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Market Wrap: Stocks, Bonds, Commodities |
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On Thursday, U.S. stocks closed slightly lower, with the Dow Jones Industrial Average easing 11 points (-0.03%) to 41,953, the S&P 500 down 12 points (-0.22%) to 5,662, and the Nasdaq 100 down 59 points (-0.3%) to 19,677.
Accenture (ACN) slid 7.26%. The consultancy firm said its sales have been affected by the Trump administration's initiative to reduce government contracts with consulting firms.
Rivian Automotive (RIVN) dropped 4.23%. The electric-vehicle maker was downgraded to "neutral" by financial services firm Piper Sandler.
On the other hand, Darden Restaurants (DRI) jumped 5.77%. The restaurant-operator expressed optimism about its full-year prospects.
Carvana (CVNA) gained 5.30%. The online used-car seller was upgraded to "overweight" by Piper Sandler.
The U.S. 10-year Treasury yield declined 1.5 basis points to 4.251%.
Regarding U.S. economic data, the latest number of initial jobless claims increased to 223,000 (vs 225,000 expected).
Existing home sales increased 4.2% month on month in February (vs -0.7% expected).
The Conference Board leading index dropped 0.3% month on month in February (vs -0.2% expected).
European stocks closed lower, with the DAX 40 falling 1.24%, the CAC 40 down 0.95%, and the FTSE 100 down 0.05%.
U.S. WTI crude-oil futures settled up 1.10 dollars (+1.64%) at 68.26 dollars a barrel. Oil prices benefited from the facts that the U.S. issued new Iran-related sanctions, and that OPEC+ issued a new schedule for some members to cut oil output.
Gold price touched another all-time high of 3,057 dollars an ounce.
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The U.S. dollar strengthened against other major currencies as the Federal Reserve signaled it is not in a rush to cut interest rates. The dollar index climbed to 103.78.
EUR/USD fell 45 pips to 1.0856.
USD/JPY added 8 pips to 148.76.
GBP/USD retreated 32 pips to 1.2968. As expected, the Bank of England kept its key interest rates unchanged at 4.50%.
AUD/USD fell 54 pips to 0.6303.
USD/CHF rose 43 pips to 0.8815.
USD/CAD was little changed at 1.4322. Canada's producer-price growth slowed to 4.9% year on year in February (vs 5.0% expected, 5.8% in January).
Bitcoin retreated over 3% to 84,000 dollars.
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In Asian trading hours, USD/JPY advanced to 149.02. Japan's data showed that the core inflation rate slowed to 3.0% year on year in February (vs 2.8% expected, 3.2% in January).
Meanwhile, EUR/USD slipped to 1.0845 and GBP/USD was down to 1.2960.
Gold retreated to 3,032 dollars.
Bitcoin remained subdued at 84,375 dollars.
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The eurozone's consumer confidence index is expected to slip to -14.0 in March.
Canada's retail sales are estimated to grow 0.3% month-on-month in February.
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