U.S. stocks have shrugged off a number of threats since the start of the year, powering through the worst U.S. bank failure since the financial crisis, while resisting the pull of rising short-term Treasury yields.
“The market has handled a lot of gut punches recently and it’s still standing in this range,” said JJ Kinahan, CEO of IG North America, owner of brokerage firm Tastytrade. “I think that’s a sign that the market is very healthy.” At the top of the market’s wishlist is more information about how the Fed’s rate hikes are impacting the economy. This will be crucial in determining whether the central bank might need to keep raising interest rates in 2024, several strategists told MarketWatch.
Stocks also look almost placid in comparison with other assets. For example, Treasurys saw an explosion of volatility in the wake of the collapse of Silicon Valley Bank. The 2-year yield TMUBMUSD02Y logged its largest monthly decline in 15 years in March as a result. The S&P 500’s 7% advance in the first quarter has helped to mask weakness underneath the surface. Specifically, only 33% of S&P 500 companies’ shares have managed to outperform the index since the start of the quarter, well below the long-term average, according to figures provided to MarketWatch by analysts at UBS Group UBS.
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