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Market Wrap: Stocks, Bonds, Commodities |
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On Wednesday, after U.S. President Donald Trump announced a 2-week ceasefire with Iran, U.S. stocks roared into a relief rally, with the S&P 500 advancing 165 points (+2.51%) to 6,782, and the Nasdaq 100 up 700 points (+2.90%) to 24,903.
The Dow Jones jumped 1,325 points (+2.85%) to 47,909.
U.S. WTI crude futures plunged 18.54 dollars (-16.41%) to 94.41 dollars a barrel. Iran said that safe transit through the Strait of Hormuz is possible for two weeks.
All stock sectors in the S&P 500, except for the energy sector, ended in positive territory.
Meta Platforms (META) rose 6.50%, outperforming the market and tech-giant peers. The company unveiled its first major artificial intelligence (AI) model called "Muse Spark".
Other tech giants also performed well, with Alphabet (GOOGL) climbing 3.88%, Amazon (AMZN) up 3.50%, Nvidia (NVDA) up 2.23%, and Apple (AAPL) up 2.13%.
Semiconductor stocks posted marked gains, with Intel (INTC) surging 11.42%, Applied Materials (AMAT) up 8.87%, Micron Technology (MU) up 7.72%, and Broadcom (AVGO) up 4.99%.
Airline and travel stocks were boosted by falling oil prices, with Delta Air Lines (DAL) adding 3.75%, United Airlines (UAL) up 7.85%, Royal Caribbean Cruises (RCL) up 4.31%, and Carnival (CCL) up 11.23%.
Meanwhile, energy stocks closed in negative territory, with Exxon Mobil (XOM) losing 4.69%, Chevron (CVX) down 4.29%, and APA Corp (APA) down 9.80%.
The U.S. 10-year Treasury yield was little changed at 4.295%.
European stocks also rebounded strongly, with the DAX surging 5.06%, the CAC 40 up 4.49%, and the FTSE 100 up 2.51%.
The pan-European STOXX 600 index closed 3.88% higher, its biggest one-day gain in a year.
Gold pared most of its gains during the session to close just slightly higher at 4,719 dollars an ounce.
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The U.S. dollar fell further as market sentiment improved significantly on the U.S.-Iran ceasefire. The dollar index crossed below the level of 99.00.
EUR/USD extended its rally to a third session, once surpassing the level of 1.1700.
The Eurozone’s producer prices fell 3.0% year on year in February (vs -2.9% expected, -2.0% in January).
GBP/USD advanced 106 pips to 1.3396, and AUD/USD was up 68 pips to 0.7043.
USD/JPY dropped 103 pips to 158.58, below its 20-day moving average.
USD/CHF retreated further to 0.7911, also back below its 20-day moving average.
USD/CAD slipped to 1.3839.
Bitcoin failed to secure the level of 72,000 dollars, easing to 71,100 dollars.
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In Asian trading hours, EUR/USD and GBP/USD were both steady, at 1.1663 and 1.3390 respectively.
Meanwhile, USD/JPY rebounded to 158.82.
Gold edged up to 4,724 dollars.
Bitcoin fell to 70,890 dollars.
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Germany's industrial production is expected to grow 0.2% month-on-month in February, while trade surplus is estimated at 19.1 billion euros.
In the U.S., core personal consumption expenditures price index is expected to ease to 2.8% year-on-year in February, while the final reading of fourth quarter gross domestic product is estimated to be up 0.7% quarter-on-quarter and the weekly initial jobless claims are expected at 215,000.
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