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MARKET COMMENTARY


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.

MARKET COMMENTARY


On Thursday, major U.S. stock indexes ended sharply lower, as stronger-than-expected inflation data added to worries that the Federal Reserve will stay aggressive in hiking interest rates. The Dow Jones Industrial Average dropped 431 points (-1.26%) to 33,696, the S&P 500 fell 57 points (-1.38%) to 4,090, and the Nasdaq 100 slid 245 points (-1.93%) to 12,442.

U.S. economic data showed that producer prices grew 6.0% on year in January (vs +5.6% expected, +6.5% in December). Producer prices rebounded 0.7% on month (vs +0.2% expected, -0.2% in December).

Also, the latest number of initial jobless claims ticked down to 194,000 (vs 198,000 expected).

The U.S. 10-year Treasury yield jumped 6.2 basis points to 3.867%.

Automobiles (-4.51%), semiconductors (-2.8%), and software & services (-2.05%) sectors lost the most.

Shopify (SHOP) slumped 15.88% after the e-commerce company said revenue growth would slow in the current quarter.

Tesla (TSLA) lost 5.69% after electric-vehicle maker announced a recall of 362,000 vehicles in the U.S. for updating its full-self-driving software.

Both Microsoft (MSFT) and Meta Platforms (META) fell 2.66%, Amazon.com (AMZN) dropped 2.98%, Alphabet (GOOGL) declined 1.48%, and Apple (AAPL) was down 1.04%.

On the other hand, Roku (ROKU) jumped 11.15%, Cisco Systems (CSCO) rose 5.24%, and Twilio (TWLO) surged 14.23%, after the companies reported better-than-expected quarterly results.

European stocks closed slightly higher. The DAX 40 rose 0.18%, the CAC 40 climbed 0.89%, and the FTSE 100 was up 0.18%.

U.S. WTI crude futures were little changed at $78.11 a barrel.

Gold price was flat at $1,836 an ounce.

The U.S. dollar remained firm against other major currencies, boosted by growing expectations that the Federal Reserve would keep higher interest rates longer. The dollar index advanced to 104.03.

EUR/USD dropped 19 pips to 1.0670.

GBP/USD declined 48 pips to 1.1982.

USD/JPY retreated 21 pips to 133.95.

AUD/USD lost 28 pips to 0.6875.

USD/CHF added 22 pips to 0.9260.

USD/CAD was up 64 pips to 1.3458. Bank of Canada Governor Tiff Macklem reiterated that the economy remains overheated and the jobs market is too tight, hinting at raising interest rates further.

Bitcoin saw volatile trading, as it exceeded the key level of $25,000 before falling back to levels below $24,000.

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MARKET COMMENTARY


On Friday, U.S. stocks closed mixed as worries lingered over continuous interest-rate hikes by the Federal Reserve. 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%.

Automobiles (+2.38%), household & personal products (+1.84%), and telecoms services (+1.14%) sectors gained the most, while energy (-3.65%), semiconductors (-1.65%), and software & services (-1.32%) sectors underperformed the market.

Tesla (TSLA) rose 3.10% and became the most traded stock in the S&P 500.

DraftKings (DKNG) surged 15.33% after the sports-betting firm reported better-than-expected quarterly earnings.

Deere & Co (DE) climbed 7.53%. The agricultural-equipment maker raised its full-year net income forecast.

DoorDash (DASH) slid 7.59% despite the food delivery company giving upbeat current-quarter operation guidance.

Moderna (MRNA) fell 3.31% after the biotech firm reported mixed clinical-trial results for its experimental influenza vaccine.

Regarding U.S. economic data, the Conference Board leading index declined 0.3% on month in January (vs -0.4% expected).

U.S. markets will be closed on Monday (February 20) for the Presidents' Day holiday.

European stocks closed lower. The DAX 40 fell 0.33%, the CAC 40 declined 0.25%, and the FTSE 100 was down 0.10%.

U.S. WTI crude futures slipped $2.20 to $76.33 a barrel.

Gold price gained $6 to $1,842 an ounce.

The U.S. dollar index was little changed at 103.86.

EUR/USD added 21 pips to 1.0695. Germany's data showed that producer price growth slowed to 17.8% on year in January (vs 18.0% expected, 21.6% in December).

USD/JPY climbed 22 pips to 134.16.

GBP/USD gained 50 pips to 1.2040. In the U.K., retail sales increased 0.5% on month in January (vs -0.8% expected).

AUD/USD edged up 2 pips to 0.6881.

USD/CHF dropped 10 pips to 0.9246, while USD/CAD climbed 13 pips to 1.3471.

Over the weekend, Bitcoin struck against the key level of $25,000 before retreating to $24,500.

MARKET COMMENTARY


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.

MARKET COMMENTARY


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.

MARKET COMMENTARY


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.

Bitcoin fell over 2% to $23,900.

MARKET COMMENTARY


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.

Bitcoin was little changed at $23,900.

