Stock Market Update

[BRIEFING.COM] The equity market is experiencing a surge of buying interest after reports that the April 2 reciprocal tariffs could be narrower than previously thought.

Seven of the S&P 500 sectors are higher by more than 1.0%. The consumer discretionary (+3.1%) and communication services (+2.1%) sectors are the top performers by a wide margin, boosted by their respective mega cap constituents.

Tesla (TSLA 269.10, +20.10, +7.9%) and Meta Platforms (META 618.24, +21.99, +3.7%) are standouts in that respect. 

All 11 S&P 500 sectors are higher with the defensive-oriented consumer staples (+0.6%) and health care (+0.6%) sectors at the bottom of the pack.

The S&P Global US Manufacturing PMI dipped to 49.8 in the preliminary March reading from 52.7. A reading below 50.0 is indicative of contraction. The S&P Global US Services PMI rose to 54.3 in the preliminary March reading from 51.0.

Treasury yields made a sharp turn higher in response. The 10-yr yield moved to 4.32% from 4.29%.