Dow-0.03% S&P -0.14% Nasdaq -0.24% Russell +0.72%
Geopolitical tensions spooked investors on Tuesday, but the S&P 500's 50-day moving average provided support to keep losses in check. Stocks retreated out of the gate, hitting their lowest levels of the day about an hour after the opening bell. By noon, equities had reclaimed about half of their earlier losses, but they still had difficulty shaking the risk-off sentiment until the final minutes of action. Even still, the late rally left the cash market short of its flat line. Sector standings echoed the day's risk-off sentiment as countercyclical groups held the upper hand over their more-risky, cyclical peers. The real estate (+0.4%), consumer staples (+0.1%), and telecom services (+0.1%) spaces closed in the green while the utilities sector (unch) finished flat. financials (-0.3%) and technology (-0.4%) sectors were hit. WTI crude settled 1.6% higher at $53.88/bbl, marking the commodity's sixth consecutive win. S&P 500 managed to close above its 50-day moving average (2349), the sharp rise in the CBOE Volatility Index (VIX 15.26, +1.21) provides evidence that investors are putting the pro-growth trade into question. The VIX Index now sits at its highest level since the presidential election. US After Hours NBIX +18% following INGREZZA FDA approval... TSCO -3% on guidance. Safehaven flows remain the prevalent theme in Asian trade as geopolitical risks related to conflicts in Syria and saber-rattling by North Korea are not abating. Ahead of his arrival in Moscow, US State Sec Tillerson is calling on Putin to denounce his support for Syria's Assad, just as Kremlin continues to hint that chemical attacks were actually done by the rebels to garner international sympathy. US President Trump has also tweeted that "North Korea is looking for trouble" and added today that US is "sending a powerful armada", while Pyongyang warned of a nuclear attack on the US at any sign of American aggression. Vix has spiked up to a 2-week high, US benchmark Treasury yield is testing a key long-term support of 2.30%, and Nikkei225 is the worst performing major index on Yen strength (both Nikkei and USD/JPY are at lowest levels since mid-Nov). Gold prices have also extended their gains on safehaven demand.
Nikkei -1.35% Hang Seng -0.17% CSI -0.03% Shanghai -0.33%
Eur$ 1.0605 CNH 6.9027 CNY 6.8979 JPY 109.44 GBP 1.2483 RYB 56.9405 WTI$ 53.53
S&P -0.15% EuroStoxx +0.38% Dax +0.36% SMI +0.37% FTSE +0.02%
Macro :
- U.S. Said to Have Told Japan of N. Korea Strike Option: Kyodo
- Too Early to Buy Value Stocks After Recent Selloff: Bernstein
Keep an eye on :
- AKZA NA : Akzo Questions Elliott, PPG Ties as Hostilities Over Bid Begin
- AKZA NA : Elliott Said to Near Securing Support for Akzo EGM: Reuters
- AGL IM : Autogrill Move to Unleash the Hidden Value, PT Raised at Citi
- POP SM : Banco Popular Said to Consider Coco Issuance: Cinco Dias
- BARN SW : Barry Callebaut Completes Program to Weed Out Contracts
- BLT LN : BHP CEO Says Questioned Petroleum Unit at Time of South32 Split
- BLT LN : BHP CEO Says Strategy Is Correct; Elliott Plan Has ’Major Flaws’
- CDI FP : Christian Di or 1Q Rev. Up 15%; Dior Brand Had 159 Stores in 2016
- CSGN VX : Credit Suisse May Seek Full Irish Banking License: Irish Times
- DAI GY : Daimler Group Prelim. 1Q Ebit EU4.01b vs EU2.15b Y/y
- EO FP : Faurecia Expects U.K. Car Market to Decline This Year
- IMPN SW : Implenia Gets CHF100m Order to Renovate Stockholm Railways
- ORA FP : Orange, Canal Plus Said in Talks on Distribution Accord: Echos
- RB/ LN : Mead Johnson/Reckitt Deal Remains on Track for 3Q Close
- RNO FP : Renault PT Raised at Morgan Stanley, Possible Upside From Nissan
- SHP LN : Shire Sues CSL to Block Competing Treatment of HAE Blood Ailment
- TEF SM : Pablo Isla Said Set to Leave Telefonica Board: El Mundo
- VIV FP : Orange, Canal Plus Said in Talks on Distribution Accord: Echos
- WFM US : Amazon Said to Mull Bid for Whole Foods Before Jana Stepped In