A Clawback To Flat

2025-04-01 01:15:00 ET

Summary

• Stocks began the week with a sprightly little recovery, bouncing off the opening lows. Tech stocks came under pressure.
• WTI crude oil surged 3.1% to a five-week high on geopolitical pressure.
• Economic data were mixed. The Chicago PMI rose for the third month in a row, hitting a high not seen since November. Meanwhile, the Dallas Fed’s business activity index slid to its worst reading since last July, while the outlook uncertainty index rose to a level not seen since fall 2022.
• Richmond Fed President Tom Barkin said consumers are exhausted and frustrated with high prices but he’s in no hurry to cut rates, due to uncertainty around tariffs.

Originally published on March 31, 2025

Stocks began the week with a sprightly little recovery, bouncing off the opening lows as if stumbling through five of the last six weeks had been a clerical error. The rally was so inexplicable that it might as well have been sponsored by the Tooth Fairy....

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