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MARKET COMMENTARY


On Wednesday, U.S. stocks rallied late in the trading session to close mixed. The Dow Jones Industrial Average fell 58 points (-0.18%) to 32,798, while the S&P 500 rose 5 points (+0.14%) to 3,992, and the Nasdaq 100 gained 63 points (+0.52%) to 12,215.

In his second day of semiannual testimony on monetary policy to Congress, Federal Reserve Chair Jerome Powell remarked that no decision has yet been made on potential size of the upcoming March interest-rate hike.

Regarding U.S. economic data, the ADP jobs report showed that the economy added 242,000 private jobs in February (vs +191,000 expected), while official data showed that job openings fell to 10.82 million in January (vs 10.60 million expected). The official jobs report for February will be released on Friday.

The U.S. 10-year Treasury Yield added 2 basis points to 3.983%.

Semiconductors (+2.56%), real estate (+1.32%), and technology hardware & equipment (+0.84%) sectors were market leaders, while automobiles (-2.23%), energy (-1.02%), and insurance (-1%) sectors underperformed the market.

Apple (AAPL) gained 0.84% giving strength to major stock indexes.

Tesla (TSLA) fell 3.04%. The U.S. National Highway Traffic Safety Administration is also probing into 120,000 Tesla Model Y vehicles on concerns of steering wheels detaching while driving.

Amazon.com (AMZN) rose 0.40%. The tech giant announced that Southwest Airlines (LUV) has chosen its cloud computing service Amazon Web Service (AWS) as its preferred cloud provider. Southwest Airlines (LUV) rose 1.59%.

CrowdStrike Holdings (CRWD) gained 3.19%. The cyber security firm posted better-than-expected quarterly revenue and upbeat full-year operations forecast.

European stocks closed mixed. The DAX 40 rose 0.46%, the FTSE 100 gained 0.13%, while the CAC 40 fell 0.20%.

U.S. WTI crude futures declined $1.10 to $76.52 a barrel. The U.S. Department of Energy reported a reduction of 1.69 million barrels in the crude-oil stockpiles (vs +0.40 million barrels expected).

Gold price was little changed at $1,813 an ounce.

The U.S. dollar kept its strength against other major currencies. The dollar index edged up to 105.66.

EUR/USD slipped 6 pips to 1.0543. Germany's data showed that industrial production grew 3.5% on month in January (vs +1.5% expected), while retail sales dropped 0.3% on month (vs +2.5% expected).

USD/CAD added 46 pips to 1.3800. Canada's central bank left its key interest rate unchanged at 4.50% (as expected), becoming the first major central bank to pause its rate hikes.

USD/JPY gained 17 pips to 137.00. This morning, Japan's fourth-quarter gross domestic product growth was revised to an annualized rate of 0.1% on quarter, less than the preliminary estimate of a 0.6% expansion. The Bank of Japan reported that M2 money stock increased 2.6% on year in February (vs +2.7% in January).

GBP/USD climbed 15 pips to 1.1845. This morning, the U.K. Royal Institute of Chartered Surveyors house price balance posted at -48% for February (vs -53% expected).

AUD/USD added 5 pips to 0.6589.

USD/CHF edged down 3 pips to 0.9415.

Bitcoin struggled to hold the $22,000 level.

 

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MARKET COMMENTARY


On Thursday, U.S. stocks closed sharply lower, dragged by falling bank stocks. The Dow Jones Industrial Average dropped 543 points (-1.66%) to 32,254, the S&P 500 fell 73 points (-1.85%) to 3,918, and the Nasdaq 100 slid 219 points (-1.80%) to 11,995.

The U.S. 10-year Treasury yield eased 5.3 basis points to 3.923%.

U.S. data showed that the latest number of initial jobless claims rose to 211,000 (vs 192,000 expected). The closely-watched U.S. official jobs report for February will be released later today. It is expected that the economy added 210,000 non-farm payrolls with the jobless rate staying stable at 3.4%.

Bank (-6.57%), automobiles (-4.76%), and diversified financial (-3.27%) sectors lost the most.

