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Afternoon Note


By Charles Payne, CEO & Principal Analyst
3/24/2023 1:25 PM

After a rocky start, the market has mounted a comeback. Comments out from Saint Louis Fed President Bullard helped stem the losses.  He believes there is an 80% chance that financial stress abates, and there is a “very low” probability of a global crisis. Bullard added that should conditions worsen, the Fed could take measures to deal with rates.

The major indices are hovering near the flatline now.  The S&P 500 held above 3,900. This continues to be magical, but we are not sure about the overall resilience.

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Five of the eleven S&P 500 sectors are now in the green, mainly the safe haven sectors.  Utilities are the best performers, which Financials are the worst performers.

Deutsche Bank (DB) shares took it on the chin after it announced the redemption of $1.51 billion in a set of tier 2 notes due in 2028, and its credit default swaps hit the highest point since 2019. That coupled with the new that the U.S. is looking into Credit Suisse and UBS is pressuring the financial sector.  

Yields are dropping again today to the lowest level since September 2022.  The benchmark 10-year yield is currently trading at 3.29%.  The 2-year has dropped to 3.59%.

Let's see how things trade into the close.

Have a great weekend.


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