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MARKET COMMENTARY
On Friday, U.S. stocks pared sharp losses seen at the open to close higher. The Dow Jones Industrial Average rose 132 points (+0.41%) to 32,237, the S&P 500 climbed 22 points (+0.56%) to 3,970, and the Nasdaq 100 was up 37 points (+0.30%) to 12,767.
The three major indexes managed to post weekly gains of over 1%.
The U.S. 10-year Treasury yield dropped 5.4 basis points to 3.373%.
Utilities (+3.12%), real estate (+2.65%), and household & personal products (+2.00%) stock sectors gained the most, while semiconductors (-1.38%) and automobiles (-0.70%) sectors lagged behind.
Microsoft (MSFT) rose 1.05% to $280.57, the highest close since August 2022.
Apple (AAPL) added 0.83% to $160.25, a six-month high.
Activision Blizzard (ATVI) climbed 5.91% after the U.K. competition regulator dropped some competition concerns in Microsoft's proposed acquisition of the video-game company.
On bank stocks, JPMorgan Chase (JPM) dropped 1.52%, Morgan Stanley (MS) fell 2.20%, and First Republic Bank (FRC) was down 1.36%, while PacWest Bancorp (PACW) jumped 3.19%, and Western Alliance Bancorp (WAL) bounced 5.76%.
Regarding U.S. economic data, durable goods orders fell 1.00% on month in February (vs +0.7% expected). The S&P Global manufacturing purchasing managers index (PMI) posted at 49.3 for March (vs 47.0 expected), while the services PMI rose to 53.8 (vs 51.0 expected).
European stocks closed lower. The DAX 40 fell 1.66%. Deutsche Bank, Germany's largest bank that was closely watched by the market, sank 8.53%.
The CAC 40 dropped 1.74%, and the FTSE 100 was down 1.26%.
U.S. WTI crude futures declined $0.70 to $69.27 a barrel.
Gold price retreated $14 to $1,978 an ounce.
The U.S. dollar gained some strength against other major currencies amid lingering worries over banks.
EUR/USD slid 72 pips to 1.0759, and GBP/USD declined 58 pips to 1.2229.
The S&P Global manufacturing PMIs for the Eurozone, Germany, France and the U.K. remained in contraction readings (below 50) in March, while their services PMIs advanced further in the expansion zone (above 50).
U.K. retail sales grew 1.5% on month in February (vs -0.2% expected).
USD/JPY declined 10 pips to 130.75.
AUD/USD dropped 38 pips to 0.6646.
USD/CHF added 33 pips to 0.9198.
USD/CAD rose 25 pips to 1.374. Canada's retail sales rose 1.4% on month in January (vs +0.7% expected).
Over the weekend, Bitcoin regained the $28,000 level.
On Friday, U.S. stocks pared sharp losses seen at the open to close higher. The Dow Jones Industrial Average rose 132 points (+0.41%) to 32,237, the S&P 500 climbed 22 points (+0.56%) to 3,970, and the Nasdaq 100 was up 37 points (+0.30%) to 12,767.
The three major indexes managed to post weekly gains of over 1%.
The U.S. 10-year Treasury yield dropped 5.4 basis points to 3.373%.
Utilities (+3.12%), real estate (+2.65%), and household & personal products (+2.00%) stock sectors gained the most, while semiconductors (-1.38%) and automobiles (-0.70%) sectors lagged behind.
Microsoft (MSFT) rose 1.05% to $280.57, the highest close since August 2022.
Apple (AAPL) added 0.83% to $160.25, a six-month high.
Activision Blizzard (ATVI) climbed 5.91% after the U.K. competition regulator dropped some competition concerns in Microsoft's proposed acquisition of the video-game company.
On bank stocks, JPMorgan Chase (JPM) dropped 1.52%, Morgan Stanley (MS) fell 2.20%, and First Republic Bank (FRC) was down 1.36%, while PacWest Bancorp (PACW) jumped 3.19%, and Western Alliance Bancorp (WAL) bounced 5.76%.
Regarding U.S. economic data, durable goods orders fell 1.00% on month in February (vs +0.7% expected). The S&P Global manufacturing purchasing managers index (PMI) posted at 49.3 for March (vs 47.0 expected), while the services PMI rose to 53.8 (vs 51.0 expected).
European stocks closed lower. The DAX 40 fell 1.66%. Deutsche Bank, Germany's largest bank that was closely watched by the market, sank 8.53%.
The CAC 40 dropped 1.74%, and the FTSE 100 was down 1.26%.
U.S. WTI crude futures declined $0.70 to $69.27 a barrel.
Gold price retreated $14 to $1,978 an ounce.
The U.S. dollar gained some strength against other major currencies amid lingering worries over banks.
EUR/USD slid 72 pips to 1.0759, and GBP/USD declined 58 pips to 1.2229.