SVB Financial Group (SIVB) plummeted 60.41%. The lender slashed its 2023 outlook and announced plans to raise $1.75 billion of capital through selling shares.

JPMorgan Chase (JPM) fell 5.41%, Citigroup (C) lost 4.10%, and Goldman Sachs (GS) was down 2.06%.

At the same time, Silvergate Capital (SI) plunged 42.16%. The cryptocurrency-focus bank disclosed plans to wind down operations and voluntarily liquidate.

Tesla (TSLA) dropped 4.99% posting a four-session losing streak.

NetFlix (NFLX) fell 4.49%, Alphabet (GOOGL) declined 2.05%, Amazon.com (AMZN) lost 1.78%, Meta Platforms (META) slipped 1.77%, Apple (AAPL) dropped 1.49%, and Microsoft (MSFT) was down 0.54%.

Also, General Motors (GM) dropped 4.88%, and Chinese e-commerce firm JD.com (JD) plunged 11.28%.

Meanwhile, General Electric (GE) rose 5.27% after the industrial giant reiterated its 2023 full-year earnings forecast.

In Europe, the DAX 40 closed relatively flat, the CAC 40 declined 0.12%, and the FTSE 100 dropped 0.63%.

U.S. WTI crude futures declined $0.94 to $75.72 a barrel.

Gold price rose $17 to $1,830 an ounce.

The U.S. dollar pulled back against other major currencies after the initial jobless claims data. The dollar index retreated to 105.25.

EUR/USD rose 0.32% to 1.0583, and GBP/USD gained 0.81% to 1.1925.

USD/JPY fell 0.74% to 136.15. This morning, Japan's data showed that producer prices increased 8.2% on year in February (vs +9.1% expected), and household spending declined 0.3% on year in January (vs -0.7% expected).

Later today, Japan's central bank is expected to keep its key interest rate at negative -0.100%.

AUD/USD gained 0.09% to 0.6590.

USD/CHF fell 0.96% to 0.9327

USD/CAD rose 0.54% to 1.3828.

Cryptocurrencies and crypto-focused companies were all impacted by the collapse of Silvergate Capital. Bitcoin slumped over 6% to $20,300.

 

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MARKET COMMENTARY


On Friday, U.S. stocks lost more than 1% again amid growing worries about contagion risks from the collapse of Silicon Valley Bank. The Dow Jones Industrial Average fell 345 points (-1.07%) to 31,909, the S&P 500 dropped 56 points (-1.45%) to 3,861, and the Nasdaq 100 was down 165 points (-1.38%) to 11,830.

Silicon Valley Bank, a lender focusing on the technology sector, was shut down by Californian authorities on Friday, and placed under the receivership of the Federal Deposit Insurance Corporation (FDIC). This is the biggest U.S. bank failure since the 2008 financial crisis.

Shares of SVB Financial Group (SIVB), the holding company of Silicon Valley Bank, plummeted 60.41% on Thursday, and shed a further 69% pre-market on Friday before being halted in trading for pending news.

Peers First Republic Bank (FRC) and Charles Schwab (SCHW) sank 14.84% and 11.69% respectively.

Over the weekend, U.S. authorities also closed Signature Bank (SBNY) in New York.

Finally on Sunday, U.S. banking regulators announced that depositors at both Silicon Valley Bank and Signature Bank will have full access to their deposits. However, shareholders of the two banks will not be protected.

Monday morning, futures of the S&P 500 and the Nasdaq 100 rebounded over 1%.

Regarding the closely-watched U.S. official jobs report for February, the number of nonfarm payrolls increased by 311,000 (vs +210,000 expected). However, the jobless rate rose to 3.6% (vs 3.4% expected) and the average hourly earnings grew only 0.2% on month (vs +0.3% expected, +0.3% in January).

U.S. Treasury yields tumbled on signs of troubles in the banking sector and of a cooling labor market. The 10-year Treasury yield fell 21.8 basis points to 3.685%, and the 2-year yield was down 30.3 basis points to 4.597%.

Real estate (-3.25%), diversified financials (-2.84%), and materials (-2.15%) sectors lost the most on Friday.

