S&P 500 surges over 2% as traders embrace lower Treasury yields. Bank stocks push higher despite rumors surrounding Credit Suisse. Tesla shares plunge as Q3 deliveries miss estimates.
and the S&P 500 put in their worst months since March 2020, as major US equity benchmarks sit perched perilously around their June lows. The S&P 500 lost 9.3% in September as higher US Treasury yields continued to push investors out of risk assets. Fed policy remains in focus as traders look to navigate a market where the element of price discovery returns to the forefront. While Monday’s bounce will be welcomed by many, it remains to be seen if it is just an “oversold bounce.
Despite the overarching theme of higher borrowing costs, a bid into Treasuries across the curve offered some reprieve for stocks on Monday. Lower yields saw thecontinue to ease from recent highs while equities bounced sharply from overnight lows. Energy names are putting in a strong rally during today’s session, with WTI advancing by more than 5.5% at one point. Notably, the VIX slipped back below 30.
Monday’s broad based rally sees extremely strong breadth, with advancing names far outnumbering declining names. Shares of Apple, Microsoft, and Google pushed tech higher, while Chevron, Exxon Mobil, and ConocoPhillips carried the energy sector higher. Bank stocks also advanced despite weekend rumblings over the health and stability of major investment bank Credit Suisse. Notably, shares of Tesla are lower by over 8.
While the longer-term trend continues to point to lower prices, positioning and fresh quarterly flows may allow for a bounce from current levels. If bulls can take price beyond 3720, we may see a squeeze that could take us back the 3802 fib level. However, if today’s rally succumbs to the pressure of the overarching macro environment, price may sink back into the 3620-3630 zone.
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