Global rebound enters day two, Wall Street lags

Many short-term positioning and momentum indicators suggest Wall Street was oversold, so in that light a continuation of the recovery is understandable. Chances for a truce in the Ukraine-Russia war, slender as they may be, are also lending some support to risky assets at the margins.

But there are plenty of reasons to be wary of chasing this bounce too aggressively — Monday saw the release of yet another surprisingly weak U.S. retail sales report, and the White House confirmed President Donald Trump's previous pledge that reciprocal tariffs will come into effect on April 2.

Today's Key Market Moves.

* The MSCI All-Country World Index rises for a second day, its first back-to-back gains in a month. Benchmark European and Asian indices rise 1% or more.

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* Wall Street's three main indices rise between 0.3% and 0.9% as investors continue to 'buy the dip'. This pulls the S&P 500 further away from its recent 'correction'.

* All but one of the S&P 500's 10 sectors rise, and that is consumer cyclicals. A rise in crude oil futures helped lift energy stocks 1.6%, after the U.S. vowed to keep attacking Yemen's Houthis until the group ends assaults on shipping.

* 40-year Japanese Government Bond yields hit a new high of 2.95%, rising for the 13th day out of the last 14, and steepening the JGB curve.

* Gold rises 0.5% on the day to keep a grip on the $3,000 and ounce mark, supported by weak U.S. economic data and falling dollar.

* Rising stocks and a lower dollar and Treasury yields mean U.S. financial