Apple (AAPL) declined 1.39%, Oracle (ORCL) dropped 3.22%, Gap (GPS) fell 6.13%, and Caterpillar (CAT) was down 5.79%.

European stocks also closed lower. The DAX fell 1.31%, the CAC 40 dropped 1.30%, and the FTSE 100 was down 1.67%.

U.S. WTI crude futures gained $0.90 to $76.62 a barrel.

Gold price jumped $36 (+1.97%) to $1,867 an ounce, driven by demand for safe-haven assets.

The U.S. dollar weakened against other major currencies, as signs of a cooling labor market led investors to expect the Federal Reserve to be less aggressive on interest-rate hikes. The dollar index retreated to 104.60, and fell further to 104.17 on Monday morning after U.S. authorities stepped in to help depositors of two failed banks.

Also on Monday morning, EUR/USD advanced to 1.0690.

USD/JPY dropped to 134.44.

GBP/USD climbed to challenge the 1.2100 on the upside. U.K. data showed that gross domestic product grew 0.3% on month in January (vs +0.0% expected), while industrial production declined 0.3% on month in January (as expected).

AUD/USD bounced 1% to 0.6641.

USD/CHF dropped to 0.9155, and USD/CAD fell to 1.3765.

Bitcoin once crossed below $20,000 on Friday, but rebounded to levels above $21,000 on Monday morning.

 

[supertrader9]

MARKET COMMENTARY


On Tuesday, U.S. stocks closed more than 1% higher, as fears over banking contagion risks sparked by the collapse of Silicon Valley Bank subsided. The Dow Jones Industrial Average rose 336 points (+1.06%) to 32,155, the S&P 500 gained 64 points (+1.68%) to 3,920, and the Nasdaq 100 jumped 276 points (+2.32%) to 12,199.

U.S. official data showed that the inflation rate cooled down further to 6.0% on year in February (vs +6.1% expected, +6.4% in January).

The U.S. 10-year Treasury yield rebounded 10.8 basis points to 3.682%.

Automobiles (+3.95%), semiconductors (+3.39%), and media (+3.02%) sectors led the market higher.

Shares of regional banks bounced back. First Republic Bank (FRC) surged 26.98%, and KeyCorp (KEY) jumped 6.94%.

Large banks also did well. JPMorgan Chase (JPM) gained 2.57%, Citigroup (C) rose 5.95%, and Wells Fargo (WFC) was up 4.58%.

Tesla (TSLA) advanced 5.03%, Nvidia (NVDA) jumped 4.78%, Microsoft (MSFT) climbed 2.71%, Amazon.com (AMZN) gained 2.65%, and Apple (AAPL) was up 1.41%.

Meta Platforms (META) climbed 7.25% after the company announced a further cut of 10,000 jobs.

Alphabet (GOOGL) rose 3.14%. The company announced plans to integrate generative artificial intelligence (AI) tools to its email, collaboration and cloud software.

Bunge Ltd (BG) surged 14.48% after S&P Dow Jones Indices said the stock will replace Signature Bank (SBNY) in the S&P 500 index.

On the other hand, United Airlines (UAL) fell 5.37% after the airline issued a profit warning for its first quarter.

European stocks also closed higher. The DAX 40 rose 1.83%, the CAC 40 gained 1.86%, and the FTSE 100 was up 1.17%.

U.S. WTI crude futures dropped $3.30 (-4.41%) to $71.48 a barrel.

Gold price retreated $10 to $1,903 an ounce.

The U.S. dollar index was stable at 103.62.

EUR/USD was little changed at 1.0734.

USD/JPY rebounded 102 pips to 134.23.

GBP/USD dropped 22 pips to 1.2161. In the U.K., the latest jobless rate stayed steady at 3.7% (vs 3.8% expected).

AUD/USD added 12 pips to 0.668.

USD/CHF rose 20 pips to 0.9139, while USD/CAD dropped 45 pips to 1.3686.

Bitcoin ran up to $26,500 before coming down to $24,700, posting a four-day winning streak.