The S&P Global manufacturing PMIs for the Eurozone, Germany, France and the U.K. remained in contraction readings (below 50) in March, while their services PMIs advanced further in the expansion zone (above 50).
U.K. retail sales grew 1.5% on month in February (vs -0.2% expected).
USD/JPY declined 10 pips to 130.75.
AUD/USD dropped 38 pips to 0.6646.
USD/CHF added 33 pips to 0.9198.
USD/CAD rose 25 pips to 1.374. Canada's retail sales rose 1.4% on month in January (vs +0.7% expected).
Over the weekend, Bitcoin regained the $28,000 level.
MARKET COMMENTARY
On Monday, U.S. stocks closed mixed. The S&P 500 gained 6 points (+0.16%) to 3,977, and the Dow Jones Industrial Average rose 194 points (+0.60%) to 32,432, while the Nasdaq 100 fell 93 points (-0.74%) to 12,673.
Market sentiment was lifted by the deal in which First Citizens BancShares (FCNCA) will acquire Silicon Valley Bank and receive a $70-billion line of credit from the Federal Deposit Insurance Corporation (FDIC). First Citizens BancShares closed 53.74% higher.
The U.S. 10-year Treasury yield rebounded 16.3 basis points to 3.539%.
Banks (+3.05%), energy (+2.1%), and transportation (+1.48%) stock sectors were the top performers, while media (-1.43%), consumer durables & apparel (-1.35%), and semiconductors (-1.14%) sectors traded lower.
JPMorgan Chase (JPM) advanced 2.87%, Bank of America (BAC) jumped 4.97%, and First Republic Bank (FRC) surged 11.81%, and Keycorp (KEY) was up 5.31%.
Roku (ROKU) rose 4.70%, and Pinterest (PINS) was up 2.18%.
On the other hand, big tech stocks saw profit-taking. Microsoft (MSFT) slid 1.49%, Apple (AAPL) slipped 1.23%, Alphabet (GOOGL) fell 2.83%, and Nvidia (NVDA) was down 0.93%.
Regarding U.S. economic data, the Dallas Fed manufacturing index declined to -15.7 in March (vs -10.0 expected).
European stocks closed higher. The DAX 40 rose 1.14%, both the CAC 40 and the FTSE 100 climbed 0.90%.
Oil prices were boosted by Turkey's stoppage of crude-oil pumping from Iraq's Kurdistan region. U.S. WTI crude futures jumped $3.70 (+5.34%) to $73.00 a barrel.
Gold price sank a further $20 to $1,957 an ounce.
The U.S. dollar softened against other major currencies. The dollar index declined to 102.83.
EUR/USD gained 40 pips to 1.0800. Germany's Ifo business climate index improved to 93.3 in March (vs 90.7 expected).
Canadian dollar was buoyed by rallying oil prices. USD/CAD declined 88 pips to 1.3656.
AUD/USD added 6 pips to 0.6651. This morning, Australia's data showed that retail sales grew 0.2% on month in February (vs +0.5% expected).
GBP/USD rose 56 pips to 1.2289.
USD/JPY added 83 pips to 131.56.
USD/CHF dropped 43 pips to 0.9155.
Bitcoin fell over 3% to $27,100. The U.S. Commodity Futures Trading Commission (CFTC) sued Binance, the world's biggest crypto exchange, for alleged "willful evasion of U.S. law". Coinbase Global (COIN), a cryptocurrency exchange platform, plunged 7.80%.
On Monday, U.S. stocks closed mixed. The S&P 500 gained 6 points (+0.16%) to 3,977, and the Dow Jones Industrial Average rose 194 points (+0.60%) to 32,432, while the Nasdaq 100 fell 93 points (-0.74%) to 12,673.
Market sentiment was lifted by the deal in which First Citizens BancShares (FCNCA) will acquire Silicon Valley Bank and receive a $70-billion line of credit from the Federal Deposit Insurance Corporation (FDIC). First Citizens BancShares closed 53.74% higher.
The U.S. 10-year Treasury yield rebounded 16.3 basis points to 3.539%.
Banks (+3.05%), energy (+2.1%), and transportation (+1.48%) stock sectors were the top performers, while media (-1.43%), consumer durables & apparel (-1.35%), and semiconductors (-1.14%) sectors traded lower.
JPMorgan Chase (JPM) advanced 2.87%, Bank of America (BAC) jumped 4.97%, and First Republic Bank (FRC) surged 11.81%, and Keycorp (KEY) was up 5.31%.
Roku (ROKU) rose 4.70%, and Pinterest (PINS) was up 2.18%.
On the other hand, big tech stocks saw profit-taking. Microsoft (MSFT) slid 1.49%, Apple (AAPL) slipped 1.23%, Alphabet (GOOGL) fell 2.83%, and Nvidia (NVDA) was down 0.93%.
Regarding U.S. economic data, the Dallas Fed manufacturing index declined to -15.7 in March (vs -10.0 expected).
