The market is deep in the red, but moving off of session lows. The Russell 2000 is lagging behind the rest.

Consumer Staples (XLP) and Utilities (XLU) are bucking the broader market sell-off. Energy (XLE), Technology (XLK), and Consumer Discretionary (XLY) are being hit the hardest.

Notably, oil also saw a sharp drop below its 50-day moving average.

The 10-year treasury yield (TNX) made its first trip to 4% in 5 months. It is currently below its 200-day average as the market weights in further interest rate cuts.

Gold found support and made a beautiful move back to $3150.

The Fear & Greed Index dropped to its lowest level since 2020, but has recovered a bit intraday.

Economic Data

It was another ouch for ISM Services PMI, dropping to 50.8 in March, down from 53.5 in February and below consensus of 53.

Notable Changes:

• New Orders fell to 50.4 from 52.2
• Employment declined to 46.2 from 53.9
• Backlogs were down to 47.4 from 51.7
• Prices eased to 60.9 from 62.6

Atlanta Fed GDPNow improved to -2.8% from -3.7% on Tuesday, reflecting slightly better-than-expected data from the ISM, Census Bureau, and U.S. Bureau of Economic Analysis (BEA).

While this can be nerve racking it is no reason to panic as great companies become cheaper.

Comments

I’m not worried I’m buying on the low building. My portfolio stock goes down buy buy buy Faith on 4/3/2025 1:42:32 PM

Thank you Charles for your always smart, savvy, common sense information. Lorin Kenfield on 4/4/2025 11:54:58 AM

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