Mar 16, 2021 AT 08:42PM
US stocks flipped between gains and losses as the Dow fell from its record high and snapped seven-day winning streak ahead of crucial FOMC meeting tomorrow. The market fell to its session lows when the benchmark 10-year Treasury yield briefly rose above 1.62% in the afternoon trading with Energy, Airlines and Industrials led the declines. Apple and Microsoft lifted the tech-heavy Nasdaq 100, while the Dow fell from a record high, with Boeing and Goldman Sachs among the biggest decliners. Nasdaq was panic bid at the US cash open while small caps smoked, this was Nasdaq biggest outperformance over Small Caps since November 4th and the move erased the entire last week’s relative small cap index outperformance. Elsewhere, Bond’s struggle to find direction with US 10YR traded range bound from 1.58% to 1.62% all day before rallying near to the close to 1.62%. Oil retreated for a third day, while the dollar was mixed versus its major peers and Bitcoin traded around $56k.
