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On Tuesday, stocks closed lower but managed to reduce earlier losses as investor concerns grew that the conflict in the Middle East might last longer than anticipated.
The S&P 500 decreased by 64 points (-0.94%) to 6816. The Nasdaq 100 fell 272 points (-1.09%) to 24720, while the Dow declined by 403 points (-0.83%) to 48501.
Most sectors ended the day in the red, with Materials (XLB), Industrials (XLI), and Technology (XLK) experiencing the steepest declines. The Communication Services (XLC) sector was the only one that finished marginally higher.
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U.S. Economic Developments: |
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No significant economic data was released in the U.S. on Tuesday. In the coming days, investors can anticipate updates on February's Non-farm Payrolls and the latest Unemployment Rate figures. Additionally, the latest updates on Retail Sales, ADP Employment Change, ISM Services PMI, and Initial Jobless Claims will be announced.
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Semiconductor stocks faced pressure amid overall market sentiment, with Nvidia (NVDA) decreasing by 1.33%, Advanced Micro Devices (AMD) falling 3.86%, Micron Technology (MU) declining 7.99%, and Intel (INTC) dropping 5.27%.
In contrast, Target (TGT) surged 6.74% after its full-year adjusted EPS guidance surpassed expectations, and its quarterly earnings also exceeded forecasts.
Paramount Skydance (PSKY) lost 6.67% following Fitch's downgrade of the media and entertainment company's credit rating to junk status.
Meanwhile, MongoDB (MDB) plummeted 22.24% as its financial guidance for the current quarter disappointed investors.
AST Space Mobile (ASTS) increased by 6.63%, driven by a remarkable 2,731% year-over-year revenue growth in the fourth quarter, exceeding expectations.
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European indices finished well in negative territory, with Germany's Dax declining 847 points (-3.44%) to 23790, France's Cac 40 falling 290 points (-3.46%) to 8103, and the U.K.'s FTSE 100 dropping 295 points (-2.75%) to 10484.
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Global Macro, FX & Commodities: |
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Rates & Risk Sentiment:
Market volatility increased for the fourth consecutive day, as the VIX rose by 2.13 points (+9.93%) to 23.57. Concurrently, the U.S. 10-year yield climbed to 4.061%.
Precious Metals & Crude:
Precious metals experienced a tumultuous trading session, with Gold dropping by $233.20 (-4.38%) to $5,093.62 and Silver declining $7.37 (-8.24%) to $82.07.
In contrast, WTI Crude Oil rose by $3.21 (+4.51%) to $74.44 as the Trump administration indicated that strikes against Iran would persist for weeks and intensify, while Tehran continued its attacks on Gulf countries. Oil-tanker traffic in the crucial Strait of Hormuz has slowed to a near standstill, with over 3,000 vessels waiting to pass through.
The Dollar & Majors:
The dollar index rose 0.63 points (+0.64%) to 99.01.
EUR/USD fell 75 pips (-0.64%) to 1.1612.
GBP/USD slipped 49 pips (-0.37%) to 1.3356.
USD/JPY rose 36 pips (+0.23%) to 157.7. Japan's unemployment rate increased to 2.7% in January, surpassing the anticipated 2.6%.
USD/CHF advanced 23 pips (+0.3%) to 0.7812.
AUD/USD declined 54 pips (-0.76%) to 0.7037.
USD/CAD retreated 5 pips (-0.04%) to 1.3671.
Digital Assets:
Cryptocurrencies faced significant pressure, with Bitcoin declining by $1,460 (-2.1%) to $67,969 and Ethereum falling $80 (-3.94%) to $1,962.
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Ross Stores (ROST) gained traction in extended trading after announcing an annual revenue forecast that exceeded estimates.
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