The NASDAQ’s advance was in large part thanks to the Technology and Communication Services sectors. Technology jumped 10.9% higher in March, while Communication Services rose 8.7%. Stocks from these two sectors comprised all ten of the S&P 500’s top stocks in March. The biggest laggard in March was Financials, which plummeted 9.6% as a result of the fallout surrounding Silicon Valley Bank and First Republic Bank (FRC). The S&P 500’s ten worst performers in March were all stocks from the Financial sector as well.
US Existing Home Sales ended a year-long streak of monthly declines by soaring 14.5% in February. US New Single-Family Home Sales also rose in February by 1.1%, good for its third consecutive monthly increase. Gold nearly exceeded $2,000 per ounce in March, while both Brent and WTI oil prices continued to decline, each down over 41% from their March 2022 highs. The US ISM Manufacturing PMI sank deeper into contraction territory, sitting at 46.3 as of February’s end.
US Treasury yields retraced in March following a February where the 6-Month and 1-Year Treasury Bills eclipsed 5% for the first time since July 2007. The 2-Year note dipped the most across the curve, down 75 basis points in March, while only the 1-Month T-Bill increased last month. Long-term bonds around the world also saw yields decline in March, though not as severely as US instruments.
Continue reading: https://get.ycharts.com/resources/blog/monthly-market-wrap
Cerro Pacific Wealth Advisors LLC is a Registered Investment Adviser. Advisory services are only offered to clients or prospective clients where Cerro Pacific Wealth Advisors LLC and its representatives are properly licensed or exempt from licensure. Past performance is no guarantee of future returns. Investing involves risk and possible loss of principal capital. No advice may be rendered by Cerro Pacific Wealth Advisors LLC unless a client service agreement is in place.
