some of the main moves in markets:

Stocks

  • The S&P 500 fell 1.6% as of 4:05 p.m. New York time
  • The Nasdaq 100 fell 1.5%
  • The Dow Jones Industrial Average fell 1.6%
  • The MSCI World index fell 1.4%

Currencies

  • The Bloomberg Dollar Spot Index rose 0.3%
  • The euro fell 0.8% to $1.1069
  • The British pound was little changed at $1.3143
  • The Japanese yen was little changed at 121.73 per dollar

Bonds

  • The yield on 10-year Treasuries declined two basis points to 2.33%
  • Germany’s 10-year yield declined 10 basis points to 0.55%
  • Britain’s 10-year yield declined six basis points to 1.61%

Commodities

  • West Texas Intermediate crude fell 6.4% to $100.90 a barrel
  • Gold futures rose 0.1% to $1,941.80 an ounce

–With assistance from Abigail Moses, Cecile Gutscher, Andreea Papuc, Daniel Curtis and Anwesha Patnaik.

SOURCE: BLOOMBERG
Previous Post

Zimbabwe repossessing unused land from farmers

Next Post

Putin: Russia will enforce rouble payments for gas from Today

SAT Reporter

Related Posts

Gold Fields announces $1.2bn sustainability-linked loan
Business

Gold Fields announces $1.2bn sustainability-linked loan

by SAT Reporter
June 5, 2023
Africa’s Potential for Productivity-Led Growth: Insights from McKinsey Global Institute Report
Markets

Africa’s Potential for Productivity-Led Growth: Insights from McKinsey Global Institute Report

by SAT Reporter
June 5, 2023
South African business activity falls to almost two-year low – PMI
Markets

South African business activity falls to almost two-year low – PMI

by SAT Reporter
June 5, 2023
Zimbabwe Gains Access to Chinese Market as Citrus Exports Begin
Markets

Zimbabwe Gains Access to Chinese Market as Citrus Exports Begin

by SAT Reporter
June 4, 2023
Another legal victory for the Moti Group in case against AmaBhungane
Business

Another legal victory for the Moti Group in case against AmaBhungane

by SAT Reporter
June 3, 2023
Next Post
Analysis: Putin , Ukraine and Crimea a recreation of The Soviet Union?

Putin: Russia will enforce rouble payments for gas from Today

Browse by Category

  • African Continental Free Trade Area
  • African Debt
  • African Start ups
  • Algeria
  • Analysis
  • Angola
  • Asia
  • Botswana
  • BOTSWANA
  • BRICS
  • Burkina Faso
  • Burundi
  • Business
  • Business
  • Cameroon
  • Central Africa
  • China
  • Climate Change
  • Climate Changev
  • Congo Republic
  • COVID 19
  • Culture
  • Democratic Republic of Congo
  • Eastern Africa
  • Education
  • Egypt
  • Energy
  • Entertainment
  • Environment
  • Ethiopia
  • Europe
  • Fashion
  • Feature
  • Finance
  • Food
  • Food and Drink
  • Foods
  • Ghana
  • Global
  • Guinea
  • Health
  • Immigration
  • in Southern Africa
  • International news
  • Just In
  • Kenya
  • Lesotho
  • Libya
  • Life Style
  • Lifestyle
  • Malawi
  • Malawi
  • Mali
  • Markets
  • Middle East
  • Mozambique
  • Namibia
  • Nigeria
  • North Africa
  • North-Eastern Africa
  • Opinion
  • Politics
  • Racism
  • Rwanda
  • SAT Jobs
  • Senegal
  • Seychelles
  • South Africa
  • South Sudan
  • Sports
  • Startup Africa
  • STOCK EXCHANGE
  • Sustainablity
  • Tanzania
  • Tech
  • Togo
  • Travel
  • Travel
  • Tunisia
  • Uganda
  • Uncategorized
  • West Africa
  • World
  • World
  • ZAMBIA
  • Zambia
  • ZIMBABWE
  • Zimbabwe

Browse by Tags

africa African business news Africa News african footballer African investments African news African start-up Agriculture banking Business China Classic Climate change Content currency economy Explore Bali Finance football Health Investment Kenya Life Style Markets Market Stories Nigeria oil and gas Opinion Pandemic Politics Premium Russia South Africa Southern African News sports Stay Home technology Travel United Kingdom United Stated Vaccine Work From Home Wuhan Zambia Zimbabwe

WHO WE ARE

The Southern African Times is a regional bloc digital newspaper that covers Southern African and the world news. The paper also gives a nuanced analysis on news and covers a wide range of reporting which include sports, entertainment, foreign affairs, arts and culture.

Facebook Twitter Youtube Instagram Rss

Copyright © 2022 The Southern African Times | Powered by The Southern African Times

Privacy Policy

Terms and Conditions

  • Home
  • Southern Africa
  • Business
    • African Start ups
    • African Continental Free Trade Area
  • Tech
    • Lifestyle
      • Health
      • Culture
      • Food and Drink
      • Entertainment
  • Opinion
  • Sports
  • Events
  • SAT Jobs
  • About Us
    • Advertise with Us
    • Contact Us

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

Manage Cookie Consent
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behavior or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes. The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
Manage options Manage services Manage vendors Read more about these purposes
View preferences
{title} {title} {title}
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?