European stocks closed higher. The DAX 40 rose 1.14%, both the CAC 40 and the FTSE 100 climbed 0.90%.
Oil prices were boosted by Turkey's stoppage of crude-oil pumping from Iraq's Kurdistan region. U.S. WTI crude futures jumped $3.70 (+5.34%) to $73.00 a barrel.
Gold price sank a further $20 to $1,957 an ounce.
The U.S. dollar softened against other major currencies. The dollar index declined to 102.83.
EUR/USD gained 40 pips to 1.0800. Germany's Ifo business climate index improved to 93.3 in March (vs 90.7 expected).
Canadian dollar was buoyed by rallying oil prices. USD/CAD declined 88 pips to 1.3656.
AUD/USD added 6 pips to 0.6651. This morning, Australia's data showed that retail sales grew 0.2% on month in February (vs +0.5% expected).
GBP/USD rose 56 pips to 1.2289.
USD/JPY added 83 pips to 131.56.
USD/CHF dropped 43 pips to 0.9155.
Bitcoin fell over 3% to $27,100. The U.S. Commodity Futures Trading Commission (CFTC) sued Binance, the world's biggest crypto exchange, for alleged "willful evasion of U.S. law". Coinbase Global (COIN), a cryptocurrency exchange platform, plunged 7.80%.
MARKET COMMENTARY
On Tuesday, U.S. stocks closed slightly lower. The Dow Jones Industrial Average declined 37 points (-0.12%) to 32,394, the S&P 500 eased 6 points (-0.16%) to 3,971, and the Nasdaq 100 was down 62 points (-0.49%) to 12,610.
The U.S. 10-year Treasury yield rose 3.8 basis points to 3.568%.
Energy (+1.45%), consumer services (+0.81%), and Transportation (+0.78%) stock sectors traded higher, while media (-1.1%), automobiles (-1.09%), and health-care equipment & services (-1.04%) sectors were under pressure.
Big tech stocks saw further weakness but their losses narrowed at the session-end. Microsoft (MSFT) eased 0.42%, Apple (AAPL) slipped 0.40%, Alphabet (GOOGL) dropped 1.40%, Meta Platforms (META) fell 1.06%, Tesla (TSLA) lost 1.37%, and Nvidia (NVDA) was down 0.46%.
AMC Entertainment (AMC) jumped 13.19% after a media report said Amazon.com (AMZN) is considering an acquisition of the movie-theater chain. Amazon.com (AMZN) closed 0.82% lower.
Alibaba (BABA) jumped 14.26% after the Chinese e-commerce giant announced plans to split into six units that could be listed individually.
PVH Corp (PVH) surged 20.02% after the apparel company posted better-than-expected quarterly earnings and outlook.
On the other hand, Lyft (LYFT) sank 7.60%. The ride-sharing firm named a new chief executive.
Regarding U.S. economic data, the Conference Board consumer confidence index climbed to 104.2 in March (vs 101.0 expected). Wholesale inventories rose 0.2% on month in February (vs -0.2% expected).
European stocks closed slightly higher. The DAX 40 edged up 0.09%, the CAC 40 added 0.14%, and the FTSE 100 was up 0.17%.
U.S. WTI crude futures rose $0.70 to $73.48 a barrel.
Gold price rebounded $17 to $1,973 an ounce.
The U.S. dollar weakened further against other major currencies. The dollar index fell to an eight-week low of 102.42.
EUR/USD added 46 pips to 1.0844, GBP/USD rose 54 pips to 1.2341.
USD/JPY dropped 71 pips to 130.86.
AUD/USD increased 56 pips to 0.6707. This morning, Australia's data showed that consumer prices grew 6.8% on year in February (vs +7.6% expected).
USD/CHF gained 43 pips to 0.9199, while USD/CAD slid 62 pips to 1.3599.
Bitcoin remained resilient rebounding to $27,300.
On Tuesday, U.S. stocks closed slightly lower. The Dow Jones Industrial Average declined 37 points (-0.12%) to 32,394, the S&P 500 eased 6 points (-0.16%) to 3,971, and the Nasdaq 100 was down 62 points (-0.49%) to 12,610.
The U.S. 10-year Treasury yield rose 3.8 basis points to 3.568%.
Energy (+1.45%), consumer services (+0.81%), and Transportation (+0.78%) stock sectors traded higher, while media (-1.1%), automobiles (-1.09%), and health-care equipment & services (-1.04%) sectors were under pressure.
Big tech stocks saw further weakness but their losses narrowed at the session-end. Microsoft (MSFT) eased 0.42%, Apple (AAPL) slipped 0.40%, Alphabet (GOOGL) dropped 1.40%, Meta Platforms (META) fell 1.06%, Tesla (TSLA) lost 1.37%, and Nvidia (NVDA) was down 0.46%.
