US Market ends lower as yields rise

The US stock market finished session lower on Tuesday, 30 March 2021, as treasury yields extended the strong upward move and ahead of President Joe Biden's spending plan. At the close of trade, the Dow Jones Industrial Average index declined 104.41 points or 0.31% to 33,067 and the S&P 500 fell 12.54 points or 0.32% to 3,959. The tech-heavy Nasdaq Composite Index declined 14.25 points or to 0.11% 13,045.

The yield on the benchmark ten-year note climbed to its highest level in over a year amid optimism about the coronavirus vaccine rollouts and the economy reopening after a report showed that consumers are feeling even more confident than economists expected.

President Joe Biden is set to unveil details Wednesday about plans to spend what could be more than $3 trillion on infrastructure and other measures to help the economy and environment. Yields perked higher Tuesday after a report showed that consumers are feeling even more confident than economists expected, a big deal for an economy that's primarily made up of consumer spending.

Economy-linked financials and industrials were the only sectors in positive territory, while technology and utilities posted the steepest declines.

Apple Inc, Microsoft Corp, Amazon.com and Broadcom Inc dropped between 0.9% and 2.7%, as U.S. 10-year Treasury yield hit a 14-month

ECONOMIC NEWS: US Consumer Confidence Index Skyrocket In March- US consumer confidence index spiked to 109.7 in March from a downwardly revised 90.4 in February, according to a report released by the Conference Board on Tuesday. With the much bigger than expected increase, the consumer confidence index reached its highest level since the onset of the coronavirus pandemic in March of 2020. The report showed the present situation index surged up to 110.0 in March from 89.6 in February, reflecting a significant improvement in consumers' assessment of current conditions.

COMMODITY NEWS: West Texas Intermediate crude fell by 1.6%, to $60.55 per barrel. Brent crude, oil's international benchmark, was down 1.35% to $64.11 per barrel.

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