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Market Wrap: Stocks, Bonds, Commodities |
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On Monday, U.S. stocks rebounded after U.S. President Donald Trump said he had "very good and productive conversations" with Iran, with the S&P 500 rallying 74 points (+1.15%) to 6,581, and the Nasdaq 100 up 290 points (+1.22%) to 24,188.
The Dow Jones jumped 631 points (+1.38%) to 46,208.
Trump added in his social-media post that U.S. forces will postpone military strikes against Iranian power plants and energy infrastructure for five days.
And he later told reporters that both the U.S. and Iran wanted to "make a deal".
Oil prices staged a dramatic reversal on hopes of resolution of the Iran war. U.S. crude-oil futures ran up to 101 dollars a barrel in early Asian hours on Monday, but reversed through the session to settle at 88.13 dollars a barrel, down 10.10 dollars or 10.28% compared to Friday.
The U.S. 10-year Treasury yield closed 3.4 basis points lower at 4.350%.
All tech giants rebounded on Monday, with Tesla (TSLA) rising 3.50%, Amazon (AMZN) up 2.32%, Meta (META) up 1.75%, Nvidia (NVDA) up 1.70%, and Apple (AAPL) up 1.41%.
Palantir Technologies (PLTR) surged 6.74%, outperforming those tech giants.
Cruise stocks performed well, with Norwegian Cruise Line (NCLH) climbing 6.17%, and Carnival (CCL) up 5.51%.
Airline stocks also closed higher, with United Airlines (UAL) gaining 4.46%, and American Airlines (AAL) up 3.64%.
Meanwhile, Micron Technology (MU) fell a further 4.39%, and Sandisk (SNDK) was down 1.02%.
In Europe, the DAX 40 rebounded 1.22%, and the CAC 40 was up 0.79%, while the FTSE 100 closed 0.24% lower.
Gold once tumbled over 8% to levels around 4,100 dollars an ounce in Asian trading hours on Monday, but worked its way back up to 4,400 dollars an ounce at close. However, it was still down 84 dollars (-1.89%) on day, posting a four-session decline.
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The U.S. dollar softened against most other major currencies after Trump delayed striking Iran’s energy infrastructure. The dollar index fell to 99.12.
EUR/USD rose 40 pips to 1.1610.
USD/JPY failed again to reach the key level of 160, declining 76 pips to 158.46.
GBP/USD advanced 85 pips to 1.3424, while AUD/USD dropped 15 pips to 0.7008.
USD/CHF slipped 15 pips to 0.7864, while USD/CAD was little changed at 1.3725.
Bitcoin rebounded alongside risk assets, bouncing over 4% to levels above 70,000 dollars.
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In Asian trading hours, USD/JPY edged up to 158.65. Japan's core inflation rate slowed to 1.6% year-on-year in February, below 1.8% expected.
Meanwhile, EUR/USD retreated to 1.1583 and GBP/USD eased to 1.3400.
Gold fell to 4,360 dollars.
Bitcoin held gains at 70,472 dollars.
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Germany's HCOB manufacturing purchasing managers index is expected to slip to 49.9 in March.
In the U.K., the S&P Global manufacturing purchasing managers index is estimated to drop to 51.1 in March, while the services index is anticipated to be down to 52.8.
In the U.S., the Richmond Fed manufacturing index is expected to slip to -11 in March, while the S&P Global manufacturing purchasing managers index is estimated to drop to 50.2 and the services index is anticipated to decline to 50.4.
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