All You Need To Know Going Into Trade On March 16
U.S. stocks mirrored the unease across global markets as traders across the world were spooked by fresh turmoil at Credit Suisse, shortly after the collapse of three American regional banks.
Speculations of another 25 basis point hike by the Federal Reserve did little to help. The S&P 500 fell 1.9%, while the tech-heavy Nasdaq 100 was down 1% by 12:53 p.m. in New York. The yield on 10-year Treasuries nosedived 27 basis point to 3.42%.
West Texas Intermediate crude was down 7.2%, whereas Brent crude slipped below $75 a barrel for the first time since December 2021. Gold prices surged 1.6% as investors moved away from riskier assets, while Bitcoin fell 1.7% to trade around $24,200 level.
Indian benchmark indices—Sensex and Nifty—tanked for the fifth consecutive day to end at their lowest respective levels since October, as financial and banking stocks led the decline.
The Indian rupee maintained its downward trajectory against the U.S. dollar for the fourth day in a row amid a surge in demand for the greenback and continued FPI outflow.