S&P 500 plummets as sentiment deteriorates amidst banking contagion fears, Credit Suisse falls 24% SP500 Nasdaq DowJones Sentiment
der to not invest in the bank due to “regulatory and statutory reasons.” That has triggered a collapse in CS stock, while itsTherefore, the S&P 500 is dropping 1.46%, at 3,862.14. Following suit is the heavy-tech Nasdaq 100, falling 0.76% at 11,342.55, while the Dow Jones is losing 1.74%, at 31,598.13.
Sentiment remains sour amidst the Credit Suisse panic sale. Bank’s shares across the board registered losses, while more than 80% of the S&P 500 stocks listed fell. Aside from this, the United States economic calendar revealed the Retail Sales and Producer Price Index for February. Retail Sales came lower than the expected plunge of 0.3% MoM, dropped 0.4%, in part blamed on the astonishing January report of 3.2% dropped 0.1% MoM, the US Bureau of Labor Statistics reported today.
In the meantime, expectations for a 25 bps rate hike by the Federal Reserve had waned. The CME FedWatch Tool odds for a 25 bps hike lie at 37%, with investors estimating no change to the Federal Funds rate at next week’s meeting. Sector-wise, Utilities and Communications Services are the two leaders of the pack, up 1.16% and 0.25%. The laggards are Energy and Materials, each losing 6.18% and 4.42%, respectively.
Meanwhile, the greenback is recovering after three days of consecutive losses, as the US Dollar Index shows, advancing 1.21% at 104.937. US Treasury bond yields continued to plunge across the curve, with 2s falling 43 bps, at 3.823%, while the 10-year dropping 28 bps at 3.410%.The US economic calendar will feature February Housing Starts, Building Permits, and Initial Jobless Claims.
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