RockCreek Daily Market Update

GLOBAL MARKET SNAPSHOT 

Equity Markets: Global equities were broadly stronger with momentum picking up into the U.S. trading session, sending the S&P 500 and Nasdaq indexes to new all-time highs. While the small-cap Russell 2000 index sits well below its August 2018 highs, the index outperformed on the day as investors were bargain hunting, which also contributed to the outperformance of health care +1.6%, the poorest performing sector year-to-date. Earnings reports provided a tailwind with shares of Twitter +15.6% and Hasbro +14.2% leading the S&P higher after their respective releases. Reporting afterhours were Snap and eBay, which are getting a bid in extended trading. European markets reopened today after the long weekend with energy shares leading as they catchup to yesterday’s news that the U.S. will not extend waivers for Iranian oil.

Bond Markets: The bond market was mixed as Europe returned from the long weekend to see yields rise, while Treasuries retraced yesterday’s modest weakening.

Currency Markets: The U.S. dollar index gained +0.3%. Currencies don’t seem to reflect the same oil bullishness or risk-on sentiment as stocks as Canadian dollar -0.6%, Norwegian krone -0.5%, and Australian dollar -0.4% exhibited the most weakness among the G-10. Similar relationships held up in emerging markets as Colombian peso -0.8% and Chilean peso -0.6% lagged, while Indian rupee +0.1% edged out a gain against the strengthening greenback. Brazilian real +0.4% was the standout as the Brazilian pension bill is set to advance to its first vote in the lower house.

Commodity Markets: The Bloomberg Commodity Index slipped -0.4% as a stronger dollar served as a headwind. The rally in crude oil persisted with WTI rising +1.0% to $66.18 per barrel, nearly a six-month high.  


MACRO OVERVIEW

New homes sales in the U.S. unexpectedly increased in March according to a report from the Census Bureau. The seasonally adjusted annual rate of sales of single-family homes increased to 692,000 from a downwardly revised 662,000 rate seen in February. This is 3.0% above the pace seen a year prior. The median sale price in March was $302,700, down -9.7% year-over-year.  


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The information contained herein has been prepared solely for informational purposes and is not an offer to buy or sell or a solicitation of any offer to buy or sell any security or to participate in any strategy. Nothing contained herein shall be relied upon as a promise or representation as to the past or future performance.   This material represents the views of RockCreek.  This information should not be construed as investment advice. Some of the information may be provided to discuss general market activity, industry or sector trends, or other broad-based economic, market, or political conditions.  Information and opinions are as of the date of this material only and are subject to change without notice.  RockCreek has no obligation to provide any updates or changes to such information. The opinions, forecasts, assumptions, estimates, and commentary contained in this material are based on information provided to RockCreek on both a formal and informal basis.  Further, any such opinions, forecasts, assumptions, estimates, and commentary are made only as of the date of this material, are subject to change at any time without prior notice and cannot be guaranteed as accurate.

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