Morning View

Stock indices rise amid hopes of a de-escalation of the geopolitical conflict

International

Yesterday, the conflict between the United States and Iran showed signs of easing following statements by Iranian President Masoud Pezeshkian, who asserted that his country has the “necessary will” to end the ongoing war with Israel and the United States, but is seeking guarantees that the conflict will not recur. Meanwhile, U.S. President Donald Trump stated that he expects the war to end within the next two to three weeks. 

Against this backdrop, the major U.S. stock indices rose significantly yesterday. The S&P 500 rose +2.9%, while the Nasdaq led the gains with a +3.8% increase, and the Dow Jones followed with a +2.5% rise. Thus, year-to-date, the indices have accumulated changes of -4.6%, -7.1%, and -3.6%, respectively.

Meanwhile, the U.S. Treasury yield curve flattened. The 1-year Treasury note’s yield fell from 3.65% to 3.62%, while the 3-year Treasury note’s yield dropped from 3.82% to 3.78%. For the 10-year segment, the yield fell to 4.28% from the previous 4.32%.

Finally, the JOLTS employment survey, which measures open job vacancies, was released yesterday for the month of February. The survey shows that there were 6.882 million job vacancies during the period, which is close to the 6.9 million figure expected by the consensus of analysts. In addition, the February figure was revised upward, from 6.946 million to 7.24 million job openings. In the Eurozone, the February unemployment rate was released, coming in at 6.2%, slightly above the expected figure of 6.1%.

Source: PUENTE Hnos, Bloomberg

In the Eurozone, preliminary inflation for March stands at +2.5% year-over-year

International

In the Eurozone, preliminary March inflation figures were released this morning, showing a year-over-year increase of 2.5%, which is slightly below the 2.6% expected by the consensus of analysts and above the 1.9% recorded the previous month. The core measure, which excludes food and energy from the basket, stood at +2.3% year-over-year, also below the expected +2.4%.

Major U.S. stock indices closed mixed yesterday. The S&P 500 closed down -0.4%, accumulating a -7.3% decline so far in 2026. The Nasdaq fell -0.7%, bringing its year-to-date decline to -10.5%, while the Dow Jones rose +0.1% on the day, though it also remains down -5.9% for the year.

Today, the JOLTS job openings survey will be released, measuring the number of open job vacancies for the month of February. It is expected that there were 6.89 million job openings during the period, which represents a slight decline from January, when 6.95 million openings were recorded.

Finally, the U.S. Treasury yield curve flattened across the board yesterday. The yield on the 1-year bond fell from 3.75% to 3.70%, while the yield on the 3-year bond fell from 3.94% to 3.85%. Meanwhile, the yield on the 10-year bond also narrowed from 4.43% to 4.35%.

Source: PUENTE Hnos, Bloomberg