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On Friday, U.S. stocks closed mixed. The Dow Jones Industrial Average climbed 169 points (+0.50%) to 33,869, the S&P 500 rose 8 points (+0.22%) to 4,090, while the Nasdaq 100 fell 76 points (-0.62%) to 12,304.
The U.S. 10-year Treasury Yield jumped 8.4bps to 3.742%.
Regarding U.S. economic data, the University of Michigan consumer sentiment index rose to 66.4 in February (vs 65.0 expected).
Investors are watching closely U.S. inflation data which will be released on Tuesday (February 14). It is expected that the inflation rate ticked down to 6.3% on year in January.
Energy (+3.92%), utilities (+2.00%), and food, beverage & tobacco (+1.08%) sectors gained the most, while automobiles (-4.52%), semiconductors (-2.02%), and media (-1.13%) sectors were under pressure.
Marathon Oil Corp (MRO) rose 6.20%, Valero Energy (VLO) climbed 6.12%, and APA Corp (APA) was up 6.11%.
Tesla (TSLA) fell 5.03%, Ford Motor (F) dropped 5.63%, and Nvidia (NVDA) was down 4.80%.
Lyft (LYFT) plunged 36.44% after the ride-sharing company posted lower-than-expected fourth-quarter earnings and gave disappointing sales guidance.
Expedia (EXPE) fell 8.55% as the online travel agency's quarterly earnings missed expectations.
News Corp (NWSA) slid 9.37%. The media conglomerate reported lower-than-expected quarterly earnings, and announced plans to cut about 1,250 jobs this year, or 5% of its work-force.
PayPal (PYPL) rose 3.03%. The online payment firm reported quarterly sales that missed expectations, and said CEO Dan Schulman will retire at the year-end.
European stocks closed lower. The Dax 40 fell 1.39%, the CAC 40 dropped 0.82%, and the FTSE 100 was down 0.36%.
U.S. WTI crude futures gained $1.80 (+2.31%) to $79.84 a barrel.
Gold price added $3 to $1,865 an ounce.
The U.S. dollar index stepped up to 103.58.
EUR/USD dropped 63 pips to 1.0677.
USD/JPY fell 21 pips to 131.38.
GBP/USD dropped 65 pips to 1.2056. U.K. data showed that the gross domestic product declined 0.5% on month in December (vs -0.1% expected), while industrial production grew 0.3% on month (vs -0.2% expected).
USD/CAD slid 111 pips to 1.3343. Canada's data showed that the economy added 150,000 jobs in January, much higher than an addition of 15,000 jobs expected.
On Monday, U.S. stocks rallied, as investors looked ahead to the January inflation report to be released Tuesday. The Nasdaq 100 gained 197 points (+1.60%) to 12,502, ending a three-session losing streak. The S&P 500 rose 46 points (+1.14%) to 4,137, and the Dow Jones Industrial Average gained 376 points (+1.11%) to 34,245.
The U.S. 10-year Treasury yield retreated 3 basis points to 3.702%.
Consumer durables & apparel (+2.39%), retailing (+1.9%), and software & services (+1.82%) sectors were the top performers.
Microsoft (MSFT) rose 3.12% after investment bank Stifel raised its target price on the stock.
Meta Platforms (META) climbed 3.03%. The Financial Times reported that the company plans to cut more jobs.
Apple (AAPL) gained 1.88%. Salcomp, a Indian supplier of Apple, said it would double its workforce to 25,000 over the next three years.
Ford Motor (F) climbed 2.83%. The car-maker announced plans to build a $3.5 billion electric-vehicle battery plant in Michigan.
Meanwhile, Tesla (TSLA) fell 1.14%.
Energy stocks were broadly lower at close. EQT Corp (EQT) fell 2.56%, APA Corp (APA) dropped 2.41%, ConocoPhillips (COP) slipped 2.39%, and Marathon Oil (MRO) was down 1.51%.
European stocks closed higher. The DAX 40 rose 0.58%, the Cac 40 added 1.11%, and the FTSE 100 was up 0.83%.
U.S. WTI crude futures were little changed at $79.26 a barrel.
Gold price declined $12 to $1,853 an ounce.
The U.S. dollar index eased to 103.29.
EUR/USD increased 44 pips to 1.0722. The European Union raised its 2023 forecast on Eurozone growth to 0.9% from 0.3% previously, while lowered that on inflation to 5.6% from 6.1% previously.
USD/JPY jumped 104 pips to 132.40. This morning, Japan's data showed that gross domestic product grew at an annualized rate of 0.6% on quarter in the fourth quarter (vs +1.6% expected, -0.8% in the third quarter).
