|
|
|
|
| |
On Thursday, the U.S. stock market finished lower, on rising oil prices as investors fear a prolonged conflict in the Middle East.
The S&P 500 slipped 103pts (-1.52%) to 6,672, the Nasdaq 100 fell 431pts (-1.73%) to 24,533, and the Dow tumbled 739pts (-1.56%) to 46,677.
The majority of sectors experienced losses, with Industrials (XLI), Consumer Discretionary (XLY), and Technology (XLK) being the hardest hit. However, Energy (XLE) and Utilities (XLU) bucked the trend, emerging as the only two sectors to post gains.
|
| |
|
|
|
|
|
| |
U.S. Economic Developments: |
|
|
| |
|
|
|
| |
The latest jobless claims data showed a decline in initial claims for the week ending March 7, falling to 213,000. This beat expectations of 217,000.
In housing news, January saw a 7.2% month-over-month increase in housing starts, defying expectations of a 2.4% decline. However, building permits declined by 5.4% on the month, which was a larger drop than the 1.5% decrease that was forecast.
The January Balance of Trade report revealed a deficit of $54.5 billion, which was smaller than the predicted $65 billion deficit and the revised December deficit of $70.3 billion (from an initially reported $70.3 billion deficit).
|
| |
|
|
|
|
|
|
|
|
| |
Nvidia (NVDA) traded 1.55% lower today. The chip giant unveiled Nemotron 3 Super, a new AI model aimed at enabling advanced autonomous AI systems that can execute multi-step tasks.
Occidental Petroleum (OXY) climbed 5.09% after receiving upgrades from Wells Fargo and Piper Sandler, which raised their ratings to "Overweight" and "Overweight" from "Underweight" and "Neutral", respectively.
UiPath (PATH) dropped 8.16% after its current quarter earnings guidance failed to impress investors.
Netskope (NTSK) plunged 21.27% due to disappointing guidance that fell short of investor expectations.
Mosaic (MOS) and CF Industries (CF) gained 7.58% and 13.21%, respectively, as agricultural commodity producers surged amid growing concerns about a potential global fertilizer shortage, triggered by the ongoing disruption to shipping through the Strait of Hormuz.
Morgan Stanley (MS) tumbled 4.05% after a regulatory filing revealed that the company had limited redemptions from one of its private credit funds.
Dollar General (DG) slid 6.14% on disappointing full-year guidance that fell short of investor expectations.
|
| |
|
|
|
|
|
|
|
|
| |
|
The major European indices finished in negative territory. Germany's Dax fell 50pts (-0.21%) to 23,589, France's Cac 40 declined 57pts (-0.71%) to 7,984, and the U.K.'s FTSE 100 dropped 48pts (-0.47%) to 10,305.
|
| |
|
|
|
|
|
| |
Global Macro, FX & Commodities: |
|
|
| |
|
|
|
| |
Rates & Risk Sentiment:
The VIX jumped 3.06pts (+12.63%) to 27.29 while the US 10 year yield climbed to 4.269%.
Precious Metals & Crude:
Precious metals were under pressure as Gold fell $101.31 (-1.96%) to $5,074.14 while Silver dropped $2.25 (-2.62%) to $83.54.
Meanwhile, WTI Crude Oil advanced $8.7 (+9.97%) to $95.95 after multiple ships were targeted in the Strait of Hormuz. In response to the escalating tensions, the U.S. Treasury Secretary said that the Trump administration is exploring plans to have the Navy escort commercial vessels through the Strait, potentially in collaboration with international partners, once conditions permit.
The Dollar & Majors:
The dollar index rose 0.5pts (+0.51%) to 99.734.
EUR/USD dropped 55 pips (-0.48%) to 1.1511.
GBP/USD slipped 68 pips (-0.51%) to 1.3343.
USD/JPY gained 45 pips (+0.28%) to 159.39.
USD/CHF advanced 59 pips (+0.76%) to 0.7861.
AUD/USD declined 74 pips (-1.03%) to 0.7077.
USD/CAD climbed 43 pips (+0.32%) to 1.3633. In Canada, January saw a stronger-than-expected increase in building permits, which rose 4.8% compared to the forecasted 2.1% gain. Additionally, the country's trade balance reported a deficit of 3.65 billion Canadian dollars, which was significantly larger than the predicted 900 million Canadian dollars shortfall.
Digital Assets:
Cryptocurrencies were choppy. Bitcoin fell $271 (-0.38%) to $70,375 while Ethereum was relatively unchanged at $2,068.
|
| |
|
|
|
|
|
|
|
|
| |
|
Adobe (ADBE) fell after hours despite reporting strong first-quarter revenue and profit figures that exceeded estimates. The decline was triggered by an announcement from CEO Shantanu Narayen that he would be stepping down once a successor is appointed, although he will remain as chairman of the company's board.
|
| |
|
|
|
|
|
