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The stock market concluded a volatile week on a downbeat note, as oil prices continued to rise following a hawkish statement from the Trump administration regarding potential negotiations with Iran. The administration indicated that it would only consider a deal if Iran agreed to "unconditional surrender".
The S&P 500 dropped 90 points (-1.33%) to 6,740, the Nasdaq 100 fell 377 points (-1.51%) to 24643, and the Dow dropped 453 points (-0.95%) to 47,501. Sector performance was largely negative, with Technology (XLK) and Materials (XLB) experiencing the steepest declines. Only two sectors managed to eke out gains: Consumer Staples (XLP) and Energy (XLE).
For the week, major indices posted losses, with the S&P 500 sliding 2.02%, the Nasdaq 100 declining 1.27%, and the Dow tumbling 3.01%. Sector-wise, Materials (XLB) and Consumer Staples (XLP) were the biggest laggards, while Energy (XLE) stood out as a top performer.
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U.S. Economic Developments: |
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In February, the US economy experienced a surprise decline in employment, with Non-Farm Payrolls shedding 92,000 jobs, contrary to expectations of a 70,000 job gain. This marks the first job loss after three consecutive months of growth. The unemployment rate also ticked up to 4.4% in February, surpassing the forecasted 4.3%. Additionally, retail sales contracted by 0.2% in January, in line with expectations.
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Palantir Technologies (PLTR) saw a 2.94% increase on Friday and a 14.56% rise for the week, driven by growing demand for AI tools in military and intelligence operations amid rising global tensions.
Boeing (BA) gained 4.08% following reports that it is close to securing a deal with China for 500 737 Max jets.
BlackRock (BLK) plummeted 7.69% after announcing restrictions on withdrawals from one of its private credit funds, highlighting investor concerns as market volatility persists.
Marvell Technology (MRVL) surged 18.35% on the back of strong quarterly financial results, fueled by demand for AI, and provided an upbeat sales outlook for the current fiscal year.
Costco Wholesale (COST) rose 1.58% after releasing quarterly financial results that largely aligned with expectations.
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At the European close, the major indices in the region finished in the red. Germany's Dax fell 224 points (-0.94%) to 23,591. and France's Cac 40 dropped 52 points (-0.65%) to 7,993. Meanwhile, the U.K.'s FTSE 100 slid 129 points (-1.24%) to 10,284.
The Eurozone's fourth-quarter GDP growth rate was revised downward to 0.2% on a quarterly basis, according to the third reading, down from the previous estimate of 0.3%. This compares to a growth rate of 0.3% in the third quarter.
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Global Macro, FX & Commodities: |
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Rates & Risk Sentiment:
The VIX jumped 5.74pts (+24.17%) to 29.49 while the US 10 year yield climbed to 4.14%.
Precious Metals & Crude:
Precious metals saw gains, with gold rising $93.40 (1.84%) to $5,169.99 and silver increasing $2.15 (2.62%) to $84.32.
Meanwhile, energy markets experienced a surge, with WTI Crude Oil advancing $9.77 (12.06%) to $90.78. This capped a substantial week, which saw oil gaining approximately 35%, driven by escalating tensions in the Middle East. The conflict has led to a stalemate in negotiations with Iran, with US President Trump stating that the US would only consider a deal with "acceptable" leadership and an "unconditional surrender". Adding to the supply concerns, Kuwait has reportedly begun reducing its oil production due to limited storage capacity, as reported by the Wall Street Journal.
The Dollar & Majors:
The dollar index fell 0.42 points (-0.42%) to 98.902.
EUR/USD added 1 pip (+0.01%) to 1.1608.
GBP/USD advanced 32 pips (+0.24%) to 1.3387.
USD/JPY gained 27 pips (+0.17%) to 157.84.
USD/CHF retreated 41 pips (-0.53%) to 0.7765.
AUD/USD rose 14 pips (+0.2%) to 0.702.
USD/CAD slipped 100 pips (-0.73%) to 1.3572. Canada's Ivey Purchasing Managers Index (PMI) surged to 56.5 in February, exceeding the forecasted 50.5 and January's reading of 50.9.
Digital Assets:
The cryptocurrency market faced downward pressure, with Bitcoin dropping below the $70,000 mark once again. It declined by $2,901 (4.08%) to $68,240. Ethereum also experienced a decline, falling by $102 (4.9%) to $1,978.
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