AMC Entertainment (AMC) jumped 13.19% after a media report said Amazon.com (AMZN) is considering an acquisition of the movie-theater chain. Amazon.com (AMZN) closed 0.82% lower.
Alibaba (BABA) jumped 14.26% after the Chinese e-commerce giant announced plans to split into six units that could be listed individually.
PVH Corp (PVH) surged 20.02% after the apparel company posted better-than-expected quarterly earnings and outlook.
On the other hand, Lyft (LYFT) sank 7.60%. The ride-sharing firm named a new chief executive.
Regarding U.S. economic data, the Conference Board consumer confidence index climbed to 104.2 in March (vs 101.0 expected). Wholesale inventories rose 0.2% on month in February (vs -0.2% expected).
European stocks closed slightly higher. The DAX 40 edged up 0.09%, the CAC 40 added 0.14%, and the FTSE 100 was up 0.17%.
U.S. WTI crude futures rose $0.70 to $73.48 a barrel.
Gold price rebounded $17 to $1,973 an ounce.
The U.S. dollar weakened further against other major currencies. The dollar index fell to an eight-week low of 102.42.
EUR/USD added 46 pips to 1.0844, GBP/USD rose 54 pips to 1.2341.
USD/JPY dropped 71 pips to 130.86.
AUD/USD increased 56 pips to 0.6707. This morning, Australia's data showed that consumer prices grew 6.8% on year in February (vs +7.6% expected).
USD/CHF gained 43 pips to 0.9199, while USD/CAD slid 62 pips to 1.3599.
Bitcoin remained resilient rebounding to $27,300.
MARKET COMMENTARY
On Wednesday, U.S. stocks rallied sharply, led by tech shares. The Dow Jones Industrial Average rose 323 points (+1.00%) to 32,717, the S&P 500 climbed 56 points (+1.43%) to 4,027, and the Nasdaq 100 jumped 235 points (+1.87%) to 12,846.
Semiconductors (+2.82%), automobiles (+2.64%), and commercial & professional services (+2.35%) stock sectors were top performers.
Micron Technology (MU) jumped 7.19% after the memory-chip maker issued an upbeat sales forecast for the current quarter.
At the same time, Intel (INTC) rose 7.61%, ON Semiconductor (ON) advanced 4.36%, Qualcomm (QCOM) climbed 3.09%, Applied Materials (AMAT) gained 2.96%, and Nvidia (NVDA) was up 2.17%.
Microsoft (MSFT) advanced 1.92%, Apple (AAPL) rose 1.98%, Amazon.com (AMZN) gained 3.10%, and Meta Platforms (META) was up 2.33%.
Tesla (TSLA) closed 2.48% higher, Rivian Automotive (RIVN) jumped 9.88%, and Ford Motor (F) was up 3.88%.
Lululemon Athletica (LULU) surged 12.72%. The athletic-apparel designer posted better-than-expected quarterly earnings and business forecast.
The U.S. 10-year Treasury yield eased 1.1 basis points to 3.558%.
Regarding U.S. economic data, the number of pending home sales increased 0.8% on month in February (vs +2.5% expected).
European stocks also closed higher. The DAX 40 rose 1.23%, the CAC 40 gained 1.39%, and the FTSE 100 was up 1.07%.
U.S. WTI crude futures declined $0.23 to $72.97 a barrel. The U.S. Energy Department reported a reduction of 7.49 million barrels in crude-oil stockpiles (vs +92,000 barrels expected).
Gold price dropped $9 to $1,963 an ounce.
The U.S. dollar index climbed to 102.68.
EUR/USD edged down 3 pips to 1.0842. In Germany, the GfK consumer confidence index ticked up to -29.5 for April (vs -30.0 expected).
France's official consumer confidence index was little changed at 81 in March.
USD/JPY jumped 196 pips (+1.50%) to 132.85. Bank of Japan Deputy Governor Shinichi Uchida said that, if conditions turn positive, a tweak to the central bank's yield curve control policy will undoubtedly become possible.
GBP/USD fell 26 pips to 1.2316.
AUD/USD dropped 27 pips to 0.6682.
USD/CHF slipped 13 pips to 0.9186, and USD/CAD declined 37 pips to 1.3564.
Bitcoin bounced over 4% to $28,400, the highest close since June 2022.
On Wednesday, U.S. stocks rallied sharply, led by tech shares. The Dow Jones Industrial Average rose 323 points (+1.00%) to 32,717, the S&P 500 climbed 56 points (+1.43%) to 4,027, and the Nasdaq 100 jumped 235 points (+1.87%) to 12,846.
Semiconductors (+2.82%), automobiles (+2.64%), and commercial & professional services (+2.35%) stock sectors were top performers.
Micron Technology (MU) jumped 7.19% after the memory-chip maker issued an upbeat sales forecast for the current quarter.
