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Market Wrap: Stocks, Bonds, Commodities |
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On Friday, U.S. stock indexes extended their record-breaking rally, with the S&P 500 advancing 84 points (+1.20%) to 7,126, and the Nasdaq 100 up 339 points (+1.29%) to 26,672, both record-high closing levels.
The Dow Jones climbed 868 points (+1.79%) to 49,447.
Also, the small-cap Russell 2000 also jumped 57 points (+2.11%) to a record-high closing level of 2,776.
On a weekly basis, major U.S. stock indexes were up for three consecutive weeks.
Just before the bell on Friday, Iran’s foreign minister said the Strait of Hormuz was fully open, while U.S. President Donald Trump said the U.S. naval blockade on Iranian ports would remain in place.
However, over the weekend, Iran announced the closure of the Strait of Hormuz again, blaming the continued U.S. naval blockade.
The U.S.-Iran ceasefire will end on Wednesday, and Trump said his representatives were going to Islamabad, Pakistan for negotiations.
U.S. tech giants posted further gains on Friday, with Tesla (TSLA) rising 3.01%, Apple (AAPL) up 2.59%, Meta (META) up 1.73%, and both Nvidia (NVDA) and Alphabet (GOOGL) up 1.68%.
Travel-related stocks got a boost, with Royal Caribbean Cruises (RCL) jumping 7.34%, Carnival (CCL) up 6.99%, American Airlines (AAL) up 4.16%, and United Airlines (UAL) up 7.12%.
Bitcoin was buoyed, lifting related stocks, with Strategy (MSTR) jumping 11.80%, and Coinbase (COIN) up 3.26%.
Energy stocks came under pressure, with Exxon Mobil (XOM) falling 3.65%, Chevron (CVX) down 2.21%, and APA Corp (APA) down 5.70%.
Netflix (NFLX) plunged 9.72% after issuing a downbeat guidance and announcing that Reed Hastings, the company’s co-founder and current chairman, will exit the board.
The U.S. 10-year Treasury yield retreated 6.7 basis points to 4.248%.
European stocks also finished in positive territory, with the DAX 40 rising 2.27%, the CAC 40 up 1.97%, and the FTSE 100 up 0.73%.
On Friday, U.S. WTI crude futures settled down 10.48 dollars (-11.45%) at 83.85 dollars a barrel after Iran said the Strait of Hormuz was fully open. But crude futures rebounded more than 7% at the open on Monday’s session after Iran closed the strait again.
Gold price fell 87 dollars to 4,742 dollars an ounce.
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The U.S. dollar gained further strength, with the dollar index climbing further to 98.28.
At the open of Monday’s session, EUR/USD eased 21 pips to 1.1743, extending its decline to a third session.
USD/JPY rebounded 36 pips to 159.00.
GBP/USD slipped 25 pips to 1.3491, and AUD/USD dipped 24 pips to 0.7144.
USD/CHF added 14 pips to 0.7830, and USD/CAD gained 10 pips to 1.3705.
Bitcoin climbed alongside risk assets on Friday, touching a high of 78,390 dollars. However, over the weekend, it pulled back to levels below 74,000 dollars.
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In Asian trading hours, EUR/USD edged up to 1.1758 and GBP/USD rebounded to 1.3503.
Meanwhile, USD/JPY eased to 158.82.
Gold bounced to 4,800 dollars.
Bitcoin traded slightly higher at 74,509 dollars.
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Germany's producer price index is expected to drop 1.8% year-on-year in March.
Canada's inflation is estimated to climb to 2.5% year-on-year in March.
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