Redwood Capital Management Limited: U.S. Market down after Big Rally last week; Oil prices fluctuate

HONG KONG - April 21, 2020 - PRLog -- The MSCI Asia Pacific Index fell 0.3% while MSCI Emerging Market Index declined 0.5%. The S&P 500 fell 1% losing 28.19 points to 2,761.63 after rallying up by 12% last week. The Dow Jones Industrial Average fell 1.4% to 23,390.77. The Nasdaq rose 0.5% to 8,192.42. The Russell 2000 index of smaller company stocks lost 2.8%, to 1,212.04.

Currencies are also down Monday. U.S. Dollar Index (DXY) declined by -0.34%, Euro fell 0.2% to $1.0916, so with Japanese yen which depreciated 0.7% to 107.68 per dollar.

Bonds are quite greenish today. The yield on 10-year Treasuries climbed four basis points to 0.76% while the yield on two-year Treasuries gained two basis points to 0.25%. As yield on 30-year Treasuries increased five basis points to 1.39%.

As for commodities, Gold increased 0.7% to $1,765.30 an ounce. Oil declined also in price, West Texas Intermediate (WTI) crude decreased 0.4% to $22.68 a barrel but Brent Crude is up by .83% to $31.74 per barrel. OPEC and its oil allies finalized a deal to cut production by 9.7 million barrels per day, the single largest output cut in history which was confirmed by President Donald Trump via Twitter.

He said, "The big Oil Deal with OPEC Plus is done. This will save hundreds of thousands of energy jobs in the United States. I would like to thank and congratulate President Putin of Russia and King Salman of Saudi Arabia. I just spoke to them from the Oval Office. Great deal for all!"

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