At the same time, Intel (INTC) rose 7.61%, ON Semiconductor (ON) advanced 4.36%, Qualcomm (QCOM) climbed 3.09%, Applied Materials (AMAT) gained 2.96%, and Nvidia (NVDA) was up 2.17%.
Microsoft (MSFT) advanced 1.92%, Apple (AAPL) rose 1.98%, Amazon.com (AMZN) gained 3.10%, and Meta Platforms (META) was up 2.33%.
Tesla (TSLA) closed 2.48% higher, Rivian Automotive (RIVN) jumped 9.88%, and Ford Motor (F) was up 3.88%.
Lululemon Athletica (LULU) surged 12.72%. The athletic-apparel designer posted better-than-expected quarterly earnings and business forecast.
The U.S. 10-year Treasury yield eased 1.1 basis points to 3.558%.
Regarding U.S. economic data, the number of pending home sales increased 0.8% on month in February (vs +2.5% expected).
European stocks also closed higher. The DAX 40 rose 1.23%, the CAC 40 gained 1.39%, and the FTSE 100 was up 1.07%.
U.S. WTI crude futures declined $0.23 to $72.97 a barrel. The U.S. Energy Department reported a reduction of 7.49 million barrels in crude-oil stockpiles (vs +92,000 barrels expected).
Gold price dropped $9 to $1,963 an ounce.
The U.S. dollar index climbed to 102.68.
EUR/USD edged down 3 pips to 1.0842. In Germany, the GfK consumer confidence index ticked up to -29.5 for April (vs -30.0 expected).
France's official consumer confidence index was little changed at 81 in March.
USD/JPY jumped 196 pips (+1.50%) to 132.85. Bank of Japan Deputy Governor Shinichi Uchida said that, if conditions turn positive, a tweak to the central bank's yield curve control policy will undoubtedly become possible.
GBP/USD fell 26 pips to 1.2316.
AUD/USD dropped 27 pips to 0.6682.
USD/CHF slipped 13 pips to 0.9186, and USD/CAD declined 37 pips to 1.3564.
Bitcoin bounced over 4% to $28,400, the highest close since June 2022.
MARKET COMMENTARY
On Thursday, U.S. stocks advanced further following a strong rebound in the prior session. The Dow Jones Industrial Average rose 141 points (+0.43%) to 32,859, the S&P 500 gained 23 points (+0.57%) to 4,050, and the Nasdaq 100 was up 117 points (+0.91%) to 12,963.
Semiconductors (+1.61%), retailing (+1.21%), and real estate (+1.19%) stock sectors led the market higher, while banks (-1.00%) stocks were under pressure.
Microsoft (MSFT) rose 1.26% to $284.05, a fresh seven-month closing high.
Amazon.com (AMZN) climbed 1.75%, Meta Platforms (META) increased 1.21%, and Apple (AAPL) was up 0.99%.
NetFlix (NFLX) gained 1.93%. Moody's raised the company's credit rating to an investment grade of "Baa3".
Nvidia (NVDA) added 1.48%, ON Semiconductor (ON) advanced 2.45%, Applied Materials (AMAT) increased 2.96%, and Texas Instruments (TXN) was up 1.77%.
Alibaba (BABA) rose 3.46% amid reports that the company may list its logistics unit Cainiao Network Technology in Hong Kong.
Philip Morris International (PM) added 2.01% after the stock was upgraded to "overweight" at JPMorgan.
On the other hand, Charles Schwab (SCHW) fell 4.96% after stock was downgraded to "equal-weight" at Morgan Stanley
Roku (ROKU) dropped 3.58%. The video-streaming platform announced plans to cut about 200 employees or 6% of its workforce.
The U.S. 10-year Treasury yield eased a further 1.5 basis points to 3.549%.
Regarding U.S. economic data. the latest number of initial jobless claims increased to 198,000 (vs 193,000 expected).
European stocks also closed higher. The DAX 40 rose 1.26%, the CAC 40 gained 1.06%, and the FTSE 100 was up 0.74%.
U.S. WTI crude futures settled $1.30 higher at $74.30 a barrel.
Gold price gained $16 to $1,981 an ounce.
The U.S. dollar index retreated to 102.16.
EUR/USD jumped 58 pips to 1.0902. Germany's inflation rate slowed to 7.4% on year in March (vs 7.5% expected).
The Eurozone's official economic sentiment indicator was stable at 99.7 in February (vs 99.4 expected).
USD/JPY slid 19 pips to 132.67. This morning, Japan's data showed that retail sales grew 1.4% on month in February (vs +0.9% expected), and industrial production increased 4.5% on month (vs +2.4% expected).
The jobless rate in Japan climbed to 2.6% in February (vs 2.4% expected), and Tokyo's consumer prices increased 3.3% on year in March (vs +3.2% expected).
GBP/USD gained 73 pips to 1.2387, and AUD/USD rose 26 pips to 0.6710.
