Money Markets See Third-Best Month Ever in March as Investors Seek Safe Haven Instruments

The S&P 500 rose slightly on Wednesday, as Wall Street closely monitored the latest round of corporate earnings reports. Investors remained cautiously optimistic as major companies continued to release quarterly figures, with some showing signs of a strong recovery from the pandemic. This live update article provides real-time coverage of the market movements and highlights the key factors driving the S&P 500 higher or lower throughout the day.


Investors flocked to money market funds in March as the banking industry’s turbulence pushed them towards safe-haven instruments. The asset class was boosted by $363bn of inflows, representing the third-highest month on record since 1993, surpassing its recent growth in the early days of the Covid-19 pandemic. The total assets for the group hit $5.2tn by the end of March. The surge in deposits caused a significant reshuffling of funds across categories, with investors investing $1.2bn in the oversold bank stocks for the $3tn SPDR S&P Regional Banking ETF. Meanwhile, US equity funds experienced outflows of $16.5bn, causing discomfort among Wall Street pros, such as Morgan Stanley’s Mike Wilson. Despite the substantial shifts taking place, the market is beginning to feel like a bull market, with stocks rising to their highest levels since November 2021, and up days hitting their highest percentage in over a year, according to Fundstrat Global Advisors’ Tom Lee. Biogen, Pfizer, and Johnson & Johnson are seeing notable gains in anticipation of positive news, while shares of Enphase Energy and Uber received upgrades from Piper Sandler analysts. Steve Eisman of “The Big Short” fame recently advised investors to park their cash in short-term Treasuries to mitigate their financial risk.


In summary, the S&P 500 has seen a slight rise as investors react to the latest round of corporate earnings. While some companies have reported strong results, others have fallen short of expectations, leading to an overall cautious outlook for the markets. As always, investors should remain vigilant and stay up to date on the latest developments in order to make informed decisions. We will continue to monitor the situation and bring you the latest updates as they happen. Thank you for reading.