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U.S. stocks traded in a choppy range on Wednesday, as ongoing geopolitical uncertainty continued to weigh on market sentiment.
The S&P 500 advanced 35pts (+0.54%) to 6591, the Nasdaq 100 rose 160pts (+0.67%) to 24162, and the Dow increased 305pts (+0.66%) to 46429.
The majority of sectors experienced gains, led by Materials (XLB), Health Care (XLV), and Consumer Discretionary (XLY). On the other hand, Energy (XLE) and Real Estate (XLRE) were the only sectors that declined.
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U.S. Economic Developments: |
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The fourth-quarter current account deficit narrowed to $190.7 billion, beating expectations of a $235 billion shortfall. In February, export prices increased by 1.5% on a monthly basis, surpassing the forecasted 0.5% growth. Import prices also rose more than expected, climbing 1.3% month-over-month in February, compared to the anticipated 0.1% increase.
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Meta Platforms (META) rose 0.33% and Alphabet (GOOGL) added 0.17% despite a jury finding their platforms negligent for harming kids and teens. Meta is also undergoing layoffs in its Reality Labs division and faces delays in launching Ray-Ban Smart Glasses in the EU due to supply and regulatory issues.
Tech stocks surged, with Intel (INTC) up 7.08% and Advanced Micro Devices (AMD) up 7.26%, after a report that both companies plan to raise CPU prices.
AST Space Mobile (ASTS) jumped 10.44% on reports that SpaceX is preparing to file for an IPO, according to The Information.
Micron (MU) fell 3.40% after launching $5.4B in debt tender offers.
Hewlett-Packard (HPE) rose 7.87% after launching new firewalls to boost security and support AI projects.
Robinhood (HOOD) jumped 5.01% after authorizing a $1.5 billion share repurchase program.
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European indices also finished higher. Germany's Dax rose 320pts (+1.41%) to 22957, France's Cac 40 gained 102pts (+1.33%) to 7846, and the U.K.'s FTSE 100 increased 141pts (+1.42%) to 10106.
In February, the United Kingdom's inflation rate remained steady at 3.0% year-over-year, in line with expectations and unchanged from January's rate. Meanwhile, Germany's Ifo business climate index held steady at 88.6 in March, indicating no change from the previous month.
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Global Macro, FX & Commodities: |
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Rates & Risk Sentiment:
The VIX dropped 1.62pts (-6.01%) to 25.33 while the US 10 year yield declined to 4.332%.
Precious Metals & Crude:
Gold rose $47.5 (+1.06%) to $4521.08 while Silver gained $0.23 (+0.33%) to $71.45. Conversely, WTI Crude Oil slipped $1.04 (-1.13%) to $91.31.
The Dollar & Majors:
The dollar index rose 0.21pts (+0.21%) to 99.644.
EUR/USD fell 52pips (-0.45%) to 1.1555.
GBP/USD slipped 54pips (-0.4%) to 1.3355.
USD/JPY gained 80pips (+0.5%) to 159.48.
USD/CHF advanced 37pips (+0.47%) to 0.7919.
AUD/USD declined 49pips (-0.7%) to 0.6944. The annual inflation rate in Australia decreased to 3.7% in February, coming in slightly lower than the estimated 3.8%.
USD/CAD climbed 48pips (+0.35%) to 1.381.
Digital Assets:
Cryptocurrency prices were mixed. Bitcoin rose $642 (+0.92%) to $70704 and Ethereum gained $13 (+0.63%) to $2161.
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