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April 3rd is in the books, the first day of the new quarter.
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This is New York Minute.
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The US stock market started a new quarter on the back foot,
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with the S&P 500 falling by as much as 0.8% by midday in New York.
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Car companies were the biggest drag after poor sales dented sentiment.
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But the market regained its footing in the afternoon as more buyers emerged,
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pairing Monday's loss to just 0.2%.
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The recovery was mirrored in the Vix index, Wall Street's "fear gauge".
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By midday, the Vix jumped it's highest since last Monday when investors initially reacted badly to the collapse of the US health care overhaul.
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But the volatility gauge eventually settle down on the day, reflecting the "buy-the-debt-mentality" that reigns on Wall Street these days.
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Signs of a fading optimism of the Trump trade was more apparent in the US treasury market
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where the benchmark 10-year US government bond yield fell seven basis points to its lowest level since February 24th.
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The difference between short and long term treasury yields,
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a good measure of whether investors really thinking economic growth is about to take off,
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also fell to its lowest level since the US election.