March 22 is in the books here on Wall Street. Here's the "New York Minute." And it's been a tough day in London, and a difficult day for stock markets around the world, as the sell-off that started here on Tuesday continues. But we did see a recovery of sorts here in New York. In terms of the bond market, that's certainly helped stocks. You can see that the 10-year treasury yield has now completed its round trip for March. It's lower than it started. The great breakout upward still hasn't happened.
Meanwhile, the dollar continues to weaken, also helping US stocks. Very intriguing to see how much lower it can go. This is now near the bottom of its recent range.
The most important new data we had today was on US oil inventories. As you can see, they're at record levels. Very hard for the oil price to rise very much under these conditions.
Meanwhile, here, you also saw the continued sell-off of anything to do with US retailing. As you can see, both apparel stocks and retail malls are taking a pounding. We had disappointing results from Nike today, and that trend shows no signs of abating. And that's the "New York Minute."