GBP/USD gained 76 pips to 1.2138.
AUD/USD climbed 48 pips to 0.6965. In Australia, the Westpac consumer confidence index fell to 78.5 in February (vs 85.3 expected), and the National Australia Bank business confidence index climbed to 6 in January (vs 1 expected).
USD/CHF slid 42 pips to 0.9196, and USD/CAD dipped 8 pips to 1.3336.
Bitcoin lacked upward momentum trading lower to $21,600.
On Tuesday, U.S. stocks closed mixed while the inflation rate did not come down as much as expected. The Nasdaq 100 advanced a further 88 points (+0.71%) to 12,590, while the Dow Jones Industrial Average slid 156 points (-0.46%) to 34,089, and the S&P 500 dipped 1 point (-0.03%) to 4,136.
U.S. data showed that consumer prices increased 6.4% on year in January (vs +6.3% expected, +6.5% in December), keeping expectations that the Federal Reserve would stick to its path on interest-rate hikes.
The U.S. 10-year Treasury yield added 4.6 basis points to 3.747%.
Automobiles (+6.14%) and semiconductors (+2.22%) sectors gained the most, while insurance (-1.65%), food, beverage & tobacco (-1.22%), and real estate (-1.04%) sectors lagged behind.
Palantir Technologies (PLTR) surged 21.16% after the data analytics firm reported its first-ever profit in the fourth quarter.
Avis Budget Group (CAR) climbed 10.66% as the car rental firm's quarterly earnings beat expectations.
Tesla (TSLA) jumped 7.51%. Mexico's foreign minister said he met with Tesla executives and that "good news" is coming soon. There have been news reports that Tesla will set up a factory in Mexico.
Nvidia (NVDA) bounced 5.43%, ON Semiconductor (ON) rose 2.96%, and Advanced Micro Devices (AMD) was up 3.39%.
Occidental Petroleum (OXY) rose 2.44% after Berkshire Hathaway disclosed its stake in the energy firm to 28%. The stock was also upgraded to "buy" at Goldman Sachs.
European stocks were mixed at close. The DAX 40 fell 0.11%, while the Cac 40 added 0.07%, and the FTSE 100 was up 0.08%.
U.S. WTI crude futures declined $1.00 to $79.13 a barrel.
Gold price was about flat at $1,854 an ounce.
The U.S. dollar index was little changed at 103.24. Though the January U.S. inflation rate (+6.4% on year) was the slowest since October 2021, investors kept expecting that interest rates will stay high for a period of time.
EUR/USD rose 15 pips to 1.0738. France's jobless rate ticked down to 7.2% in the fourth quarter (vs 7.4% expected).
USD/JPY increased 65 pips to 133.07. As widely expected, the Japanese government nominated Kazuo Ueda, an economist and former member of the Bank of Japan's policy board, to be the new central bank governor.
GBP/USD gained 37 pips to 1.2176 . In the U.K., the latest jobless rate remained stable at 3.7% (as expected).
AUD/USD climbed 21 pips to 0.6987.
USD/CHF gained 20 pips to 0.9210, and USD/CAD edged up 6 pips to 1.3339.
On Wednesday, major U.S. stock indexes managed to close in positive territory. The Dow Jones Industrial Average rose 38 points (+0.11%) to 34,128, the S&P 500 gained 11 points (+0.28%) to 4,147, and the Nasdaq 100 climbed 97 points (+0.77%) to 12,687.
U.S. economic data showed that retail sales grew 3.0% on month in January (vs +1.2% expected), the biggest increase in nearly two years.
The U.S. 10-year Treasury yield rose 5.4 basis points to 3.797%.
Automobiles (+2.01%), media (+1.33%), and technology hardware & equipment (+1.32%) sectors gained the most, while energy (-1.78%), pharmaceuticals, biotechnology & life sciences (-1.00%) sectors were under pressure.
Tesla (TSLA) rose 2.38% after Barclays rated the stock as "overweight". Meanwhile, Bloomberg reported that the company may halt production at its Shanghai factory till the end of February for upgrading facilities.
Alphabet (GOOGL) climbed 2.39%, Apple (AAPL) added 1.39%, and Amazon.com (AMZN) was up 1.46%.
Palantir Technologies (PLTR) jumped 9.65% after surging 21% in the prior session when the data analytics firm posted its first-ever quarterly profit.
Airbnb (ABNB) gained 13.35% after the home rental platform's quarterly earnings exceeded expectations.
