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The major indices finished the trading week in negative fashion as the S&P 500 slipped 40pts (-0.61%) to 6632, the Nasdaq 100 dropped 152pts (-0.62%) to 24380, and the Dow declined 119pts (-0.26%) to 46558. On the sector front, the outperforming sectors were Utilities (XLU), Consumer Staples (XLP), and Energy (XLE) while Materials (XLB), Technology (XLK), and Communication Services (XLC) underperformed the most.
The major indices experienced a decline in performance on a weekly basis, with the S&P 500 (SPX) down 1.60%, the Nasdaq 100 slipping 1.06%, and the Dow falling 1.99%. Sector performance was mixed, with Financials (XLF) and Consumer Discretionary (XLY) being the hardest hit, while the Energy sector (XLE) stood out as a top performer.
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U.S. Economic Developments: |
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On Friday, investors received a slew of economic data updates. The January Personal Consumption Expenditures (PCE) Price Index, a key inflation gauge for the Federal Reserve, rose 2.7% year-over-year, in line with expectations and down from December's 2.9%. However, the Core PCE Price Index, which excludes volatile items, increased 3.1% year-over-year, surpassing the expected 3% and matching the previous month's rate.
In a separate report, the second estimate of fourth-quarter 2023 GDP growth was revised downward to 0.7%, falling short of the expected 1.4% and significantly lower than the 4.4% growth recorded in the prior quarter.
On a more positive note, personal spending rose 0.4% in January, beating the expected 0.3%, while personal income also exceeded forecasts, increasing 0.4% versus the anticipated 0.2%. However, durable goods orders remained flat in January, contrary to expectations of a 0.3% increase.
Consumer sentiment, as measured by the Michigan Consumer Sentiment Index, deteriorated to 55.5 in March, according to a preliminary reading. This was slightly better than the expected decline to 55 from 56.6 in the previous month.
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Apple (AAPL) shares fell 2.21% after the company announced it would be reducing its commission fees for developers on the App Store in mainland China, from 30% to 25%, in response to regulatory pressure.
Meta Platforms (META) declined 3.83% following reports that the launch of its new AI model, "Avocado", has been delayed, according to the New York Times.
Boeing (BA) rose 2.51% after securing a $2.34 billion contract modification with the US Air Force, bringing the total contract value to $4.91 billion.
Adobe (ADBE) plummeted 7.58% despite releasing quarterly financial results that exceeded expectations, as investors reacted to the news that CEO Shantanu Narayen would be stepping down after 18 years, with plans to remain as Chair of the Board.
Ulta Beauty (ULTA) shares plummeted 14.24% after the company reported quarterly earnings that failed to meet investor expectations.
SentinelOne (S) surged 5.37% after achieving a milestone of over $1 billion in revenue for the full year of 2026, despite providing disappointing guidance for the first quarter of 2027. The stock maintained its "Outperform" rating from Oppenheimer and "Buy" rating from Canaccord Genuity.
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At the European close, the major indices in the region finished lower. Germany's Dax dropped 142pts (-0.6%) to 23447, France's Cac 40 fell 72pts (-0.91%) to 7911, and the U.K.'s FTSE 100 slid 44pts (-0.43%) to 10261.
The UK's GDP experienced no growth in January on a monthly basis, following a modest 0.1% increase in December. Meanwhile, industrial production in the Eurozone declined by 1.5% in January compared to the previous month, which was worse than the expected 0.9% gain and a more significant drop than the revised 0.6% decrease in December (initially reported as a 1.4% decline).
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Global Macro, FX & Commodities: |
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Rates & Risk Sentiment:
The US 10 year yield rose to 4.283% while the VIX slipped 0.1pts (-0.37%) to 27.19 on Friday.
Precious Metals & Crude:
Gold fell $63.99 (-1.26%) to $5014.9 while Silver dropped $3.47 (-4.14%) to $80.29. On the other hand, WTI Crude Oil advanced $3.04 (+3.18%) to $98.77.
The Dollar & Majors:
The dollar index rose 0.78pts (+0.78%) to 100.516.
EUR/USD dropped 99 pips (-0.86%) to 1.1411.
GBP/USD slipped 123 pips (-0.92%) to 1.3218.
USD/JPY gained 39 pips (+0.24%) to 159.72.
USD/CHF advanced 56 pips (+0.71%) to 0.7914.
AUD/USD fell 93 pips (-1.31%) to 0.6981.
USD/CAD climbed 87 pips (+0.64%) to 1.3725. In Canada, the unemployment rate rose to 6.7% in February, as expected, while full time employment saw a loss of 108,400, against a 30,000 loss forecasted, marking the largest monthly decline in employment since January 2022
Digital Assets:
Cryptocurrencies saw positive trading, with Bitcoin rising $1108 (+1.58%) to $71302 while Ethereum gained $47 (+2.3%) to $2110.
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