Monday, stocks fell 1.4% in Asia, 0.4% in Europe, and 1.0% in the U.S. on 9B shares traded. The VIX moved up 6% to close at 26.17. The 10-Year U.S. Treasury bond yield fell 4% to 2.99 at day end. Precious metals miners fell about 2%.
Tuesday, stocks rose 0.4% in Europe but declined 1.4% in Asia and 0.7% in the U.S. on 10B shares traded. The Dow Jones Industrial Average closed below its 31,000 benchmark. IBM ended below 140.
Wednesday, stocks gained 0.6% in Asia but lost 1.0% in Europe and 0.4% in the U.S. on 11B shares traded. The 10-Year U.S. Treasury bond yield fell 2% to close at 2.90. Precious metals gained 1% and their miners advanced about twice that amount. The big news of the day was that the yearly consumer price index had advanced to 9.1%.
Thursday, stocks in Asia, in Europe, and in the U.S. on 11B shares traded. The 10-Year U.S. Treasury bond yield rose 2% to close at 2.96. Precious metals plummeted 3% and their miners lost 4% on the strength of the U.S. dollar. The S&P 500 Index ended below the 3800 level.
Friday, stocks closed little changed in Asia but ramped up 1.8% in Europe and 2.0% in the U.S. on 10B shares traded. The VIX dropped 8% to close at 24.23. The Dow and S&P 500 reclaimed their respective 31,000 and 3800 levels. Apple ended above 150.
With the Fed indicating it will shrink its balance sheet, this report will add a weekly accounting of that number. March 23, 2022 their total peaked at 8.96T. This past week, it was down to 8.90T. While that’s a paltry reduction for a period of 16 weeks, at least it’s not growing at the former rate of 0.1T per month. The lack of a tailwind and the slight headwind along with rising interest rates, should continue to pressure stocks.