USD/CHF declined 45 pips to 0.9140, and USD/CAD fell 35 pips to 1.3524.
Bitcoin once exceeded $29,000, but later slipped back to levels below $28,000.
On Thursday, U.S. stocks advanced further following a strong rebound in the prior session. The Dow Jones Industrial Average rose 141 points (+0.43%) to 32,859, the S&P 500 gained 23 points (+0.57%) to 4,050, and the Nasdaq 100 was up 117 points (+0.91%) to 12,963.
Semiconductors (+1.61%), retailing (+1.21%), and real estate (+1.19%) stock sectors led the market higher, while banks (-1.00%) stocks were under pressure.
Microsoft (MSFT) rose 1.26% to $284.05, a fresh seven-month closing high.
Amazon.com (AMZN) climbed 1.75%, Meta Platforms (META) increased 1.21%, and Apple (AAPL) was up 0.99%.
NetFlix (NFLX) gained 1.93%. Moody's raised the company's credit rating to an investment grade of "Baa3".
Nvidia (NVDA) added 1.48%, ON Semiconductor (ON) advanced 2.45%, Applied Materials (AMAT) increased 2.96%, and Texas Instruments (TXN) was up 1.77%.
Alibaba (BABA) rose 3.46% amid reports that the company may list its logistics unit Cainiao Network Technology in Hong Kong.
Philip Morris International (PM) added 2.01% after the stock was upgraded to "overweight" at JPMorgan.
On the other hand, Charles Schwab (SCHW) fell 4.96% after stock was downgraded to "equal-weight" at Morgan Stanley
Roku (ROKU) dropped 3.58%. The video-streaming platform announced plans to cut about 200 employees or 6% of its workforce.
The U.S. 10-year Treasury yield eased a further 1.5 basis points to 3.549%.
Regarding U.S. economic data. the latest number of initial jobless claims increased to 198,000 (vs 193,000 expected).
European stocks also closed higher. The DAX 40 rose 1.26%, the CAC 40 gained 1.06%, and the FTSE 100 was up 0.74%.
U.S. WTI crude futures settled $1.30 higher at $74.30 a barrel.
Gold price gained $16 to $1,981 an ounce.
The U.S. dollar index retreated to 102.16.
EUR/USD jumped 58 pips to 1.0902. Germany's inflation rate slowed to 7.4% on year in March (vs 7.5% expected).
The Eurozone's official economic sentiment indicator was stable at 99.7 in February (vs 99.4 expected).
USD/JPY slid 19 pips to 132.67. This morning, Japan's data showed that retail sales grew 1.4% on month in February (vs +0.9% expected), and industrial production increased 4.5% on month (vs +2.4% expected).
The jobless rate in Japan climbed to 2.6% in February (vs 2.4% expected), and Tokyo's consumer prices increased 3.3% on year in March (vs +3.2% expected).
GBP/USD gained 73 pips to 1.2387, and AUD/USD rose 26 pips to 0.6710.
USD/CHF declined 45 pips to 0.9140, and USD/CAD fell 35 pips to 1.3524.
Bitcoin once exceeded $29,000, but later slipped back to levels below $28,000.
MARKET COMMENTARY
On Friday, U.S. stocks extended their rally to a third session. The Dow Jones Industrial Average rose 415 points (+1.26%) to 33,274, the S&P 500 climbed 58 points (+1.43%) to 4,108, and the Nasdaq 100 jumped 218 points (+1.68%) to 13,181.
The three major indexes also posted monthly gains for March. The Dow gained 1.89%, the S&P 500 added 3.51%, and the Nasdaq 100 advanced 9.46%.
Automobiles (+5.38%), consumer durables & apparel (+2.37%), and media (+2.32%) stock sectors led the market higher.
Tesla (TSLA) rose 6.24%. Over the weekend, the electric car-maker reported first-quarter deliveries of 422,875 vehicles, up 36% on year and 4% on quarter, but lower than 430,000 vehicles expected by the market.
Microsoft (MSFT) advanced a further 1.50% to $288.30, and Apple (AAPL) gained 1.56% to $164.90, both seven-month closing highs.
Also, Alphabet (GOOGL) rose 2.81%, Meta Platforms (META) increased 1.97%, Amazon.com (AMZN) climbed 1.26%, and NetFlix (NFLX) was up 2.08%.
Nvidia (NVDA) added 1.44%, while Micron Technology (MU) slumped 4.36%.
The U.S. 10-year Treasury yield dropped a further 7 basis points to 3.479%.
Regarding U.S. economic data, the core personal consumption expenditures price growth slowed to 4.6% on year and 0.3% on month
The Market News International Chicago business barometer edged up to 43.8 in March (vs 42.0 expected).
European stocks also closed higher. The DAX 40 added 0.69%, the CAC 40 gained 0.81%, and the FTSE 100 was up 0.15%.
