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  • April 3rd is in the books, the first day of the new quarter.

  • This is New York Minute.

  • The US stock market started a new quarter on the back foot,

  • with the S&P 500 falling by as much as 0.8% by midday in New York.

  • Car companies were the biggest drag after poor sales dented sentiment.

  • But the market regained its footing in the afternoon as more buyers emerged,

  • pairing Monday's loss to just 0.2%.

  • The recovery was mirrored in the Vix index, Wall Street's "fear gauge".

  • 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.

  • But the volatility gauge eventually settle down on the day, reflecting the "buy-the-debt-mentality" that reigns on Wall Street these days.

  • Signs of a fading optimism of the Trump trade was more apparent in the US treasury market

  • where the benchmark 10-year US government bond yield fell seven basis points to its lowest level since February 24th.

  • The difference between short and long term treasury yields,

  • a good measure of whether investors really thinking economic growth is about to take off,

  • also fell to its lowest level since the US election.

April 3rd is in the books, the first day of the new quarter.

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B1 UK FinancialTimes midday treasury gauge wall street market

Stocks pare early losses

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