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Market Wrap: Stocks, Bonds, Commodities |
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On Monday, major U.S. stock indexes fell over 1%, with the S&P 500 dropping 71 points (-1.04%) to 6,837, and the Nasdaq 100 down 303 points (-1.21%) to 24,708.
The Dow Jones slid 821 points (-1.66%) to 48,804.
Market sentiment was dampened by the U.S. Supreme Court ruling on President Donald Trump’s tariff practices and his latest tariff hike over the weekend.
Most tech giants closed lower, with Microsoft (MSFT) losing 3.21%, Tesla (TSLA) down 2.91%, Meta (META) down 2.81%, and Amazon (AMZN) down 2.30%.
Eli Lilly (LLY) jumped 4.86%, while Novo Nordisk (NVO) plummeted 16.43%. Novo Nordisk’s latest trial on its next-generation weight loss drug failed to show it can compete with a rival drug made by Eli Lilly.
Airline stocks were dragged by the massive cancellation of flights caused by a powerful blizzard in the U.S. Northeast, with United Airlines (UAL) falling 5.18%, America Airlines (AAL) down 4.86%, and Delta Air Lines (DAL) down 3.69%.
Corning (GLW) advanced 4.11% after bouncing over 7% in the prior session, and Sandisk (SNDK) closed 2.54% higher after gaining over 4% in the prior session.
VF Corp (VFC) slid 7.32% after being downgraded to "underweight" by JPMorgan.
The U.S. 10-year Treasury yield fell 5.5 basis points to 4.031%.
European stocks also closed lower, with the DAX 40 dropping 1.06%, the CAC 40 down 0.22%, and the FTSE 100 down 0.02%.
Gold rallied for a fourth straight session, jumping 120 dollars (+2.36%) to 5,228 dollars an ounce.
U.S. WTI crude futures dipped 17 cents to 66.31 dollars a barrel.
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The U.S. dollar index eased to 97.70.
Regarding U.S. economic data, factory orders declined 0.7% month on month in December after increasing 2.7% in November.
The Dallas Fed manufacturing index rose to 0.2 in February from -1.2 in January.
EUR/USD added 9 pips to 1.1789. Germany's Ifo business climate index rose to 88.6 in February from 87.6 in January.
USD/JPY declined 35 pips to 154.70.
GBP/USD climbed 7 pips to 1.3489, while AUD/USD fell 24 pips to 0.7059.
USD/CHF slipped 17 pips to 0.7741, while USD/CAD advanced 18 pips to 1.3696.
Bitcoin sank alongside risk assets, tumbling over 4% to cross below the key level of 65,000 dollars.
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In Asian trading hours, EUR/USD fell to 1.1780 while GBP/USD was little changed at 1.3490.
Meanwhile, USD/JPY rebounded to 155.05.
Gold eased to 5,188 dollars.
Bitcoin remained under pressure at 64,006 dollars.
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In the U.S., the Conference Board consumer confidence index is expected to climb to 85.0 in February, while the Richmond Fed manufacturing index is estimated to drop to -8.
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