Equity traders hoping a turn of the calendar page would bring with it a respite from the relentless price swings of March were left disappointed Monday as U.S. stocks had their worst start to a second quarter since the Great Depression. It's easy to lay the blame on tech once again, and undoubtedly President Trump's barbs toward Amazon.com helped fuel the selloff, yet losses were broad, with all 11 S&P 500 industry groups falling as 490 companies ended the session in the red.
Rates and FX offered weary investors a sanctuary from the volatility, with Treasury yields lower by about 1-2bps across the curve. The Bloomberg Dollar Spot Index was little change while the yen gained in thin, risk-off trading as trade-war fears percolated. CAD and MXN got a late session boost after Bloomberg reported that the White House is pushing for a preliminary Nafta deal by next week, though plunging crude kept both currencies weaker versus the greenback.
Source: Bloomberg Pro Terminal
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