NOTABLE MOVES
As of Tue, Mar 5, Singapore Time zone UTC+8
USDJPY, -0.14%, $111.78
EURUSD, -0.34%, $1.1336
GBPUSD, +0.45%, $1.3178
USDCAD, +0.18%, $1.3312
AUDUSD, -0.13%, $0.7089
NZDUSD, +0.03%, $0.6823
S&P500, -0.39%, 2,792.81
Nasdaq, -0.01%, 7,150.83
Nikkei Futures, -0.43%, 21,515.0
CURRENCY MARKET WRAP
- Dollar gapped lower at the start of the Asian session after Trump complained about its strength over the weekend, but it managed to recover its losses quickly.
- The Wall Street Journal reported that Beijing is offering to lower tariffs on U.S. farm, chemical, and other products in exchange for the U.S. taking off the new tariffs it has imposed on Chinese imports. There was some dismay, however, over a separate report that a trade deal might not contain an effective remedy to resolve structural trade issues.
- U.S. Treasuries edged higher, pushing yields lower across the curve. The 2-yr yield declined one basis point to 2.54%, and the 10-yr yield declined three basis points to 2.72%. The U.S. Dollar Index increased 0.1% to 96.61. WTI crude increased 1.3% to $56.53/bbl.
STOCK MARKET WRAP
- The S&P 500 advanced as much as 0.5% following a report that the U.S. and China are nearing a trade deal. The benchmark index was then down as much as -1.3% following an inability to sustain a retest of its November high. Renewed buying interest, however, propelled an afternoon rebound effort, leaving the S&P 500 with a loss of -0.39%.
- The S&P 500 health care sector (-1.3%) was Monday’s outsized laggard, weighed down by broad-based weakness with worries about regulatory efforts to curtail health care costs. Conversely, the materials (+0.4%), real estate (+0.4%), utilities (+0.2%), and energy (+0.2%) sectors outperformed.