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The stock market rebounded on Monday, shaking off an initial decline to close higher. After a volatile trading session, indices gained ground as President Trump's comments on the Iran conflict provided a boost. Trump stated that the war with Iran is "very far ahead of schedule" and that "the war is very complete, pretty much".
The S&P 500 rose 55 points (+0.83%) to 6,795, the Nasdaq 100 gained 324 points (+1.32%) to 24,967, and the Dow increased 239 points (+0.5%) to 47,740
Sector performance was mostly positive, with Technology (XLK) and Health Care (XLV) leading the gains. Only two sectors finished lower: Financials (XLF) and Energy (XLE).
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U.S. Economic Developments: |
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There were no significant economic data releases in the US today. However, a busy week of economic data lies ahead, with several key reports on the horizon. Investors will be closely watching the February inflation report, as well as the Personal Consumption Expenditures (PCE) Price Index, the Federal Reserve's preferred inflation gauge. Other notable releases include the preliminary Michigan Consumer Sentiment index, durable goods orders, personal spending, and personal income. Additionally, the final reading on fourth-quarter GDP growth rate will also be released.
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Stocks in the airline and cruise industries saw gains, with United Airlines (UAL) and Delta Air Lines (DAL) both rising 2.66%, while Carnival (CCL) increased 2.33% and Norwegian Cruise Line (NCLH) climbed 3.29%. These stocks had been under pressure earlier in the trading session due to soaring oil prices but managed to close higher following remarks from President Trump.
In contrast, travel stocks were heavily impacted, with Expedia (EXPE) tumbling 3.24% and Booking Holdings (BKNG) falling 2.41%.
Hims & Hers (HIMS) surged 40.79% after reports emerged that Novo Nordisk (NVO) plans to distribute its weight-loss drugs via the company’s telehealth platform, potentially ending a dispute between the firms. Novo Nordisk gained 3.11% on the day.
Live Nation (LYV) jumped 6.19% after Bloomberg reported that the company is nearing a settlement with the U.S. Department of Justice over an antitrust lawsuit that would allow it to keep Ticketmaster.
New additions to the S&P 500 saw gains ahead of their inclusion on March 23, including Vertiv (VRT), which rose 9.33%, Lumentum (LITE), which jumped 14.73%, Coherent (COHR), which rose 7.04%, and EchoStar (SATS), which increased 3.46%. They will replace Match Group (MTCH), Molina Healthcare (MOH), Lamb Weston (LW), and Paycom Software (PAYC).
Dow (DOW) climbed 3.09% after the stock was raised to "Outperform" from "Sector Perform" by RBC Capital.
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European markets closed lower, with key indices experiencing losses. Germany's Dax fell 181 points (-0.77%) to 23,409, France's Cac 40 dropped 78 points (-0.98%) to 7,915, and the U.K.'s FTSE 100 slid 35 points (-0.34%) to 10,249.
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Global Macro, FX & Commodities: |
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Rates & Risk Sentiment:
The VIX index declined sharply, falling 3.99 points (-13.53%) to 25.5 after intraday highs of 35. The US 10-year yield also decreased, slipping to 4.109%.
Precious Metals & Crude:
Precious metals had a mixed performance. Gold declined by $33.28 (-0.64%) to settle at $5,136.64, while silver bucked the trend, rising $2.12 (2.52%) to $86.46.
In energy markets, WTI crude oil prices edged lower, falling $3.83 (-4.21%) to $87.07. Notably, crude oil prices had surged to nearly $120 overnight.
The Dollar & Majors:
The dollar index slid 0.11 points (-0.11%) to 98.873.
EUR/USD dropped 3 pips (-0.03%) to 1.1615.
GBP/USD increased 21 pips (+0.16%) to 1.3432.
USD/JPY dipped 1 pip (-0.01%) to 157.78.
USD/CHF climbed 20 pips (+0.26%) to 0.7777.
AUD/USD rose 40 pips (+0.57%) to 0.707.
USD/CAD advanced 11 pips (+0.08%) to 1.3578.
Digital Assets:
Bitcoin rose $1,766 (+2.63%) to $68,985 while Ethereum gained $72 (+3.7%) to $2,030.
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Hewlett Packard Enterprise (HPE) rose in after-hours trading after announcing second-quarter net revenue guidance that exceeded estimates. Additionally, the company expects its full-year free cash flow to surpass expectations.
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