- Stocks handed back some of yesterday's big gains, with some market watchers blaming the drop on reduced expectations for Q1 earnings.
- "Everyone's nervous about what's coming [next] quarter... the path of least resistance seems down," said Maris Ogg, president of Tower Bridge Advisors.
- Today's action left the Dow with a slight decline for the quarter but the ninth consecutive positive quarter for the S&P 500 and Nasdaq.
- The discretionary sector (-0.5%) lost ground but finished ahead of its peers with home builders contributing after DR Horton was upgraded at Susquehanna.
- Energy (-0.9%) lagged amid weakness in crude oil, with WTI falling 1.9% to $47.72/bbl and locking in a 12.7% decline for Q1.
- Dollar strength again was a headwind for oil, as the Dollar Index added 0.3% for the day and spiked more than 8% on the quarter.
- Investor participation was above average, with ~950M shares changing hands at the NYSE floor.
- Treasury prices scratched out slim gains, with the 10-year yield slipping 2 bps to 1.93%.