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U.S. Market Overview:
On Wednesday, the major indices in the U.S. finished at session lows after the Fed held rates steady citing inflation worries. The S&P 500 slipped 91pts (-1.36%) to 6624, while the Dow Jones dropped 768pts (-1.63%) to 46225, and the Nasdaq 100 fell 355pts (-1.43%) to 24425.
On the sector front, the outperforming sectors were Energy (XLE), Industrials (XLI), and Utilities (XLU), while Consumer Staples (XLP), Consumer Discretionary (XLY), and Materials (XLB) sectors underperformed the most.
U.S. Economic Developments:
Looking at the latest U.S. economic data, The Fed held rates steady at 3.5-3.75%, citing solid growth, stable low unemployment, somewhat elevated inflation, Middle East uncertainties, and attentiveness to dual mandate risks, with one dissenter favoring a 25bp cut. U.S. producer prices rose 3.4% YoY in February, above the 3.0% forecast and up from 2.9% previously. U.S. factory orders rose 0.1% in January, below the 0.5% expected, following a -0.7% decline in the previous month.
U.S. Equity News:
Macys (M), a department store operator, gained 4.73% after reporting fiscal Q4 results that topped market estimates and issued an upbeat full-year sales outlook despite an uncertain discretionary spending backdrop.
General Mills (GIS), a packaged food and consumer staples company, slipped 2.97% after reporting Q3 results that declined year-over-year while reiterating its full-year outlook.
Lululemon Athletica (LULU), a designer of athletic accessories and apparel, gained 3.84% after quarterly earnings beat estimates.
Looking at big tech, Amazon.com (AMZN), the consumer electronics company, fell 2.48%. Microsoft (MSFT), the consumer electronics company, declined 1.91%. Apple (AAPL), the consumer electronics company, dropped 1.69%.
Volatility & Commodities Snapshot:
The CBOE Volatility Index (VIX) rose +12.16% to 25.09, and the 10-Year Yield decreased 0.531 basis points to 4.269%. In the commodities market, Gold dropped 192.93 dollars (-3.86%) to 4811.45 while Crude oil (WTI) advanced 3.48 dollars (+3.62%) to 99.69.
Europe Market Overview:
At the European close, the major indices in the region finished in negative territory. The Dax 40 fell 229pts (-0.96%) to 23502, while the Cac 40 declined 5pts (-0.06%) to 7970 and the FTSE 100 dropped 98pts (-0.94%) to 10305. On the economic front, eurozone's inflation rate was confirmed at 2.4% in February after 2.2% in January.
Foreign Exchange & Crypto Wrap:
The U.S. dollar index rose 0.68pt (+0.68%) to 100.253.
EUR/USD fell 88pips (-0.76%) to 1.145.
GBP/USD slipped 103pips (-0.77%) to 1.3251.
USD/JPY rose 90pips (+0.57%) to 159.88. Japan's exports grew 4.2% year-on-year in February, above the 1.6% expected.
USD/CHF climbed 88pips (+1.12%) to 0.7933.
AUD/USD fell 84pips (-1.18%) to 0.7018.
USD/CAD advanced 42pips (+0.31%) to 1.3733. The Bank of Canada held its benchmark rate at 2.25%, citing inflation near target alongside rising energy-driven price pressures and broader economic uncertainty, noting that the sharp increase in global energy prices has led to increases in gasoline prices, and this will push up total inflation in the coming months.
Finally, in the cryptocurrencies market, Bitcoin fell 3390 dollars (-4.55%) to 71163 while Ethereum dropped 147 dollars (-6.34%) to 2180.
AFTER HOURS
Micron Technology (MU) a leading memory and storage semiconductor company, beat fiscal Q2 earnings and revenue expectations, with guidance for the next quarter also way above analyst forecasts. The company reported non-GAAP EPS of $12.20 versus $9.19 expected, while revenue came in at $23.86B, above the $19.97B consensus.
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