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Market Wrap: Stocks, Bonds, Commodities |
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On Monday, the Nasdaq 100 sank deeper into correction territory, falling 179 points (-0.78%) to 22,953.
The S&P 500 slipped 25 points (-0.39%) to 6,343, while the Dow Jones closed 49 points higher (+0.11%) at 45,216.
U.S. WTI crude-oil futures settled 3.24 dollars higher (+3.25%) at 102.88 dollars a barrel, their first settling level above 100 dollars a barrel since July 2022. In early Asian hours on Tuesday, they advanced further to levels above 106 dollars a barrel.
U.S. President Donald Trump said in a social-media post that the U.S. is in serious discussions with "a new, and more reasonable, regime", with great progress made, to end military operations in Iran.
At the same time, U.S. Federal Reserve Chair Jerome Powell said inflation expectations seemed well anchored beyond the short term despite rising energy prices.
The U.S. 10-year Treasury yield retreated 7.8 basis points to 4.350%.
Chip stocks kept underperforming the market, with Nvidia (NVDA) losing 1.40%, Broadcom (AVGO) down 2.42%, Advanced Micro Devices (AMD) down 2.95%, and Intel (INTC) down 4.50%.
Data storage stocks were sold heavily, with Micron (MU) tumbling 9.92%, Sandisk (SNDK) down 7.04%, and Western Digital (WDC) down 8.60%.
Boston Scientific (BSX) dropped 9.02%. The biotech firm’s trial results for its new heart implant product failed to impress investors.
Sysco (SYY) plummeted 15.28%. The food product company announced its acquisition of Restaurant Depot for 29 billion dollars.
Meta Platforms (META) rebounded 2.03% after Morgan Stanley reaffirmed its "overweight" rating on the stock.
Aluminum prices reached a four-year high due to supply concerns, boosting related stocks, with Alcoa (AA) surging 8.23%, and Century Aluminum (CENX) up 7.25%.
European stocks posted gains, with the DAX 40 rising 1.18%, the CAC 40 up 0.92%, and the FTSE 100 up 1.61%.
Gold added 18 dollars to 4,511 dollars an ounce.
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As the situation in Iran stayed unclear, the U.S. dollar continued to be firm against other major currencies. The dollar index advanced to 100.50.
EUR/USD declined to 1.1455. Germany's inflation rate accelerated to 2.7% year on year in March (vs 2.6% expected, 1.9% in February).
USD/JPY failed to secure the psychologically-significant level of 160. A Japanese vice finance minister warned that decisive steps may be taken if speculative moves in the currency market persist.
GBP/USD fell to 1.3170, the lowest level since last November.
USD/CHF kept trading at elevated levels around 0.8000.
USD/CAD touched 1.3946, the highest level year to date.
Bitcoin rebounded 1% to 66,700 dollars.
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In Asian trading hours, USD/JPY was little changed at 159.70. Japan's jobless rate fell to 2.6% in February, below 2.7% expected, while industrial production dropped 2.1% month-on-month, compared with -2.0% estimated, and retail sales slipped 2.0%, compared with -0.9% expected.
On the other hand, China's official manufacturing purchasing managers index rose to 50.4 in March, above 49.8 expected.
Meanwhile, EUR/USD rebounded to 1.1475 and GBP/USD bounced to 1.3208.
Gold advanced to 4,584 dollars.
Bitcoin was steady at 67,851 dollars.
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The eurozone's inflation rate is expected to accelerate to 2.7% year-on-year in March.
Germany's retail sales are estimated to grow 0.5% month-on-month in February, while jobless rate is anticipated to stay at 6.3% in March.
France's inflation rate is expected to climb to 1.7% year-on-year in March, while producer price index is estimated to be down 2.1% year-on-year in February.
In the U.S., the Chicago purchasing managers index is expected to slip to 54.0 in March, while the Conference Board consumer confidence index is estimated to drop to 86.0.
Canada's gross domestic product is expected to be flat month-on-month in January.
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