 

[supertrader9]

MARKET COMMENTARY


On Wednesday, U.S. stocks pared losses late in the session to close mixed. The Dow Jones Industrial Average dropped 280 points (-0.87%) to 31,874, the S&P 500 fell 27 points (-0.70%) to 3,891, while the Nasdaq 100 closed 51 points higher (+0.42%) at 12,251.

Fears of a banking crisis was reignited by problems at Credit Suisse, which disclosed "weakness" in its financial reporting. The bank's share price once plunged by up to 30% on Wednesday after Saudi National Bank, its largest shareholder, said it could not provide further support. Later in the day, Swiss financial regulator and central bank issued a joint statement saying Credit Suisse could access liquidity from the central bank if needed.

U.S. economic data showed that retail sales fell 0.4% on month in February (vs -0.2% expected), and producer prices unexpectedly declined 0.1% on month in February (vs +0.4% expected). The New York State manufacturing index fell to -24.6 for March (vs -7.0 expected).

The U.S. 10-year Treasury yield sank 23.1 basis points to 3.459%.

Energy (-5.42%), insurance (-3.69%), and banks (-3.62%) sectors lost the most.

Shares of large banks were impacted by uncertainty concerning Credit Suisse. JPMorgan Chase (JPM) fell 4.72%, Citigroup (C) dropped 5.44%, and Morgan Stanley (MS) was down 5.09%.

Meanwhile, investment brokerage group Charles Schwab (SCHW) gained 5.06%.

Energy stocks were dragged by a 5% drop in oil prices. Halliburton (HAL) sank 9.01%, Marathon Oil (MRO) fell 8.48%, and Devon Energy (DVN) was down 8.33%.

U.S. WTI crude futures tumbled $3.70 (-5.19%) to $67.61. The U.S. Department of Energy reported an addition of 1.55 million barrels to the crude-oil stockpiles (vs +1.19 million barrels expected).

Tesla (TSLA) fell 1.53%, while Netflix (NFLX) rose 3.00%, Alphabet (GOOGL) climbed 2.28%, Microsoft (MSFT) gained 1.78%, Meta Platforms (META) rose 1.92%, and Apple (AAPL) was up 0.26%.

European stocks posted the biggest losses in over a year as bank stocks encountered a sell-off. The DAX 40 fell 3.27%, the CAC 40 declined 3.58%, and the FTSE 100 lost 3.83%.

Gold price advanced $14 to $1,918 an ounce.

The U.S. dollar strengthened against other major currencies, boosted by demand for safe-haven assets. The dollar index rose to 104.74.

EUR/USD slid 157 pips (-1.46%) to 1.0576. The Eurozone's data showed that industrial production grew 0.7% on month in January (vs +0.9% expected).

USD/CHF jumped 194 pips (+2.12%) to 0.9336.

GBP/USD dropped 102 pips to 1.2056.

USD/JPY fell 85 pips to 133.37. This morning, Japan's data showed that trade deficit narrowed to 0.90 trillion yen in February (vs 1.30 trillion yen expected) with exports growing 6.5% on year (vs +5.0% expected). Machinery orders increased 9.5% on month in January (vs +1.7% expected).

AUD/USD declined 64 pips to 0.6618. This morning, Australia's data showed that employment increased by 64,600 in February (vs +51,000 expected) with the jobless rate declining to 3.5% (vs 3.6% expected).

USD/CAD climbed 81 pips to 1.3767.

Bitcoin was little changed at $24,500.

 

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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.

 

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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.

 

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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.

 

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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.

 

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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.

 

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MARKET COMMENTARY


On Tuesday, U.S. stocks closed lower amid data that indicated a slowing economy. The Dow Jones Industrial Average dropped 198 points (-0.59%) to 33,402, the S&P 500 fell 23 points (-0.58%) to 4,100, and the Nasdaq 100 was down 48 points (-0.37%) to 13,100.

U.S. official data showed that the number of job openings dropped to 9.93 million (vs 10.80 million expected), the lowest level in nearly two years. Factory orders declined 0.7% on month in February (vs -0.6% expected).

The U.S. 10-year Treasury yield slipped 6.7 basis points to 3.344%.

