March 21st is in the books here on Wall Street. Here's the New York Minute. And at last we've had a fall of more than 1% for the day in the S&P 500. That's the first time that has happened since the election. Now, one interesting finding is that we now see that Europe, as in the FTSE Eurofirst 300 has actually outperformed the S&P since Donald Trump was elected back in November.
A big part of that is that the gap between US and German bond yields has narrowed quite sharply in the last few days. That's obviously a response to the moves that we've heard from both central banks. Obviously politics has also played a part. People are less pessimistic about European politics. If we take a look at the oil price, you can see that the correction there continues.
It's now clearly below its 200 day moving average for the first time in more than a year. That has spooked people. If you take a look at the S&P energy index of energy stocks, you can see that they are no better, really, compared to the market, than they were at the low now more than a year ago. This isn't the end of the Trump trade, but it's certainly a reassessment of it. And that's the New York Minute.