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The U.S. stock market ended lower on Friday, capping off a volatile week marked by growing uncertainty surrounding the U.S.-Iran conflict and a consequent surge in oil prices.
The S&P 500 slipped 108pts (-1.67%) to 6368 and marked its fifth consecutive weekly loss. Meanwhile, the Nasdaq 100 fell 454pts (-1.93%) to 23132 and the Dow tumbled 793pts (-1.73%) to 45166, with both now in correction territory.
On the sector front, the outperforming sectors were Energy (XLE), Consumer Staples (XLP), and Utilities (XLU) while Consumer Discretionary (XLY), Financials (XLF), and Technology (XLK) lagged the most.
The major indices closed lower for the week, with the S&P 500 posting a 2.12% decline. The Nasdaq 100 fell 3.20%, and the Dow Jones Industrial Average slid 0.90%. On a sector basis, Communication Services (XLC) and Technology (XLK) were the biggest underperformers, while Energy (XLE) and Materials (XLB) emerged as the top gainers.
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U.S. Economic Developments: |
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The Michigan Consumer Sentiment Index was revised to 53.3 in March, coming in slightly below the expected 53.5, after a reading of 56.6 in February.
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Tech stocks declined on Friday, with major companies experiencing losses. Nvidia (NVDA) dropped 2.21%, Apple (AAPL) slid 1.62%, Microsoft (MSFT) fell 2.51%, and Amazon.com (AMZN) decreased 3.95%.
Energy stocks rose with increasing oil prices. Halliburton (HAL) gained 4.20%, APA (APA) increased 3.71%, and Exxon Mobil (XOM) rose 3.36%.
Cryptocurrency-related stocks tumbled as Bitcoin prices fell to $66,000. Coinbase (COIN) plummeted 7.06%, MicroStrategy (MSTR) dropped 5.19%, and Robinhood (HOOD) declined 6.15%.
In other news, Brown-Forman (BF.B) surged 5.79% after Citigroup upgraded its rating to "Neutral" from "Sell" and confirmed merger talks with Pernod Ricard.
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European indices were under pressure, especially Germany's Dax, which fell 312pts (-1.38%) to 22300. At the same time, France's Cac 40 dropped 67pts (-0.87%) to 7701 and the U.K.'s FTSE 100 declined 4pts (-0.05%) to 9967.
In the U.K., retail sales experienced a 0.4% month-on-month decline in February, which was less severe than the anticipated 0.6% drop. This followed a 2% increase in January, which was revised upward from an initial estimate of 1.8%. Meanwhile, the UK's Gfk consumer confidence index decreased to -21 in March, beating expectations of -26, after coming in at -19 in February.
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Global Macro, FX & Commodities: |
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Rates & Risk Sentiment:
The VIX soared 3.61pts (+13.16%) to 31.05 while the US 10 year yield climbed to 4.43%.
Precious Metals & Crude:
Precious metals and oil prices surged amid concerns over the U.S.-Iran conflict. Gold rose $125.9 (+2.88%) to $4504.91 while Silver climbed $1.87 (+2.75%) to $69.89. Additionally, WTI Crude Oil advanced $5.57 (+5.9%) to $100.05.
The Dollar & Majors:
The dollar index gained 0.21pts (+0.21%) to 100.112.
EUR/USD declined 12pips (-0.1%) to 1.1514.
GBP/USD slipped 62pips (-0.47%) to 1.3267.
USD/JPY rose 42pips (+0.26%) to 160.22.
USD/CHF climbed 33pips (+0.41%) to 0.7987.
AUD/USD fell 14pips (-0.2%) to 0.687.
USD/CAD advanced 35pips (+0.25%) to 1.3893.
Digital Assets:
The cryptocurrency market experienced a sell-off on Friday, after Bitcoin had recently traded above $70,000. Bitcoin fell $3075 (-4.46%) to $65893. Meanwhile, Ethereum dropped $76 (-3.73%) to $1986.
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