Capital goods (-2.77%), banks (-1.9%), and energy (-1.72%) stock sectors led the market lower.

Nvidia (NVDA) fell 1.83%, Tesla (TSLA) slid 1.12%, and Apple (AAPL) was down 0.32%.

Meanwhile, Amazon.com (AMZN) rose 1.50%, and Meta Platforms (META) was up 0.77%.

Valero Energy (VLO) slumped 8.01%, Marathon Oil (MRO) retreated 7.24%, and Caterpillar (CAT) was down 5.40%.

World Wrestling Entertainment (WWE) rebounded 8.88%. Earlier the company agreed to a $9.3 billion deal to be bought by Endeavor Group.

In after-market hours, Johnson & Johnson (JNJ) gained over 3% after the company agreed to pay $8.9 billion to resolve all cancer lawsuits concerning its talc-based powder products.

European stocks closed mixed. The DAX 40 rose 0.14%, while the CAC 40 was little changed, and the FTSE 100 dropped 0.50%.

U.S. WTI crude futures settled flat at $80.56 a barrel.

Gold price jumped $36 to $2,021 an ounce, the highest level since March 2022.

The U.S. dollar declined against other major currencies, dragged by weak U.S. economic data. The dollar index fell to a two-month low of 101.57.

EUR/USD rose 58 pips to 1.0957. The Eurozone's data showed that producer-price growth slowed to 13.2% on year in February (vs +13.8% expected).

GBP/USD climbed 87 pips to 1.2501, a new 10-month high.

USD/JPY fell 79 pips to 131.67.

AUD/USD declined 35 pips to 0.6751. As expected, Australia's central bank kept its key interest rate unchanged at 3.60%.

USD/CHF slid 64 pips to 0.9061.

USD/CAD gained 12 pips to 1.3449. Canada's data showed that the number of building permits increased 8.6% on month in February (vs -2.3% expected).

Bitcoin rebounded to levels above $28,200.

 

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MARKET COMMENTARY


On Thursday, U.S. stocks closed higher before the Easter long weekend. The Dow Jones Industrial Average edged up 2 points to 33,485, the S&P 500 rose 14 points (+0.36%) to 4,105, and the Nasdaq was up 100 points (+0.74%) to 13,062.

The U.S. 10-year Treasury yield dipped 1 basis point to 3.301%.

Media (+2.16%) and software & services (+1.52%) stock sectors were top performers, while energy (-1.47%) and telecoms services (-1%) sectors were under pressure.

Alphabet (GOOGL) advanced 3.78%, Microsoft (MSFT) rose 2.55%, Meta Platforms (META) climbed 2.18%, Amazon.com (AMZN) added 0.95%, and Apple (AAPL) was up 0.55%.

Alibaba (BABA) rose 4.25% on reports that the Chinese e-commerce giant will launch its own version of ChatGPT-like artificial intelligence (AI) tool this month.

On the other hand, Costco Wholesale (COST) fell 2.24% after the warehouse store chain reported lower comparable sales in March.

Mosaic Co (MOS) dropped 5.66%. The stock was downgrade to "neutral" at JPMorgan.

European stocks also closed higher Thursday. The DAX 40 rose 0.50%, the CAC 40 gained 0.12%, and the FTSE 100 was up 1.03%.

U.S. WTI crude futures were little changed at $80.47 a barrel.

Gold price was down $12 to $2,007 an ounce.

On Friday, the U.S. official jobs report showed that the economy added 236,000 non-farm payrolls in March (vs +250,000 expected) with the jobless rate declining to 3.5% (as expected). Meanwhile, the average hourly earnings grew 0.3% on month (vs +0.2% expected) and 4.2% on year (vs +4.5% expected).

This morning (Easter Monday), U.S. stock index futures were little changed.

This week, the most important economic data will be the U.S. Inflation Report due Wednesday, which is expected to slow further to 5.8% on year in March.

On Easter Monday, trading in U.S. markets will resume, while most European markets will remain closed.

This morning (Monday), the U.S. dollar index was relatively stable at 102.06..

EUR/USD was steady at 1.0917. Germany's data showed that industrial production grew 2.0% on month in February (vs -0.3% expected).

