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Stocks tanked Monday as geopolitical concerns added to inflation concerns and put more pressure on financial conditions, a familiar but nightmarish tale for bullish investors hoping for stock indexes to hold their record levels.After sitting positive for much of Monday fresh off of its worst week of 2024, the S&P 500 turned negative and ended the day down 1.2% at 5,062, its lowest closing price since Feb. 21.
The blue chip Dow Jones Industrial Average and tech-heavy Nasdaq fell 0.7% and 1.8%, respectively, with Salesforce’s 7% loss and Tesla stock’s 6% drop leading the negative charge. The equity selloff came as bond yields sharply increased as the market moved into less risky bets as Israel’sresponse to Iran’s weekend drone strikes underscored escalating violence in the Middle East.
Yields for 10-year U.S. Treasury notes jumped 12 basis points to over 4.6%, their highest level since Nov. 13, and similar rises in short-term government bonds indicate the market’s hopes are fleeting for a near-term reduction in interest rates. Higher yields weigh on stock prices for several reasons, chiefly because they make debt financing more expensive for the many companies who rely on debt offerings to operate, and they make investors more prone to keep their money in bonds, where there is a safer rate of return than in equities.
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NFIB Small Business Optimism Index Hits Lowest Level Since 2012The NFIB's index, updated monthly for nearly 40 years, was 88.5 in March, the lowest level since December 2012. Inflation is now the top concern for small business owners, with a quarter of them citing it as their most important problem. While the labor market has eased up slightly, finding workers remains a challenge, particularly in the transportation and construction sectors.
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Small Business Optimism Hits Lowest Level Since 2012The NFIB's business optimism survey showed a reading of 88.5, down nearly a point from February and the lowest since December 2012. A quarter of all respondents cited inflation, and in particular higher input and labor costs, as their most pressing issue. Small business confidence hit its lowest level in more than 11 years for March as proprietors worried that inflation is still very much a problem.
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Small Business Optimism Hits Lowest Level Since 2012The NFIB's business optimism survey shows that small business confidence has reached its lowest level since 2012 due to concerns about inflation and rising input and labor costs.
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Small business optimism hits lowest level since 2012: NFIBThe NFIB's Small Business Optimism Index slid in March to its lowest level since December 2012 amid concerns about inflation, high interest rates and labor market challenges.
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Swiss inflation hits lowest level in two and half yearsSwiss inflation hits lowest level in two and half years
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Venture Deal Volume Hits Lowest Level Since 2017Venture deal volume in the U.S. slumped to its lowest level since 2017 in the first quarter, according data published this week by PitchBook. The story was similar across the globe, with worldwide volume reaching its lowest since 2016 and total deal value falling to a level not seen since 2019. "Sticky inflation has pushed hope of interest rate cuts to the back half of the year, and recession remains a possibility," PitchBook analysts wrote. Even with hot artificial intelligence startups scoring hefty investment rounds at massive valuations, the broader venture funding environment remains ice cold.
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