The S&P 500 is rallying after spending most of today’s session in negative territory. The Nasdaq, however, is still down 0.6%.
Weakness in stocks this morning coincided with a drop in the U.S. dollar against the euro and the Japanese yen. Reports suggest the Ukrainian army has launched an offensive against pro-Russian separatists who have occupied government buildings in eastern Ukrainian towns in recent days, a development that has had markets on edge.
The release of the NAHB-Wells Fargo Housing Market Index at 10 a.m. ET disappointed relative to consensus estimates, suggesting the housing market remains weak despite a return to more normal weather conditions following the unseasonably harsh winter that dragged on economic data. Many of the big moves in markets have occurred since then.
The charts below show movements in various markets. Across the top, from left to right, are S&P 500 futures, the U.S. dollar-Japanese yen exchange rate, and the euro-U.S. dollar exchange rate. Across the bottom are gold futures, five-year U.S. Treasury note futures, and December 2015 eurodollar futures.