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LIVE MARKETS-Dollar, Treasuries and S&P 500 - some numbers

ReutersApr 9, 2025 9:35 AM
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DOLLAR, TREASURIES AND S&P 500 - SOME NUMBERS

Everyone's talking about correlations between U.S Treasuries the dollar and stocks. HSBC has gone back through the data to help us with some milestones.

By their sums, since 2000, there have only been 441 trading sessions where the U.S.10 year yield rose, US10YT=RR the dollar declined, and the S&P 500 fell .SPX – or only 6.7% of the time. One of them was Tuesday.

HSBC adds that this triumvirate never lasted more than three consecutive days.

But we're getting close to that three on three.

The S&P 500 has closed lower for four sessions, so that's a tick. But while U.S. yields rose Monday and Tuesday, and are higher on Wednesday, they fell on Friday, so that doesn't work, and also the dollar -- as measured by the dollar index .DXY -- strengthened on Monday.

So we've got a bit to go to manage that.

Still the fact we are even talking about such things is not a good sign.

HSBC continues: "Taking the exercise back to the early 1970s to include U.S. stagflation periods, the maximum number of consecutive days when this 'triple threat' occurred was four."

"This gives us a framework to think about, when considering how unusual this combination is and what to monitor next, time wise. If the recent price action were to last four days or more, this could point to something more worrisome."

(Alun John)

FOR EARLIER LIVE MARKETS POSTS:

LESS PANICKED THAN EARLIER, BUT THAT'S A LOW BAR CLICK HERE

EUROPE BEFORE THE BELL: SHARE SELLOFF RESUMES, TREASURIES IN FOCUS CLICK HERE

MORNING BID: MARKETS COWER AS 104% TARIFFS ON CHINA BEGIN CLICK HERE

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