Bonds & Stocks
Stock traders decided to take some chips off the table at the start of a week that will bring the Federal Reserve’s preferred inflation measure — on a day when markets will be closed. Equities pulled back after a rally that drove the S&P 500 to multiple records, spurring speculation the market has gone too far, too fast. Investors also took a cautious stance on bets the personal consumption expenditures price index — due on Good Friday — will show inflation probably remained uncomfortably high. On that same day, Jerome Powell is due to speak. The S&P 500 fell below 5,220. Intel Corp. slipped on a news report China is limiting the use of foreign chips. Boeing Co. climbed after announcing that its chief will step down. Treasury 10-year yields rose five basis points to 4.25%. Bitcoin topped $70,000.
Economy
Employment in nearly one-third of US states remains below pre-pandemic levels, with California and New York registering the steepest declines that likely reflect a pickup in migration to other parts of the country. In 16 states, a total of more than one million fewer people were employed, based on household data from the US Bureau of Labor Statistics. Maryland and Illinois also had notable decreases in employment since February 2020. In Los Angeles County alone, the number of employed has fallen 266,500 over the past four years, and in New York City it’s down nearly 133,000.
World
A major commuter bridge in Baltimore collapsed after being struck by a container ship, causing vehicles to plunge into the water and halting shipping traffic at one of the most important ports on the US East Coast. Baltimore Fire Chief James Wallace said two people had been rescued from the scene, one of whom was seriously injured. Authorities were looking for up to seven people who are believed to be in the water, although it was unclear if that included the two who were rescued.