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Market Wrap: Stocks, Bonds, Commodities |
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On Tuesday, major U.S. stock indexes pared early gains to close modestly lower, with the S&P 500 easing 14 points (-0.21%) to 6,781, and the Nasdaq 100 down 10 points (-0.04%) to 24,956.
The Dow Jones dipped 34 points (-0.07%) to 47,706.
Apart from saying that the war against Iran will end very soon, U.S. President Donald Trump threatened to hit Iran "20 times harder" if it disrupted the flow of oil within the Strait of Hormuz.
And Trump said he was considering easing oil sanctions on Russia.
U.S. WTI crude futures settled 11.32 dollars lower (-11.94%) at 83.45 dollars a barrel on Tuesday, but soon jumped back to 88 dollars a barrel in early Asian hours on Wednesday.
U.S. Chip stocks remained buoyed on Tuesday, with Nvidia (NVDA) rising 1.16%, Micron (MU) up 3.54%, and Intel (INTC) up 2.63%.
Data-storage companies also traded higher, with Sandisk (SNDK) gaining 5.12%, Seagate (STX) up 2.66%, and Western Digital (WDC) up 1.59%.
Centene (CNC) plummeted 15.97%. Though the health insurer reaffirmed its 2026 earnings guidance, investors seemed not impressed.
Oracle (ORCL) closed 1.43% higher, and surged over 8% in after-market hours as the company reported 20%-plus growth rates on revenue and earnings for the first quarter in over 15 years.
The U.S. 10-year Treasury yield climbed 5.4 basis points to 4.156%.
European stocks rebounded, with the DAX 40 gaining 2.39%, the CAC 40 up 1.79%, and the FTSE 100 up 1.59%.
Gold rose 53 dollars (+1.03%) to 5,192 dollars an ounce.
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The U.S. dollar index declined to 98.92 on Tuesday.
Regarding U.S. economic data, existing home sales increased 1.7% month on month in February, faster than expected.
EUR/USD fell 22 pips to 1.1614.
USD/JPY gained 37 pips to 158.01. Japan's household spending fell 1.0% year on year in January (vs -2.2% expected).
GBP/USD slipped 17 pips to 1.3418, while AUD/USD rose 46 pips to 0.7119.
USD/CHF added 13 pips to 0.7784, while USD/CAD dipped 7 pips to 1.3579.
Bitcoin climbed 2% to challenge the key level of 70,000 dollars.
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In Asian trading hours, USD/JPY climbed to 158.30. Japan's producer price index rose 2.0% year-on-year in February, below 2.3% expected.
Meanwhile, EUR/USD edged up to 1.1625 and GBP/USD rebounded to 1.3445.
Gold advanced to 5,212 dollars.
Bitcoin was little changed at 69,682 dollars.
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In the U.S., inflation rate is expected to stay at 2.4% year-on-year in February.
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