The Dow and S&P 500 have now gained for four straight sessions and the S&P 500 sits less than 4% from a record.
 | TUE, MAR 29, 2022 | | | | | DOW | | NAME | LAST | CHG | %CHG | | AAPL | 178.96 | +3.36 | +1.91% | | MSFT | 315.41 | +4.71 | +1.52% | | VZ | 51.25 | +0.08 | +0.16% | |
| | S&P 500 | | NAME | LAST | CHG | %CHG | | NLSN | 26.72 | +4.51 | +20.31% | | AAPL | 178.96 | +3.36 | +1.91% | | AMD | 123.23 | +2.99 | +2.49% | |
| | NASDAQ | | NAME | LAST | CHG | %CHG | | AAPL | 178.96 | +3.36 | +1.91% | | AMD | 123.23 | +2.99 | +2.49% | | NVDA | 286.56 | +4.37 | +1.55% | |
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| The bond market took center stage on Tuesday, as investors and traders monitored whether a key portion of the yield curve would invert — meaning that short-term yields rise above their long-term counterparts. Stocks traded near their lows of the day when the spread between the 2-year Treasury yield and the 10-year Treasury yield was essentially flat, but rebounded later in the afternoon as the spread widened once again. The Dow and S&P 500 have now gained for four straight sessions and the S&P 500 sits less than 4% from a record. | Historically, the 2-10 spread is seen by some bond traders and economists as a potential recession signal. Prior economic slowdowns have consistently been preceded by an inversion in that relationship. However, the true predictive value of the yield curve inversion is unclear. For one thing, the time period from inversion to recession has varied dramatically in different market cycles. The large balance sheet of the Fed, and uncertainty about how the central bank may unwind that, is another wrinkle in how accurate the bond market can be this time. Andrew Smith, the chief investment strategist at Delos Capital Advisors, pointed out that some of the other short-to-long relationships have actually steepened, and that the actions of the 2-year could largely represent an expected Fed hiking cycle more than a forecast on economic growth. "This is an important yield curve to look at, but it is not the only yield curve to look at," Smith said. | | | |
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