• The two-year yield dropped by more than a half-percentage point, logging the biggest three-day retreat since Black Monday of October 1987, as investors poured into haven assets. The dollar erased its gains for the year on Monday. Traders will soon turn their attention back to Tuesday’s consumer price index report, which could drive further bets on the Federal Reserve’s next move.
• The S&P 500 closed the day down 0.2%, after bouncing between gains and losses amid a rout in bank shares while the policy-sensitive Nasdaq climbed 0.8%, the most in over a week. The fallout from SVB’s collapse prompted President Joe Biden to promise stronger regulation of US lenders, while reassuring depositors that their money is safe.