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Market Wrap: Stocks, Bonds, Commodities |
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On Thursday, U.S. stocks advanced further after bouncing more than 2% in the prior session, with the S&P 500 rising 41 points (+0.62%) to 6,824, and the Nasdaq 100 up 178 points (+0.72%) to 25,082.
The Dow Jones closed 275 points higher (+0.58%) at 48,185.
All the three major stock indexes have climbed back to levels above their 20-day and 50-day moving averages.
U.S. President Donald Trump said U.S. forces and equipment would stay in place in and around Iran until it fully complies with a deal.
Amazon (AMZN) rose 5.60%, posting a four-session rally. In his annual letter to shareholders, the company’s chief executive officer highlighted the growth in the artificial intelligence business of its Amazon Web Services unit.
Meta Platforms (META) added 2.61% after rising over 6% in the prior session. The company made an extra 21-billion-dollar deal with CoreWeave (CRWV) for additional artificial-intelligence cloud computing capacity. CoreWeave closed 3.49% higher.
Intel (INTC) advanced 4.70%, posting a seven-session rebound with a cumulative gain of nearly 50%.
Tesla (TSLA) edged up 0.69%. Reuters reported that the company is developing an all-new smaller, cheaper electric sport utility vehicle.
After reporting quarterly results, Constellation Brands (STZ) jumped 8.53%, while Applied Digital (APLD) fell 7.99%.
The U.S. 10-year Treasury yield dipped 1.2 basis points to 4.283%.
European stocks retreated after solid gains in the prior session, with the DAX 40 dropping 1.14%, the CAC 40 down 0.22%, and the FTSE 100 down 0.05%.
U.S. WTI crude futures settled 3.46 dollars higher (+3.66%) at 97.87 dollars a barrel.
Gold added 47 dollars (+1.01%) to 4,766 dollars an ounce.
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The U.S. dollar weakened further, with the dollar index dipping below the level of 99.
Regarding U.S. economic data, the personal consumption and expenditure (PCE) price inflation rate ticked lower to 3.0% year on year in February from 3.1% in January.
EUR/USD struck the level of 1.1700. Germany's industrial production declined 0.3% month on month in February (vs +0.2% expected, -0.5% in January).
USD/JPY gained 44 pips to 159.02.
GBP/USD advanced 38 pips to 1.3430, and AUD/USD was up 40 pips to 0.7083.
USD/CHF tested support at the level of 0.7900, and USD/CAD retreated 29 pips to 1.3817, down for a fourth straight session.
Bitcoin struggled to secure the level of 72,000 dollars.
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In Asian trading hours, USD/JPY climbed to 159.15. Japan's producer price index rose 2.6% year-on-year in March, below 3.1% expected.
On the other hand, China's inflation rate slowed to 1.0% year-on-year in March, below 1.1% expected, while producer price index rose 0.5%, above 0.3% estimated.
Meanwhile, EUR/USD and GBP/USD were broadly stable, at 1.1690 and 1.3425 respectively.
Gold retreated to 4,744 dollars.
Bitcoin advanced to 72,217 dollars.
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In the U.S., inflation rate is expected to bounce to 3.2% year-on-year in March, while the Michigan consumer sentiment index is anticipated to slip to 52.3 in April and factory orders are estimated to drop 0.2% month-on-month in February.
Canada's employment is estimated to increase by 30,000 in March, while jobless rate is expected to climb to 6.9%.
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