Paramount Global (PARA) bounced 9.31% after Berkshire Hathaway revealed an enlarged stake in the media and entertainment firm.
On the other hand, Devon Energy (DVN) sank 10.49% after the big independent oil & gas production firm reported disappointing quarterly earnings.
Also on U.S. economic data, industrial production was flat on month in January (vs +0.2% expected), while the Empire State manufacturing index improved to -5.8 in February (vs -19.0 expected).
European stocks also closed higher. The DAX rose 0.82%, the CAC 40 added 1.21%, and the FTSE 100 was up 0.55%.
U.S. WTI crude futures was about flat at $78.54 a barrel. The International Energy Agency (IEA) said it expects an oil supply deficit in the second half of the year considering restrained OPEC+ production and sanctions imposed on Russia.
Meanwhile, the U.S. Energy Department reported that crude-oil stockpiles surged 16.28 million barrels, the biggest increase since June 2021.
Gold price fell $17 to $1,836 an ounce.
The U.S. dollar strengthened against other major currencies, as strong retail sales data boosted expectations that the Federal Reserve would keep interest rates at high levels for some time. The dollar index advanced to 103.84.
EUR/USD fell 48 pips to 1.0690. The Eurozone's data showed that industrial production declined 1.1% on month in December (vs -0.5% expected).
European Central Bank President Christine Lagarde reiterated that the central bank will keep raising interest rates because inflation remains far too high.
USD/JPY rose 98 pips to 134.14. This morning, Japan's data showed that trade deficit enlarged to 3.50 trillion yen (vs 2.20 trillion yen expected) in January with exports growing 3.5% on year (vs +1.3% expected). Also, machinery orders increased 1.6% on month in December (vs +2.1% expected).
GBP/USD slid 139 pips to 1.2034. U.K. data showed that the inflation rate ticked down to 10.1% on year in January (vs 10.3% expected).
AUD/USD slid 80 pips to 0.6906. This morning, Australia's data showed a reduction of 11,500 jobs in January (vs +15,000 jobs expected) with the jobless rate climbing to 3.7% (vs 3.5% expected).
USD/CHF rose 22 pips to 0.9238, and USD/CAD added 53 pips to 1.3390.
Bitcoin bounced over 9% to $24,300, the biggest price increase since November.
On Monday, U.S. markets were closed for the Presidents' Day holiday.
On Friday, the S&P 500 fell 11 points (-0.28%) to 4,079, and the Nasdaq 100 dropped 84 points (-0.68%) to 12,358, while the Dow Jones Industrial Average ended 129 points higher (+0.39%) at 33,826.
The U.S. 10-year Treasury yield dropped 4.4 basis points to 3.817%.
European stocks still showed a lack of momentum on Monday. The DAX 40 dipped 0.03%, the CAC 40 declined 0.16%, while the FTSE 100 was up 0.12%.
U.S. WTI crude futures rose $0.85 to $77.19 a barrel.
Gold price added $4 to $1,845 an ounce.
The U.S. dollar index little changed at 103.81 amid thin trading during the U.S. holiday.
EUR/USD declined 8 pips to 1.0687.
USD/JPY added 9 pips to 134.24. This morning, the Jibun Bank Japan manufacturing purchasing managers index fell to 47.4 in February (vs 50.4 expected).
GBP/USD edged up 3 pips to 1.2000.
AUD/USD climbed 33 pips to 0.6912.
USD/CHF dropped 21 pips to 0.9231, and USD/CAD slipped 20 pips to 1.3453.
Bitcoin remained firm while trading at levels around $24,800.
On Tuesday, U.S. stocks fell over 2% posting their worst performance year to date. The Dow Jones Industrial Average sank 697 points (-2.06%) to 33,129, the S&P 500 dropped 81 points (-2.00%) to 3,997, and the Nasdaq 100 slid 297 points (-2.41%) to 12,060.
The U.S. 10-year Treasury yield rebounded 13.8 basis points to 3.953%.
The S&P Global U.S. purchasing manufacturers index rose to 50.2 in February, the first expansion reading (above 50) in eight months, compared to 49.0 expected and 46.8 in January. This added to signs showing that the U.S. economy remains resilient, keeping investors worried about the Federal Reserve maintaining higher interest rates for longer.
Meanwhile, minutes of the Fed's last policy meeting will be released later today (Wednesday), and are expected to give investors some clues on Fed officials' views on the economy and interest rates.
Automobiles (-5.05%), retailing (-3.47%), and consumer durables & apparel (-3.33%) sectors lost the most.
