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S&P 500 stock news today - The market has been witnessing a risk-on mood since Monday morning, following the heavy pessimism that occurred the previous day as policymakers took steps to reduce financial risks emanating from Silicon Valley Bank and Signature Bank.
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Reflecting the mood, the S&P 500 rebounded from a 2-1/2-month low, and was up nearly 1.0% at around 3,905 at the time of writing. Meanwhile, US Treasury yields recovered from a monthly low. The 10-year Treasury note yield was reported to have risen nearly 5 bps to 3.74% as it pared its biggest daily loss in 4 months. Interestingly, the 2-year Treasury yield mounted its biggest daily decline since June 2022 to around 4.52%. It is important to note, however, that stocks in the Asia-Pacific region are still in the red, despite recovering in the last hour as they were left to react to Friday’s equity market rout. The US Treasury, Federal Reserve, and FDIC took joint action to mitigate the risks posed by SVB and Signature Bank over the weekend. The authorities made it clear that all SVB and Signature Bank’s dopsans will be fully protected. Reacting to the US regulator’s action, Joe Biden said that Americans and American businesses have confidence that their bank deposits are there when they need them. While US policymakers managed to renew the risk-on mood, concerns over higher interest rates, especially after Friday’s mostly upbeat data and the previous week’s hawkish testimony from Jerome Powell, have weighed on sentiment. US NFP grew by more than 250,000 against the previously expected 311,000 in February, versus a revised 504,000. Meanwhile, the unemployment rate rose to 3.6% for the month compared to the previous reading of 3.4%. Further, average hourly earnings increased year-on-year but fell on a monthly basis for February while labor force participation increased during the month. Looking ahead, Joe Biden’s speech on Monday will precede Tuesday’s US CPI for February to guide immediate market movements. After that, retail sales and the preliminary reading of the Michigan Consumer Sentiment Index for March due on Wednesday and Friday will be crucial for a clear direction going forward.
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