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The DJIA fell 1.50% The S&P 500 was down 0.47% The Nasdaq Composite slipped 0.56%
Energy led the market down.
General Market Review
Energy
OPEC+ will meet on Thursday to set quotas on oil output for the month of April. Analysts expect an output increase to match recovering demand. Oil prices dropped due to contentious forecasts for the OPEC+ meeting. Chevron fell close to 3%.
Financials
The 10-year Treasury yield fell to 1.42%. Credit spreads are contained, but if a sell off occurs, it will weigh on the Fed. After yesterday’s spike in the 10-year yield, riskier equities lost their fixed-payment premium.
Tech
Amazon.com and Alphabet closed in the green, recovering from yesterday’s fears from the rise in the 10-year yield. Salesforce.com beat estimates for fourth quarter results. The company fell short on its yearly forecast, due to acquiring Slack for $27.7 billion by mid-2021. CRM fell 6.31%.