Tesla (TSLA) slid 5.25%. Bloomberg reported that the electric-vehicle maker may acquire lithium miner Sigma Lithium (SGML), which closed the session 16.11% higher.
Home Depot (HD) sank 7.06%. The home-improvement specialty retailer gave a downbeat full-year profit guidance, and announced plans to spend $1 billion raising wages for hourly workers.
Also, Nvidia (NVDA) dropped 3.43%, Microsoft (MSFT) fell 2.09%, and Apple (AAPL), Alphabet (GOOGL) and Amazon.com (AMZN) were all down about 2.70%.
Further on U.S. economic data, the number of existing home sales remained stable at an annualized rate of 4.0 million units in January (vs 4.1 million units expected).
European stocks also closed lower. The DAX 40 fell 0.52%, the CAC 40 declined 0.37%, and the FTSE 100 was down 0.46%.
U.S. WTI crude futures were little changed at $76.14.
Gold price slipped $6 to $1,834 an ounce.
The U.S. dollar remained firm against other major currencies, as investors still expected the Federal Reserve to be hawkish on interest rates. The dollar index rose to 104.20.
EUR/USD fell 42 pips to 1.0644. The S&P Global manufacturing purchasing managers index posted at 48.5 in February for the Eurozone (vs 49.5 expected), 46.5 for Germany (vs 48.2 expected), and 47.9 for France (vs 51.2 expected).
In Germany, the ZEW economic sentiment index climbed to 28.1 in February (vs 21.5 expected).
GBP/USD gained 67 pips to 1.2108. In the U.K., the S&P Global manufacturing purchasing managers index posted at 49.2 in February (vs 47.5 expected).
USD/JPY climbed 76 pips to 135.01. This morning, Japan's data showed that service-sector producer prices increased 1.6% on year in January (vs +1.5% expected).
AUD/USD declined 54pips to 0.6854.
NZD/USD slipped 45 pips to 0.6208. Later today, New Zealand's central bank is expected to raise interest rates by 50 basis points to 4.75%.
USD/CHF added 45 pips to 0.9278, and USD/CAD jumped 90 pips to 1.3543.
Bitcoin failed to hold the $25,000 level before slipping back to $24,300.
On Wednesday, U.S. stocks were broadly lower at close, as minutes of the Federal Reserve's last policy meeting reiterated that ongoing rate hikes will be necessary. The S&P 500 fell 6 points (-0.16%) to 3,991, extending its losing streak to a fourth session. The Dow Jones Industrial Average declined 84 points (-0.26%) to 33,045, while the Nasdaq 100 closed 5 points higher (+0.05%) at 12,066.
The Fed minutes said inflation remained well above the central bank's 2% target, as the persistently-tight labor market contributed to continuing upward pressures on wages and prices. According to the minutes, officials observed that a restrictive policy stance would need to be maintained.
Meanwhile, the U.S. 10-year Treasury yield reversed early gains and dropped 3.3 basis points to 3.920%.
Automobiles (+1.34%) and materials (+0.67%) sectors were market leaders, while food & staples retailing (-1.15%), real estate (-1.02%), and transportation (-0.99%) sectors lost the most.
Tesla (TSLA) managed to close with a gain of 1.77%, just above the key $200 level.
Amazon.com (AMZN) rose 1.28%, Apple (AAPL) added 0.29%, while Alphabet (GOOGL) dipped 0.15%.
Palo Alto Networks (PANW) surged 12.50%. The global cybersecurity leader posted better-than-expected quarterly earnings as well as current-quarter guidance.
On the other hand, Baidu (BIDU) fell 2.63% although the company reported better-than-expected quarterly sales and announced a $5 billion share buyback program.
Intel (INTC) declined 2.26% after the company proposed cutting its dividend by 66%.
In after-market hours, semiconductor heavy-weight Nvidia (NVDA) jumped over 8% after the company gave a better-than-expected revenue guidance for the current quarter.
European stocks were also broadly lower at close. The DAX 40 was relatively flat, the CAC 40 declined 0.13%, and the FTSE 100 was down 0.59%.
U.S. WTI crude futures dropped $2.50 (-3.27%) to $73.91 a barrel.
Gold price sank $9 to $1,825 an ounce.
The U.S. dollar strengthened against other major currencies as investors anticipated that the Fed would keep hiking rates to fight inflation. The dollar index rose to 104.56.
EUR/USD dropped 45 pips to 1.0603. In Germany, the Ifo business climate index rose to 91.1 in February (vs 91.6 expected). France's official business confidence index stayed unchanged at 103 in February (as expected).
