Stock Market Update

[BRIEFING.COM] Today's trade has been choppy, again. The major equity indices have traded above and below prior closing levels as participants digest the latest developments on the tariff front.

China announced an 84% tariff rate on U.S. imports, which goes into effect tomorrow, in response to the 104% levy on imports from China by the U.S. that went into effect at midnight.

The EU's retaliatory measures are seen as better than feared after announcing a 25% tariffs on $23 billion of U.S. goods effective April 15.

Big tech names, which are less impacted by the EU's measures, have helped propel the broader equity market higher. NVIDIA (NVDA 101.88, +5.58, +5.8%), Apple (AAPL 182.53, +10.10, +5.9%), and Microsoft (MSFT 367.62, +13.04, +3.7%) are some of the biggest winners in the space.

Gains in the aforementioned names have contributed to the 4.0% move higher in the S&P 500 technology sector. The discretionary sector is another top performer, up 1.7%, along with industrials (+1.6%).

The defensive-oriented health care (-0.5%) and utilities (-0.3%) sectors have underperformed.

Market participants are closely watching the Treasury market, which has contributed to the market's negative sentiment of late. The 10-yr yield is nine basis points to 4.40%. 

Reviewing today's economic data:

• Weekly MBA Mortgage Applications Index 20.0%; Prior -1.6%
• February Wholesale Inventories 0.3% (Briefing.com consensus 0.3%); Prior 0.8%