Gold price fell $10 to $1,969 an ounce.
On Sunday, in a surprise move, Saudi Arabia and other OPEC+ oil producers announced an oil-output cut of about 1.16 million barrels per day. Oil futures jumped over 6% at the open. U.S. WTI crude futures bounced 6.69% to $80.75 a barrel.
The U.S. dollar regained some strength against other major currencies. The dollar index advanced to 102.58.
USD/JPY added 6 pips to 132.76. This morning, the Bank of Japan Tankan large manufacturers index fell to +1 in the first quarter (as expected), while the Tankan large non-manufacturers index rose to 20 (vs 19 expected).
EUR/USD slid 63 pips to 1.0842. The Eurozone's data showed that the inflation rate fell to 6.9% on year in March (vs 7.4% expected).
In France, the inflation rate fell to 5.6% on year in March (vs 5.5% expected).
In Germany, the jobless rate rose to 5.6% in March (vs 5.5% expected), and retail sales dropped 1.3% on month in February (vs +0.3% expected).
GBP/USD declined 54 pips to 1.2332. In the U.K., the Nationwide housing price index declined 0.8% on month in March (vs +0.2% expected).
AUD/USD dropped 29 pips to 0.6683.
USD/CAD declined 7 pips to 1.3516. Canada's data showed that gross domestic product grew 0.5% on month in January (vs +0.3% expected) and 0.3% on month in February (vs -0.1% expected).
USD/CHF added 18 pips to 0.9150.
Bitcoin managed to stay above the $28,000 level.
On Friday, U.S. stocks extended their rally to a third session. The Dow Jones Industrial Average rose 415 points (+1.26%) to 33,274, the S&P 500 climbed 58 points (+1.43%) to 4,108, and the Nasdaq 100 jumped 218 points (+1.68%) to 13,181.
The three major indexes also posted monthly gains for March. The Dow gained 1.89%, the S&P 500 added 3.51%, and the Nasdaq 100 advanced 9.46%.
Automobiles (+5.38%), consumer durables & apparel (+2.37%), and media (+2.32%) stock sectors led the market higher.
Tesla (TSLA) rose 6.24%. Over the weekend, the electric car-maker reported first-quarter deliveries of 422,875 vehicles, up 36% on year and 4% on quarter, but lower than 430,000 vehicles expected by the market.
Microsoft (MSFT) advanced a further 1.50% to $288.30, and Apple (AAPL) gained 1.56% to $164.90, both seven-month closing highs.
Also, Alphabet (GOOGL) rose 2.81%, Meta Platforms (META) increased 1.97%, Amazon.com (AMZN) climbed 1.26%, and NetFlix (NFLX) was up 2.08%.
Nvidia (NVDA) added 1.44%, while Micron Technology (MU) slumped 4.36%.
The U.S. 10-year Treasury yield dropped a further 7 basis points to 3.479%.
Regarding U.S. economic data, the core personal consumption expenditures price growth slowed to 4.6% on year and 0.3% on month
The Market News International Chicago business barometer edged up to 43.8 in March (vs 42.0 expected).
European stocks also closed higher. The DAX 40 added 0.69%, the CAC 40 gained 0.81%, and the FTSE 100 was up 0.15%.
Gold price fell $10 to $1,969 an ounce.
On Sunday, in a surprise move, Saudi Arabia and other OPEC+ oil producers announced an oil-output cut of about 1.16 million barrels per day. Oil futures jumped over 6% at the open. U.S. WTI crude futures bounced 6.69% to $80.75 a barrel.
The U.S. dollar regained some strength against other major currencies. The dollar index advanced to 102.58.
USD/JPY added 6 pips to 132.76. This morning, the Bank of Japan Tankan large manufacturers index fell to +1 in the first quarter (as expected), while the Tankan large non-manufacturers index rose to 20 (vs 19 expected).
EUR/USD slid 63 pips to 1.0842. The Eurozone's data showed that the inflation rate fell to 6.9% on year in March (vs 7.4% expected).
In France, the inflation rate fell to 5.6% on year in March (vs 5.5% expected).
In Germany, the jobless rate rose to 5.6% in March (vs 5.5% expected), and retail sales dropped 1.3% on month in February (vs +0.3% expected).
GBP/USD declined 54 pips to 1.2332. In the U.K., the Nationwide housing price index declined 0.8% on month in March (vs +0.2% expected).
AUD/USD dropped 29 pips to 0.6683.
USD/CAD declined 7 pips to 1.3516. Canada's data showed that gross domestic product grew 0.5% on month in January (vs +0.3% expected) and 0.3% on month in February (vs -0.1% expected).
USD/CHF added 18 pips to 0.9150.
Bitcoin managed to stay above the $28,000 level.