USD/JPY declined 8 pips to 134.93.
GBP/USD slid 69 pips to 1.2043.
AUD/USD fell 49 pips to 0.6804. This morning, Australia's data showed that private capital expenditure grew 2.2% on quarter in the fourth quarter (vs +1.5% expected).
USD/CHF gained 38 pips to 0.9316, and USD/CAD climbed 17 pips to 1.3555.
On Thursday, U.S. stocks managed to close higher after going through volatile trading. The Dow Jones Industrial Average rose 108 points (+0.33%) to 33,153, the S&P 500 climbed 21 points (+0.53%) to 4,012, and the Nasdaq 100 gained 113 points (+0.94%) to 12,180.
The second U.S. official estimate of the fourth-quarter gross domestic product growth posted at an annualized rate of 2.7% on quarter (vs +2.8% expected). The latest number of initial jobless claims ticked down to 192,000 (vs 197,000 expected).
The U.S. 10-year Treasury yield declined 3.3 basis points to 3.883%.
Semiconductors (+5.13%), transportation (+1.46%), and energy (+1.27%) sectors gained the most.
Nvidia (NVDA) surged 14.02% after the graphic-processor designer reported better-than-expected quarterly earnings and gave an upbeat revenue guidance.
Microsoft (MSFT) gained 1.30%, Tesla (TSLA) added 0.60%, and Apple (AAPL) was up 0.33%.
On the other hand, Netflix (NFLX) fell 3.35%. The video-streaming platform slashed subscription prices in more than 100 countries.
Meanwhile, Lucid Group (LCID) plunged 11.92% as the electric-vehicle maker's quarterly sales missed expectations.
Wayfair (W) plunged 23.05% after the household-goods retailer announced a bigger-than-expected quarterly loss.
European stocks closed mixed. The DAX 40 rose 0.49%, the CAC 40 climbed 0.25%, and the FTSE 100 dropped 0.29%.
U.S. WTI crude futures rebounded $1.70 to $75.68 a barrel. The U.S. Energy Department reported an addition of 7.65 million barrels in crude-oil stockpiles (vs +2.08 million barrels expected).
Gold price declined $3 to $1,822 an ounce.
The U.S. dollar index was relatively stable at 104.59.
EUR/USD declined 8 pips to 1.0597.
USD/JPY fell 14 pips to 134.70. This morning, Japan's data showed that inflation accelerated to 4.3% on year in January (vs +4.2% expected), and core inflation (excluding fresh food) sped up to 4.2% on year (vs +4.1% expected).
GBP/USD lost 31 pips to 1.2015. This morning, the GfK U.K. consumer confidence index ticked up to -38 in February (vs -42 expected).
AUD/USD edged up 3 pips to 0.6807.
USD/CHF gained 25 pips to 0.9339, while USD/CAD edged down 4 pips to 1.3548.
On Friday, U.S. stocks closed lower, as stronger-than-expected inflation data suggested the possibility of the Federal Reserve remaining aggressive in hiking interest rates. The Dow Jones Industrial Average dropped 336 points (-1.02%) to 32,816, the S&P 500 slid 42 points (-1.05%) to 3,970, and the Nasdaq 100 was down 210 points (-1.73%) to 11,969.
For the whole week, the three major stock indexes posted their biggest weekly losses of 2023. The Dow lost 2.99%, the S&P 500 fell 2.67%, and the Nasdaq 100 was down 3.14%.
U.S. official data showed that core personal consumption expenditures (Core PCE) price index grew 0.6% on month in January (vs +0.3% expected) and 4.7% on year (vs +4.3% expected).
Also, the number of new home sales increased to an annualized rate of 670,000 units in January (vs 615,000 units expected).
The U.S. 10-year Treasury yield climbed 6.8 basis points to 3.945%.
Automobiles (-2.21%), software & services (-1.88%), and real estate (-1.81%) sectors led the market lower.
Tesla (TSLA) dropped 2.57%, Amazon.com (AMZN) lost 2.42%, Microsoft (MSFT) declined 2.18%, Alphabet (GOOGL) slid 1.94%, and Apple (AAPL) was down 1.80%.
On Monday, U.S. stocks closed slightly higher after marking the biggest weekly losses year to date last week. The Dow Jones Industrial Average gained 72 points (+0.22%) to 32,889, the S&P 500 added 12 points (+0.31%) to 3,982, and the Nasdaq 100 was up 88 points (+0.74%) to 12,057.
