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April 18th is in the books on Wall Street. And it has been a day of declines across major stock indices, as US treasury yields, which move inversely to price continued to benefit from the broad risk of sentiment among investors. The benchmark 10-year treasury yield fell the most, since the Fed's meeting in March, where despite raising interest rates the central bank was seen to give a dovish signal to the market, with longer dated yields backing off shortly after.
The probability of a further rise in policymakers target interest rate when the Fed meets in June has fallen to around 40% down from 50% yesterday and 60% last week. Amid continued geopolitical tension and some disappointing earnings, stock markets fell. Defensive stocks continue to outperform with consumer staples, real estate, and utility sectors of the S&P 500 all finishing the day with gains, with the index dragged down by health-care, financials, and energy stocks. Oil prices continue to fall in line with yesterday's poor performance. Other haven assets, like gold, edged higher. And that's the New York Minute.