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Market Wrap: Stocks, Bonds, Commodities |
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On Tuesday, U.S. stocks retreated, with the S&P 500 slipping 24 points (-0.37%) to 6,556, and the Nasdaq 100 down 186 points (-0.77%) to 24,002,
The Dow Jones closed 84 points (-0.18%) lower at 46,124.
Oil prices rebounded from a loss of over 10% in the prior session, with U.S. crude-oil futures gaining 4.22 dollars (+4.79%) to 92.35 dollars a barrel.
Reports said the U.S. would deploy an additional 3,000 troops to support military operations against Iran.
Also, it was reported that the U.S. has sent Iran a 15-point plan aimed at ending the war.
Energy stocks were boosted by rebounding oil prices, with Exxon Mobil (XOM) climbing 2.64%, Marathon Petroleum (MPC) up 4.89%, and APA Corp (APA) up 4.53%.
Software stocks came under pressure with Microsoft (MSFT) falling 2.68%, Oracle (ORCL) down 4.70%. In fact, the iShares Expanded Tech-Software Sector ETF (IGV) sank 4.29% on news that Amazon is developing a new artificial intelligence (AI) tool to automate some functions for sales and business development.
Meanwhile, Alphabet (GOOGL) fell 3.85%, Meta (META) dropped 1.84%, and Amazon (AMZN) was down 1.38%.
Estee Lauder (EL) plummeted 9.85% after confirming merger talks with Spanish beauty company Puig.
Jefferies Financial Group (JEF) rose 2.53% on reports that Japan's Sumitomo Mitsui Financial Group is considering a potential takeover.
The U.S. 10-year Treasury yield gained 1.8 basis points to 4.368%.
In Europe, the DAX 40 dipped 0.07%, while the CAC 40 added 0.23%, and the FTSE 100 was up 0.72%.
Gold rebounded 68 dollars (+1.54%) to 4,474 dollars an ounce, halting a four-session losing streak.
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The U.S. dollar regained some strength against other major currencies, with the dollar index rebounding to 99.42.
Regarding U.S. economic data, the Richmond Fed manufacturing index jumped to 0 in March (vs -11 expected, -10 in February).
The S&P Global U.S. composite index posted at 51.4 in March (vs 50.5 expected, 51.9 in February).
EUR/USD eased 14 pips to 1.1598.
USD/JPY rose 40 pips to 158.83.
GBP/USD slipped 27 pips to 1.3401, and AUD/USD dipped 25 pips to 0.6983.
USD/CHF climbed 28 pips to 0.7890, and USD/CAD advanced 27 pips to 1.3753.
Bitcoin managed to keep the key level of 70,000 dollars.
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In Asian trading hours, AUD/USD fell to 0.6973. Australia's inflation rate eased to 3.7 year-on-year in February, below 3.8% estimated.
Meanwhile, EUR/USD was steady at 1.1605 while GBP/USD was little changed to 1.3405.
USD/JPY was broadly flat at 158.78.
Gold bounced to 4,575 dollars.
Bitcoin was stable at 70,681 dollars.
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Germany's Ifo business climate index is estimated to slip to 86.4 in March.
U.K. inflation is expected to stay at 3.0% year-on-year in February.
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