Automobiles (+4.49%), transportation (+2.42%), and consumer services (+0.81%) sectors were market leaders.
Tesla (TSLA) jumped 5.46% outperforming the market.
Seagen (SGEN) surged 10.40% after the Wall Street Journal reported that the biotech firm could be acquired by Pfizer (PFE).
Charles Schwab (SCHW) fell 3.37%. The investment brokerage group lost its bid to end antitrust litigation seeking to unwind its $26 billion acquisition of TD Ameritrade.
Regarding U.S. economic data, durable goods orders declined 4.5% on month in January (vs -3.5% expected). The number of pending home sales increased 8.1% on month in January (vs -1.3% expected).
The Dallas Fed manufacturing index fell to -13.5 in February (vs -2.0 expected).
The U.S. 10-year Treasury yield dropped 2.3 basis points to 3.920%.
European stocks also closed higher. The DAX 40 climbed 1.13%, the CAC 40 advanced 1.51%, and the FTSE 100 was up 0.72%.
U.S. WTI crude futures were little changed at $75.77 a barrel.
Gold price gained $6 to $1,817 an ounce.
The U.S. dollar softened against other major currencies. The dollar index declined to 104.65.
EUR/USD gained 60 pips to 1.0608. The European Central Bank reported that the M3 money supply grew 3.5% on year in January (vs +4.0% expected). The official Eurozone economic sentiment index fell to 99.7 in February (vs 102.5 expected).
USD/JPY lost 25 pips to 136.23. This morning, Japan's data showed that industrial production declined 4.6% on month in January (vs -2.2% expected), and retail sales grew 1.9% on month (vs +0.4% expected).
GBP/USD jumped 118 pips to 1.2062. The U.K. and the European Union reached an agreement over Brexit trade arrangements for Northern Ireland.
AUD/USD added 12 pips to 0.6738. Australia's data showed that retail sales increased 1.9% on month in January (vs +1.5% expected).
USD/CHF slid 46 pips to 0.9358, USD/CAD dropped 36 pips to 1.3575.
On Thursday, U.S. stocks pared earlier losses to close higher. The Dow Jones Industrial Average climbed 341 points (+1.05%) to 33,003, the S&P 500 rose 29 points (+0.76%) to 3,981, and the Nasdaq 100 gained 106 points (+0.89%) to 12,044.
U.S. data showed that the latest number of initial jobless claims fell further to 190,000 (vs 193,000 expected), showing continued strength in the labor market.
The U.S. 10-year Treasury yield touched a four-month high of 4.091% before settling at 4.066%, up 7.3 basis points on day.
Utilities (+1.82%), software & services (+1.77%), and household & personal products (+1.58%) sectors were market leaders, while automobiles (-4.35%), banks (-1.66%), and insurance (-0.67%) sectors underperformed the market.
Tesla (TSLA) slid 5.85%, as the company disappointed some investors by failing to provide details about an affordable electric vehicle at its investor day event.
Macy's (M) gained 11.11%, as the retail giant's quarterly earnings beat expectations.
Salesforce.com (CRM) jumped 11.50% after the cloud-based software firm gave an upbeat revenue guidance and doubled its share buy-back to $20 billion.
European stocks also closed higher. The DAX 40 added 0.15%, the CAC 40 gained 0.69%, and the FTSE 100 was up 0.37%.
U.S. WTI crude futures were little changed at $77.94 a barrel.
Gold price was flat at $1,835 an ounce.
The U.S. dollar traded higher against other major currencies, as signs of a still-strong labor market pointed to more interest-rate hikes by the Federal Reserve. The dollar index advanced to 104.96.
EUR/USD fell 69 pips to 1.0599. Eurozone data showed that the inflation rate ticked down to 8.5% on year in February (vs 8.4% expected), and jobless rate remained stable at 6.7% in January (vs 6.6% expected).
USD/JPY rose 53 pips to 136.72. This morning, Japan's data showed that the jobless rate declined to 2.4% in January (vs 2.5% expected), and Tokyo's inflation rate fell to 3.4% on year in February (vs +4.0% expected).
GBP/USD dropped 80 pips to 1.1949.
AUD/USD declined 31 pips to 0.6730.
USD/CHF climbed 22 pips to 0.9418, and USD/CAD edged up 2 pips to 1.3596.
On Friday, U.S. stocks rallied for a second session. The Dow Jones Industrial Average rose 387 points (+1.17%) to 33,390, the S&P 500 climbed 64 points (+1.61%) to 4,045, and the Nasdaq 100 jumped 245 points (+2.04%) to 12,290.