GBP/USD showed signs of stabilization at 1.2439 after falling for three sessions. The U.K. Halifax house price index increased 0.8% on month in March (vs -0.6% expected).

USD/JPY stayed elevated at levels above 132.00.

AUD/USD still lacked upward momentum while trading at 0.6672.

USD/CHF was still subdued at 0.9043.

USD/CAD continued its recent rebound trading at 1.3505. Canada's jobless rate remained steady at 5.0% in March (vs 5.2% expected).

Bitcoin jumped back to levels above $28,300.

 

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MARKET COMMENTARY


On Monday, the tech-heavy Nasdaq 100 once lost over 200 points before climbing back to close just 11 points lower (-0.09%) at 13,051. The Dow Jones Industrial Average rose 101 points (+0.30%) to 33,586, and the S&P 500 was up 4 points (+0.10%) to 4,109.

Semiconductors (+1.82%), capital goods (+1.25%), and consumer durables & apparel (+1.15%) stock sectors were the top performers, while technology hardware & equipment (-1.08%) and media (-0.77%) were under pressure.

Nvidia (NVDA) staged an intraday reversal to close 2.00% higher. Also, Micron Technology (MU) rose 8.04%, and Western Digital (WDC) jumped 8.22%, after competitor Samsung Electronics said it would cut production of memory chips.

Apple (AAPL) fell 1.60% after research firm IDC said the company's Mac computer sales dropped 40.5% on year in the first quarter.

Alphabet (GOOGL) fell 1.83%, Microsoft (MSFT) slipped 0.76%, and Tesla (TSLA) was down 0.30%.

The U.S. 10-year Treasury yield rebounded 2.6 basis points to 3.417%

Last Friday, the U.S. official jobs report showed that the economy added 236,000 non-farm payrolls in March (vs +250,000 expected) with the jobless rate declining to 3.5% (as expected). Meanwhile, the average hourly earnings grew 0.3% on month (vs +0.2% expected) and 4.2% on year (vs +4.5% expected).

And U.S. wholesale inventories added 0.1% on month in February (vs +0.2% expected).

This week, the most important economic data will be the U.S. Inflation Report due Wednesday, which is expected to slow further to 5.8% on year in March.

Major European markets remained closed on Easter Monday

U.S. crude futures declined $0.80 to $79.85 a barrel.

Gold price retreated a further $16 to $1,991 an ounce.

The U.S. dollar strengthened against other major currencies. The dollar index climbed to 102.54.

The Japanese yen sank against the dollar after new Bank of Japan Governor Kazuo Ueda said the central bank should maintain its ultra-loose monetary policy for now. USD/JPY jumped 143 pips to 133.59.

EUR/USD fell 43 pips to 1.0862, and GBP/USD declined 35 pips to 1.2383.

AUD/USD fell 30 pips to 0.6642. This morning, Australia's Westpac consumer confidence index rose to 85.8 in April (vs 79.7 expected).

USD/CHF gained 43 pips to 0.9097, while USD/CAD slipped 6 pips to 1.3506.

Bitcoin jumped over 4% to $29,650, a level not seen since June 2022.

 

[supertrader9]

MARKET COMMENTARY


On Tuesday, U.S. stocks closed mixed. The Dow Jones Industrial Average rose 98 points (+0.29%) to 33,684, the S&P 500 was little changed at 4,108, while the Nasdaq 100 fell 87 points (-0.67%) to 12,964.

The U.S. 10-year Treasury yield gained 1.3 basis points to 3.43%.

Investors awaited the closely-watched U.S. inflation report due later today. It is widely expected that the inflation rate slowed further to 5.8% on year in March.

Consumer durables & apparel (+1.76%), banks (+1.21%), and automobiles & Components (+1.05%) stock sectors were the top performers, while software & services (-1.43%), retailing (-0.85%), and semiconductors (-0.82%) sectors lagged behind.

Microsoft (MSFT) slid 2.27%, Amazon.com (AMZN) fell 2.20%, Alphabet (GOOGL) dropped 1.02%, Nvidia (NVDA) lost 1.49%, and Apple (AAPL) was down 0.76%.