MARKET COMMENTARY
On Monday, U.S. stocks closed mixed. The tech-heavy Nasdaq 100 once lost 145 points before but later pared its loss to just 33 points (-0.25%) to close at 13,148. The S&P 500 advanced 15 points (+0.37%) to 4,124, and the Dow Jones Industrial Average rose 327 points (+0.98%) to 33,601.
Energy (+4.91%), health-care equipment & services (+1.49%), and telecoms services (+0.91%) stock sectors were market leaders, while automobiles (-4.99%), real estate (-0.97%), and transportation (-0.83%) sectors lagged behind.
Oil prices surged over 6% after Saudi Arabia and other OPEC+ oil producers surprised the market by announcing an oil-output cut of about 1.16 million barrels per day, about 1% of worldwide supplies. U.S. WTI crude futures gained $4.90 (+6.48%) to $80.54 a barrel.
As a result, energy stocks outperformed the market. Exxon Mobil (XOM) rose 5.9%, Occidental Petroleum (OXY) gained 4.4%, and Marathon Oil Marathon Oil (MRO) jumped 9.89%.
Tesla (TSLA) fell 6.12%, as the electric-vehicle maker's record quarterly deliveries of 422,875 vehicles failed to please investors.
The U.S. 10-year Treasury yield fell a further 5.3 basis points to 3.415%.
The U.S. Institute for Supply Management (ISM) manufacturing purchasing managers index declined to 46.3 in March (vs 49.0 expected), the lowest level since May 2020.
U.S. data also showed that construction spending dropped 0.1% on month in February (vs +0.0% expected, +0.4% in January).
European stocks closed mixed. The DAX 40 fell 0.31%, while the CAC 40 gained 0.32%, and the FTSE 100 was up 0.54%.
Gold price rebounded $15 to $1,984 an ounce.
The U.S. dollar gave up its gains seen earlier in the session and some, dragged by down-beat manufacturing and construction spending data. The dollar index slid to 102.02.
EUR/USD rose 64 pips to 1.0903.
USD/JPY declined 47 pips to 132.39. This morning, the Bank of Japan reported that the monetary base shrank 1.0% on year in March (vs -1.6% in February).
GBP/USD jumped 82 pips to 1.2419.
AUD/USD climbed 100 pips to 0.6785. Later today, Australia's central bank is expected to keep its key interest rate unchanged at 3.60%.
USD/CHF fell 23 pips to 0.9130, and USD/CAD slid 89 pips to 1.3427.
Bitcoin traded lower to $27,760.
On Monday, U.S. stocks closed mixed. The tech-heavy Nasdaq 100 once lost 145 points before but later pared its loss to just 33 points (-0.25%) to close at 13,148. The S&P 500 advanced 15 points (+0.37%) to 4,124, and the Dow Jones Industrial Average rose 327 points (+0.98%) to 33,601.
Energy (+4.91%), health-care equipment & services (+1.49%), and telecoms services (+0.91%) stock sectors were market leaders, while automobiles (-4.99%), real estate (-0.97%), and transportation (-0.83%) sectors lagged behind.
Oil prices surged over 6% after Saudi Arabia and other OPEC+ oil producers surprised the market by announcing an oil-output cut of about 1.16 million barrels per day, about 1% of worldwide supplies. U.S. WTI crude futures gained $4.90 (+6.48%) to $80.54 a barrel.
As a result, energy stocks outperformed the market. Exxon Mobil (XOM) rose 5.9%, Occidental Petroleum (OXY) gained 4.4%, and Marathon Oil Marathon Oil (MRO) jumped 9.89%.
Tesla (TSLA) fell 6.12%, as the electric-vehicle maker's record quarterly deliveries of 422,875 vehicles failed to please investors.
The U.S. 10-year Treasury yield fell a further 5.3 basis points to 3.415%.
The U.S. Institute for Supply Management (ISM) manufacturing purchasing managers index declined to 46.3 in March (vs 49.0 expected), the lowest level since May 2020.
U.S. data also showed that construction spending dropped 0.1% on month in February (vs +0.0% expected, +0.4% in January).
European stocks closed mixed. The DAX 40 fell 0.31%, while the CAC 40 gained 0.32%, and the FTSE 100 was up 0.54%.
Gold price rebounded $15 to $1,984 an ounce.
The U.S. dollar gave up its gains seen earlier in the session and some, dragged by down-beat manufacturing and construction spending data. The dollar index slid to 102.02.
EUR/USD rose 64 pips to 1.0903.
USD/JPY declined 47 pips to 132.39. This morning, the Bank of Japan reported that the monetary base shrank 1.0% on year in March (vs -1.6% in February).
GBP/USD jumped 82 pips to 1.2419.
AUD/USD climbed 100 pips to 0.6785. Later today, Australia's central bank is expected to keep its key interest rate unchanged at 3.60%.
USD/CHF fell 23 pips to 0.9130, and USD/CAD slid 89 pips to 1.3427.
Bitcoin traded lower to $27,760.
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