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The U.S. stock market closed on a positive note on Wednesday, driven by encouraging economic data.
The S&P 500 advanced 52 points (+0.78%) to 6869, the Nasdaq 100 rose 373 points (+1.51%) to 25093, and the Dow climbed 238 points (+0.49%) to 48739.
On the sector front, the outperforming sectors were Consumer Discretionary (XLY), Technology (XLK), and Communication Services (XLC) while Consumer Staples (XLP), Energy (XLE), and Materials (XLB) underperformed the most.
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U.S. Economic Developments: |
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The February ADP Employment report revealed a significant surge of 63,000 jobs, far surpassing the anticipated 19,000 and January's figure of 22,000. Additionally, the ISM Services PMI showed an unexpected improvement, rising to 56.1 in February, defying forecasts of a decline to 53 and January's 53.8.
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Amazon (AMZN) rose 3.88%, driven in part by purchases from Cathie Wood's ARK Invest ETFs, which added approximately $13 million worth of shares. The company's Amazon Web Services (AWS) had recently been impacted by drone attacks in the UAE and Bahrain.
Tesla (TSLA) also saw a boost, gaining 3.44%, after Bank of America reinstated coverage of the electric vehicle maker with a Buy rating and a price target of $460.
The cryptocurrency space saw significant gains, with Coinbase (COIN) surging 14.57% and Strategy (MSTR) rising 10.37%, as Bitcoin broke through the $70,000 mark.
Cybersecurity firm CrowdStrike Holdings (CRWD) edged up 4.15%, following the release of its quarterly financial figures, which showed adjusted EPS in line with estimates and overall results that exceeded expectations.
Moderna (MRNA) saw a significant gain, rising 16.05%, after announcing a settlement with Arbutus Biopharma and Genevant Sciences over patent disputes related to its COVID-19 vaccine, agreeing to pay $950 million to resolve the issues.
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European markets closed on a positive note, with major indices finishing in the green. Germany's DAX rose by 414 points (1.74%) to 24,205 while France's CAC 40 gained 63 points (0.79%) to 8,167. Meanwhile, the UK's FTSE 100 also saw an increase, rising by 83 points (0.8%) to 10,567.
The Eurozone's Producer Price Index (PPI) declined by 2.1% in January compared to the same period last year, slightly less than the forecasted 2.6% drop and a slight revision from December's 2% decrease (initially reported as 2.1%). Meanwhile, the Eurozone's unemployment rate edged down to 6.1% in January, from 6.2% in December, beating expectations of no change.
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Global Macro, FX & Commodities: |
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Rates & Risk Sentiment:
The VIX index, a measure of market volatility, declined 2.42 points (-10.27%) to settle at 21.15, following today's market movements and economic data releases. Meanwhile, the US 10-year Treasury yield edged higher, rising to 4.096%.
Precious Metals & Crude:
Precious metals experienced a rebound. Gold prices increased by $49.86 (0.98%) to $5,136.33. Silver also saw gains, rising $1.32 (1.61%) to $83.36.
In the energy market, WTI Crude Oil prices edged up by $1.1 (1.48%) to $75.66. This increase is attributed to ongoing developments in the Middle East, particularly after the U.S. reportedly sank an Iranian warship. According to reports, President Trump is currently in discussions with his advisors to determine the future role of the U.S. in Iran once the military conflict subsides.
The Dollar & Majors:
The dollar index fell 0.27 points (-0.27%) to 98.783.
EUR/USD rose 27 pips (+0.23%) to 1.164.
GBP/USD advanced 20 pips (+0.15%) to 1.3374.
USD/JPY fell 65 pips (-0.41%) to 157.06.
USD/CHF slipped 28 pips (-0.36%) to 0.7787.
AUD/USD gained 46 pips (+0.65%) to 0.7079. Australia's economy posted a 2.6% year-over-year growth in the fourth quarter, slightly exceeding the estimated 2.5%.
USD/CAD retreated 47 pips (-0.34%) to 1.363.
Digital Assets:
Cryptocurrencies experienced a significant surge, buoyed by the overall positive market sentiment. Bitcoin saw a notable increase, rising by $5,146 (7.56%) to $73,195 while Ethereum gained momentum, climbing by $177 (9.04%) to $2,146.
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In after-hours trading, Broadcom (AVGO) edged up following the release of its first-quarter earnings, which showed adjusted EPS surpassing estimates. Additionally, the company provided a positive outlook, forecasting second-quarter revenue above expectations.
Veeva Systems (VEEV) saw a significant surge in extended trading, driven by its strong fourth-quarter revenue, which exceeded analyst expectations.
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