After a strong start to the month of April (and a strong finish to the month of March, for that matter), equities are up just a bit in the early going today.
Gold and silver are mixed, while the dollar is flat. Oil is adding to its big gains from yesterday, while Treasury prices are a bit lower.
On the news front...
The banking sector chaos continues to settle down. But chatter over what happened is heating up. JPMorgan Chase (JPM) CEO Jamie Dimon used the firm’s annual shareholder letter to chide banking regulators for missing a crisis that was “hiding in plain sight.” Credit Suisse Group AG (CS) Chairman Axel Lehmann apologized to his shareholders publicly at a meeting in Zurich.
Finally, Treasury Secretary Janet Yellen told reporters in Connecticut that government action meant the crisis was “stabilizing.” Let’s hope those words don’t prove premature!
Tesla’s (TSLA) news on auto deliveries didn’t have the desired effect on investors. Shares fell sharply out of concern that auto inventories also rose significantly. Tesla had enough cars on hand to cover 13 days’ worth of sales, a large rise from a year ago and the highest since Q3 2020.
Outside of the financial realm, former President Donald Trump is being arraigned this morning in New York after flying from Florida yesterday. And in Moscow, defense lawyers are set to meet with Evan Gershkovich, the Wall Street Journal reporter arrested and charged with espionage by Russia several days ago.
