Economic Breaker Panel: March Update

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What’s in Today’s Report:

  • Economic Breaker Panel: March Update
  • Takeaways from a Blockbuster Philly Fed Release

U.S. equity futures are bouncing modestly higher this morning following yesterday’s steep declines as the bond market shows signs of stabilizing with the 10-year yield down 4-5 basis points in pre-market trade.

Economically, Japanese CPI and Australian Retail Sales data were both mostly in line with estimates and therefore did not materially move markets overnight.

Looking into today’s session, there are no notable economic reports and no Fed officials are scheduled to speak.

Today is Quadruple Witching options expiration which means volumes will be elevated as will the risk of intraday volatility.

The main driver of the market will likely remain bond yields as a continued spike beyond 1.75% in the 10-year will again pressure the tech sector which will drag down stocks broadly. If bonds show signs of stabilizing though, stocks may be able to recoup a good portion of yesterday’s losses.