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Beware of Belief Perseverance

Daily Recap

U.S. markets spent most of the day in the green, but sold off towards the close. The Industrials ended the day down 20 points, while the Transports lost 0.47%. The Nasdaq and S&P 500 were down by less than half a percent. Oil gained, touching the $40 mark for the first time in a couple weeks, and gold tacked on about $14/ounce.

 

Europe's STOXX 600 ended the day up 0.3% while China's Shanghai Composite rose 1.6%. Inflation data in China showed a stabilization in consumer prices, rising 2.3% over the last year and matching February's figures. This temporarily assuages fears of outright deflation in China.

 

There was no major U.S. economic data released today.

 

First-quarter earnings season kicks off after the close. This week we'll hear from a few of the largest banks, including J.P. Morgan, Citigroup, and Bank of America. Recall that this earnings season is expected to be one of the worst since the financial crisis.

 

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