For the whole week, the three major stock indexes closed higher, after marking their biggest weekly losses of 2023 in the prior week.
Earlier, Atlanta Federal Reserve President Raphael Bostic said he is in favor of lower and slower rate hikes.
The U.S. Institute for Supply Management (ISM) Services purchasing managers index posted at 55.1 for February (vs 54.6 expected).
The U.S. 10-year Treasury yield sank 9.8 basis points to 3.958%.
Automobiles (+3.53%), technology hardware & equipment (+3.01%), and media (+2.43%) sectors were market leaders.
Tesla (TSLA) rebounded 3.61%. The company reported that sales of its China-made electric vehicles increased 31.7% on year to 74,402 vehicles in February.
Amazon.com (AMZN) gained 3.01%. The tech giants announced a delay to the construction of its second headquarters in Arlington, Virginia.
Apple (AAPL) advanced 3.51%. The Wall Street Journal reported that Foxconn, a key partner of Apple, is planning to expand iPhone production at its plant in India.
Meta Platforms (META) climbed 6.14%. The company's chief executive said it will lower prices of its Quest Pro and Quest 2 virtual reality (VR) headsets.
European stocks also closed higher. The DAX 40 rose 1.64%, the CAC 40 gained 0.88%, and the FTSE 100 edged up 0.04%.
U.S. WTI crude futures increased $1.70 to $79.87 a barrel.
Gold price climbed $19 to $1,855 an ounce.
The U.S. dollar retreated against other major currencies. The dollar index declined to 104.52.
EUR/USD rose 36 pips to 1.0633. The Eurozone's producer prices increased 15.0% on year in January (vs +19.0% expected).
Germany recorded a higher trade surplus of 10.8 billion euros in January (vs 8.6 billion euros expected) with exports growing 1.5% on month (vs +1.9% expected).
France's industrial production declined 1.9% on month in January (vs +0.5% expected).
USD/JPY slid 94 pips to 135.83.
GBP/USD jumped 99 pips to 1.2045, and AUD/USD gained 40 pips to 0.6770.
USD/CHF dropped 60 pips to 0.9364.
USD/CAD was little changed at 1.3596. Canada's data showed that the number of building permits dropped 4.0% on month in January (vs +3.9% expected).
Bitcoin slid over 4% to $22,500. Cryptocurrencies and related stocks were impacted after cryptocurrency-focused lender Silvergate Capital said it was evaluating its ability to operate as a going concern.
On Monday, despite a fierce downturn towards the end of the trading session, indices held on to close in positive territory ahead of Fed Chairman Powell's monetary policy testimony before congress on Tuesday. The S&P 500 rose 2.78pts (+0.07%) to 4048 and the Dow Jones Industrial Average added 40.47pts (+0.12%) to 33431 while the Nasdaq 100 gained 11.67pts (+0.09%) to 12302.
On the sector front, shares in the Technology Hardware & Equipment (+1.48%), Food & Staples Retailing (+0.66%), and Food, Beverage & Tobacco (+0.59%) sectors were the top performers while shares in the Automobiles & Components (-1.79%), Materials (-1.65%), and Consumer Durables & Apparel (-1.13%) sectors underperformed the most during the trading session.
On the U.S. equity front, Apple (AAPL), the consumer electronics company, rose 1.85% to $153.83 and outperformed the Nasdaq 100 after it was rated "buy" in a new coverage at Goldman Sachs while Merck & Co (MRK), the pharma giant, gained 3.95% to $111.1 as it was rated "buy" in a new coverage at Jefferies. Also, Snap (SNAP), the social media, jumped 9.48% to $11.66 after lawmaker efforts to ban TikTok appeared to be gaining traction in the US, according to Bloomberg.
Meanwhile, Tesla (TSLA), the electric-vehicle maker, declined 2.01% to $193.81 as the electric vehicle maker cut prices for both Model S and X in the US. Separately, the stock's price target was raised to $230 from $180 at Jefferies.
From a technical point of view, Merck & Co (MRK +3.95% to $111.1) crossed above its 50-day moving average while Walt Disney (DIS -0.47% to $100.66) crossed under its 50-day moving average.
From a relative strength vs S&P 500 point of view, Dow Inc (DOW -2.07% to $57.11) and Walt Disney (DIS -0.47% to $100.66) crossed under their 50-day moving average.
On the U.S. economic data front, factory orders decreased by 1.6% in January, against an expected drop of 3.7% month over month.
The U.S. 10-year Treasury Yield rose 1.4bps to 3.966%.
