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Market Wrap: Stocks, Bonds, Commodities |
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On Wednesday, U.S. stocks extended their rebound to a second session, with the Nasdaq 100 advancing a further 279 points (+1.18%) to 24,019, and the S&P 500 up 46 points (+0.72%) to 6,575.
The Dow Jones closed 224 points higher (+0.48%) at 46,565.
Market sentiment saw further improvement after U.S. President Donald Trump said in a social-media post that Iran’s "new regime president" has asked the U.S. for a ceasefire, and he demanded the Strait of Hormuz be fully opened up.
Meanwhile, Trump will deliver a national address giving an update on the Iran war on Wednesday night.
U.S. crude-oil futures came under further pressure, struggling to hold the key level of 100 dollars a barrel.
Alphabet (GOOGL) outperformed the market as well as other tech giants, rising 3.42% after jumping more than 5% in the prior session.
Tesla (TSLA) gained 2.56%, Meta (META) added 1.24%, and Amazon (AMZN) was up 1.10%.
Semiconductor stocks accelerated to the upside, with Micron Technology (MU) jumping 8.88%, Intel (INTC) up 8.84%, and Advanced Micro Devices (AMD) up 3.33%.
Data-storage stocks also showed stellar performance, with Western Digital (WDC) surging 10.07%, Sandisk (SNDK) up 9.03%, and Seagate Technology (STX) up 8.00%.
Eli Lilly (LLY) closed 3.78% higher after the U.S. Food and Drug Administration (FDA) approved the company’s latest weight-loss drug.
On the other hand, energy companies saw increased pressure, with Exxon Mobil (XOM) falling 5.23%, Chevron (CVX) down 4.59%, and Occidental Petroleum (OXY) down 4.19%.
Nike (NKE) plummeted 15.51%, becoming the worst-performing stock in the S&P 500. The sports-wear maker said it expects sales to decline in the current quarter.
The U.S. 10-year Treasury yield was little changed at 4.321%.
European stocks posted a three-session rebound, with the DAX 40 rising 2.73%, the CAC 40 up 2.10%, and the FTSE 100 up 1.85%.
Gold price increased 89 dollars (+1.91%) to 4,758 dollars an ounce, posting a four-session rally.
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The U.S. dollar weakened further against other major currencies, as investors became more risk-tolerant amid improved market sentiment.
The dollar index fell to 99.59.
Regarding U.S. economic data, retail sales grew 0.6% month on month in February (vs +0.3% expected, -0.1% in January).
The Institute for Supply Management (ISM) manufacturing index edged up to 52.7 in March (vs 52.0 expected, 52.4 in February).
USD/JPY added 11 pips to 158.82. The Bank of Japan Tankan large manufacturers index rose to 17 in the first quarter, better than expected.
EUR/USD gained 34 pips to 1.1586.
GBP/USD exceeded the level of 1.3300, and AUD/USD was above 0.6900.
USD/CHF still failed to break above 0.8000, slipping to 0.7942.
USD/CAD eased further to 1.3875.
Bitcoin was largely flat at 68,200 dollars.
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In Asian trading hours, U.S. President Donald Trump said his country is on track to complete all military objectives in Iran very shortly but warned that the U.S. will hit Iran "extremely hard" over the next 2 to 3 weeks.
U.S. crude-oil futures bounced 4% to levels around 104 U.S. dollars a barrel.
Meanwhile, AUD/USD retreated to 0.6886. Australia's trade surplus for February totaled 5.7 billion Australian dollars, above 1.5 billion Australian dollars estimated.
EUR/USD dropped to 1.1546 and GBP/USD slid to 1.3245.
USD/JPY rebounded to 159.45.
Gold fell to 4,677 dollars.
Bitcoin was down to 66,784 dollars.
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In the U.S., the weekly initial jobless claims are estimated at 213,000, while trade deficit for February is expected at 60 billion U.S. dollars.
Canada's trade deficit for February is estimated at 1.8 billion Canadian dollars.
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