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Market Wrap: Stocks, Bonds, Commodities |
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On Friday, the sell-off of U.S. stocks continued, with the S&P 500 falling 108 points (-1.67%) to 6,368, and the Nasdaq 100 down 454 points (-1.93%) to 23,132.
The Dow Jones tumbled 793 points (-1.73%) to 45,166.
On a weekly basis, all the three major indexes have extended their losses to a fifth straight week.
And both the Nasdaq 100 and the Dow Jones have entered correction territory, as they have slid over 10% from their recent highs.
Although U.S. President Donald Trump delayed actions to destroy Iran’s energy plants for 10 days to April 6, there were reports that the U.S. planned ground operations in Iran.
Investors were concerned that uncertainties over the Iran war would drive oil prices and inflation higher.
U.S. WTI crude-oil futures settled 5.16 dollars higher (+5.46%) at 99.64 dollars a barrel on Friday. In early Asian hours on Monday, oil futures bounced to 103.00 dollars a barrel.
The U.S. 10-year Treasury yield climbed 1.6 basis points to 4.428%.
Tech giants encountered heavy selling pressure on Friday, with Meta (META) losing 3.99%, Amazon (AMZN) down 3.95%, Tesla (TSLA) down 2.76%, Microsoft (MSFT) down 2.51%, Alphabet (GOOGL) down 2.34%, and Apple (AAPL) down 1.62%.
Major chip stocks also fell, with Nvidia (NVDA) dropping 2.21%, Intel (INTC) down 2.20%, and Broadcom (AVGO) down 2.82%.
Bitcoin sank to 66,000-dollar levels, dragging related stocks, with Coinbase (COIN) falling 7.06%, and Strategy (MSTR) down 5.19%.
On the other hand, energy stocks rose alongside rallying oil prices, with Halliburton (HAL) gaining 4.20%, APA Corp (APA) up 3.71%, and Exxon Mobil (XOM) up 3.36%.
European stocks remained under pressure, with the DAX 40 declining 1.38%, the CAC 40 down 0.87%, and the FTSE 100 down 0.05%.
Gold rebounded 115 dollars (+2.63%) to 4,492 dollars an ounce.
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The U.S. dollar has held its strength against other major currencies amid Iran-war uncertainties, with the dollar index surpassing the key level of 100.
USD/JPY finally crossed above the psychologically-significant level of 160.00, marking an 8-month high.
USD/CHF struck 0.8000, and USD/CAD approached 1.3900.
EUR/USD struggled at levels around 1.1500.
GBP/USD remained subdued at levels around 1.3250. U.K. retail sales declined 0.4% month on month in February (vs -0.6% expected, +2.0% in January).
Bitcoin tumbled over 3% to 66,300 dollars on Friday, and sank further to test support at 66,000 dollars over the weekend.
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In Asian trading hours, EUR/USD rebounded to 1.1515 and GBP/USD edged up to 1.3268.
Meanwhile, USD/JPY retreated to 159.78.
Gold climbed to 4,510 dollars.
Bitcoin traded higher at 67,112 dollars.
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Germany's inflation is expected to climb to 2.6% year-on-year in March.
In the U.S., the Dallas Fed manufacturing index is estimated to improve to 0.7 in March.
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