On the other hand, Tesla (TSLA) gained 1.24%.

CarMax (KMX) jumped 9.64%. The retail chain of cars and light trucks reported better-than-expected quarterly earnings.

Whirlpool (WHR) added 3.83% after the stock was upgraded to "buy" at Goldman Sachs.

Bitcoin crossed back above $30,000 for the first time since June 2020, boosting prices of crypto-related stocks. MicroStrategy (MSTR) rose 6.26%, Riot Platforms (RIOT) surged 17.01%, Marathon Digital (MARA) jumped 12.42%, and Coinbase Global (COIN) was up 6.14%.

European stocks closed higher. The DAX 40 rose 0.37%, the CAC 40 gained 0.89%, and the FTSE 100 was up 0.57%.

U.S. WTI crude futures climbed $1.80 to $81.50 a barrel.

Gold price rebounded $11 to $2,003 an ounce.

The U.S. dollar softened against other major currencies ahead of inflation data due Wednesday. The dollar index declined to 102.14.

EUR/USD climbed 54 pips to 1.0913. The Eurozone's data showed that retail sales dropped 0.8% on month in February (vs -0.5% expected).

GBP/USD gained 43 pips to 1.2425.

USD/JPY rose 13 pips to 133.74. This morning, Japan's data showed that producer-price growth slowed to 7.2% on year in March (vs +7.5% expected). Machinery orders fell 4.5% on month in February (vs -6.0% expected).

AUD/USD added 12pips to 0.6653. The National Australia Bank business confidence index climbed to -1 in March (vs -2 expected).

USD/CHF decreased 65 pips to 0.9031.

USD/CAD fell 41 pips to 1.3468.

 

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MARKET COMMENTARY


On Wednesday, U.S. stocks closed lower following inflation data and minutes of the Federal Reserve's last meeting. The Dow Jones Industrial Average fell 38 points (-0.11%) to 33,646, the S&P 500 declined 16 points (-0.41%) to 4,091, and the Nasdaq 100 slid 115 points (-0.89%) to 12,848.

U.S. inflation rate slowed further to 5.0% on year in March (vs 5.3% expected), but the core inflation rate, which excludes food and energy prices, ticked up to 5.6% on year (vs 5.5% expected).

Minutes of the Fed's monetary-policy meeting in March showed that officials expected a "mild recession" later this year due to stress in the banking sector.

The U.S. 10-year Treasury yield dropped 2.4 basis points to 3.402%.

Automobiles (-2.93%), semiconductors (-1.86%), and food & staples retailing (-1.70%) stock sectors lost the most.

Tesla (TSLA) fell 3.35%, Nvidia (NVDA) slid 2.48%, Amazon.com (AMZN) lost 2.09%, and Apple (AAPL) was down 0.44%.

American Airlines (AAL) shed 9.22% after the company said first-quarter profit would miss expectations.

Jefferies Financial Group (JEF) declined 2.80% as the stock was downgraded to "underweight" at Morgan Stanley.

European stocks closed higher. The DAX 40 rose 0.31%, the CAC 40 edged up 0.09%, and the FTSE 100 was up 0.50%.

U.S. WTI crude futures settled $1.80 higher at $83.32 a barrel. The U.S. Energy Department reported an addition of 597,000 barrels in crude-oil stockpiles (vs a reduction of 583,000 barrels expected).

Gold price increased $11 to $2,014 an ounce.

The U.S. dollar got softer against other major currencies. The dollar index eased further to 101.55.

EUR/USD rose 77 pips to 1.0989, while USD/JPY fell 48 pips to 133.20.

GBP/USD added 58 pips to 1.2482. This morning, the Royal Institute of Chartered Surveyors house price balance improved to -43% in March (vs -53% expected).

USD/CAD declined 26 pips to 1.3441. As expected, Canada's central bank kept its key interest rate unchanged at 4.50%.

AUD/USD increased 38 pips to 0.6692.

USD/CHF slid 70 pips to 0.8963.

Bitcoin lacked momentum to advance further, and fell back to levels below $30,000.