European stocks were mostly higher at the close as the Dax 40 rose 0.48% while the Cac 40 gained 0.34% and the FTSE 100 lost 0.22%.
After the close of Wall Street, WTI Crude Future (APR 23) was up $0.9 to $80.54. The contract was above its 20D MA (@ $77.66) and above its 50D MA (@ $78.09).
Gold was down $9.5 to $1847. The precious metal was above its 20D MA (@ $1843) and below its 50D MA (@ $1869).
Copper Future (MAY 23) on Comex was about flat to 407.4c/lb. The contract was below its 20D MA (@ 408.14c) and above its 50D MA (@ 406.58c).
Market Wrap: FOREX
The U.S. dollar index fell 0.2pts to 104.319.
EUR/USD added 44pips to 1.0679. In Europe, the Eurozone's January retail sales grew 0.3% on month, vs 1.3% expected. Moreover, the Sentix investor confidence index was released at -11.1 for March, compared -5.5 expected and -8.0 in February. In Germany, the Construction PMI index stood at 48.6 in February, above 45.1 forecasted and 43.3 one month earlier. Oppositely, in France, the Construction PMI index was published at 45.2 in February, below 48.4 the previous month and 49 expected.
GBP/USD dropped 15pips to 1.2021. In the U.K., the S&P Global Construction Purchasing Managers Index was up to 54.6 in February, vs 49.5 expected.
USD/JPY gained 7pips to 135.94.
AUD/USD dropped 40pips to 0.673.
USD/CHF fell 46pips to 0.9316.
USD/CAD rose 17pips to 1.3615.
Bitcoin traded lower to 22363 while Ethereum decreased to 1561.
After Hours
After the bell, there were no major news or earnings released.
On Tuesday, U.S. stocks closed over 1% lower after Federal Reserve Chair Jerome Powell showed a hawkish tone on interest rates. The Dow Jones Industrial Average fell 574 points (-1.72%) to 32,856, the S&P 500 dropped 62 points (-1.53%) to 3,986, and the Nasdaq 100 slid 150 points (-1.22%) to 12,152.
In his semiannual testimony on monetary policy to the Senate, Powell said the ultimate level of rates is likely to be higher than previously anticipated, adding: "If the totality of the data were to indicate that faster tightening is warranted, we would be prepared to increase the pace of rate hikes".
According to CME Group's FedWatch tool, the market now sees the chance of a 50-basis-point rate hike in March to be more than 70%, up from 31% on Monday.
The U.S. 10-year Treasury yield was relatively flat at 3.962%, while the 2-year Treasury yield closed at 5.015%, the highest level since 2007.
Banks (-3.59%), automobiles (-2.75%), and real estate (-2.5%) sectors lost the most.
Rivian Automotive (RIVN) plunged 14.54%. The electric-car maker announced plans to raise $1.3 billion through selling bonds.
Tesla (TSLA) lost 3.15%.
On the other hand, Dick's Sporting Goods (DKS) climbed 11.09% to a record close. The sporting-goods retailer posted better-than-expected quarterly comparable sales and earnings.
Spirit Airlines (SAVE) gained 4.71% while Jetblue Airways (JBLU) fell 2.86%. The U.S. Department of Justice filed an antitrust lawsuit to block JetBlue Airways from merging with Spirit Airlines.
European stocks also closed lower. The DAX 40 fell 0.60%, the CAC 40 declined 0.46%, and the FTSE 100 was down 0.13%.
U.S. WTI crude futures dropped $3.10 (-3.85%) to $77.39 a barrel.
Gold slumped $32 (-1.73%) to $1,814 an ounce, and silver slid 3.85% to $20.49 an ounce.
The U.S. dollar jumped against other major currencies as the central bank chief said interest rates are likely to rise more than previously expected. The dollar index climbed to a three-month high of 105.63.
EUR/USD dropped 131 pips (-1.23%) to 1.0550. Germany's data showed that factory orders grew 1.0% on month in February (vs -0.8% expected).
USD/JPY gained 120 pips to 137.13.
GBP/USD fell 200 pips (-1.66%) to 1.1825. In the U.K., the Halifax house price Index increased 1.1% on month in February (vs -0.3% expected).
AUD/USD slid 140 pips (-2.08%)to 0.6590. Australia's central bank raised its benchmark interest rate by 25 basis points to 3.60% (as expected), but said it is closer to pause the current cycle of rate hikes.
USD/CHF rose 113 pips to 0.9420.
USD/CAD increased 139 pips to a four-month high of 1.3752.
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