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MARKET COMMENTARY


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%.

Carvana (CVNA) plunged 20.54%. The used-car platform's quarterly earnings missed expectations.

Autodesk (ADSK) dropped 12.95%. The provider of computer-aided design software issued a downbeat first-quarter earnings guidance.

Also, Boeing (BA) fell 4.80%, and Moderna (MRNA) was down 5.63%.

On the other hand, Beyond Meat (BYND) jumped 10.15% after the company reported a smaller-than-expected quarterly loss.

Over the weekend, Berkshire Hathaway (BRKA) posted record full-year operating earnings of $30.8 billion.

European stocks also closed lower. The DAX 40 fell 1.72%, the CAC 40 dropped 1.78%, and the FTSE 100 was down 0.37%.

U.S. WTI crude futures settled up $1.20 to $76.58 a barrel.

Gold price declined $11 to $1,811 an ounce.

The U.S. dollar remained very firm against other major currencies. The dollar index rose to a seven-week high of 105.22.

EUR/USD dropped 50 pips to 1.0546. Germany's GfK consumer confidence index improved to -30.5 for March (vs -32.0 expected).

France's official consumer confidence index ticked down to 82.0 in February.

USD/JPY jumped 176 pips (+1.31%) to 136.46.

GBP/USD declined 73 pips to 1.1940. In the U.K., the GfK consumer confidence index ticked up to -38.0 in February (vs -42.0 expected).

AUD/USD fell 83 pips to 0.6725.

USD/CHF dropped 70 pips to 0.9410, while USD/CAD gained 57 pips to 1.3606.

Bitcoin sank over 3% to $23,190.

MARKET COMMENTARY


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.

Bitcoin traded slightly higher to $23,380.

MARKET COMMENTARY


On Tuesday, U.S. stocks closed lower on the last trading day of February. The Dow Jones Industrial Average dropped 232 points (-0.71%) to 32,656, the S&P 500 fell 12 points (-0.30%) to 3,970, and the Nasdaq 100 was down 15 points (-0.13%) to 12,042.

All the three major stock indexes posted monthly declines for the month. The Dow declined 4.19%, the S&P 500 fell 2.61%, and the Nasdaq 100 was down 0.49%.

The U.S. 10-year Treasury yield added 1.2 basis points to 3.926%.

Utilities (-1.72%), energy (-1.44%), and food, beverage & tobacco (-0.97%) sectors led the market lower on Friday.

Norwegian Cruise Line (NCLH) plunged 10.18% after the cruise operator gave a lower-than-expected full-year earnings guidance.

DISH Network (DISH) slid 6.48%. The satellite television services firm was downgraded to "underperform" at Bank of America.

Tesla (TSLA) slipped 0.92%. The electric-vehicle maker is set to reveal its closely-watched Master Plan 3 later today.

On the other hand, Meta Platforms (META) rose 3.19% after CEO Mark Zuckerberg said the company is creating a new top-level product group focused on generative artificial intelligence.

Regarding U.S. economic data, the Conference Board consumer confidence index fell to 102.9 in February (vs 109.0 expected), and the Market News International Chicago business barometer declined to 43.6 in February (vs 46.0 expected).

Meanwhile, wholesale inventories dropped 0.4% on month in January (vs +0.0% expected), the Federal Housing Finance Agency house price index declined 0.1% on month in December (vs -0.4% expected), and the Richmond Fed manufacturing index dropped to -16 in February (vs -5 expected).

European stocks also closed lower. The DAX 40 fell 0.11%, the CAC 40 declined 0.38%, and the FTSE 100 was down 0.74%.

U.S. WTI crude futures gained $1.20 to $76.85 a barrel.

Gold price rebounded $10 to $1,827 an ounce.

The U.S. dollar regained some strength against other major currencies. The dollar index rose to 104.95.

EUR/USD fell 33 pips to 1.0576. France's data showed that the inflation rate ticked up to 6.2% on year in February (vs +6.1% expected), while growth in producer prices eased to 17.9% on year in January (vs +19.7% expected).

USD/JPY edged down 3 pips to 136.16.

GBP/USD dropped 34 pips to 1.2030.

AUD/USD declined 13 pips to 0.6726. This morning, Australia's data showed that gross domestic product grew 0.5% on quarter (vs +0.7% expected) and 2.7% on year (as expected) in the fourth quarter.

USD/CHF gained 64 pips to 0.9422.

USD/CAD rose 71 pips to 1.3646. Canada's gross domestic product showed no growth in the fourth quarter (vs +0.4% on quarter annualized expected).

Bitcoin still lacked upward momentum while trading at $23,155.

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MARKET COMMENTARY


On Wednesday, U.S. stocks still lacked upward momentum. The Dow Jones Industrial Average edged up 5 points (+0.02%) to 32,661, the S&P 500 fell 18 points (-0.47%) to 3,951, and the Nasdaq 100 declined 103 points (-0.86%) to 11,938.

Earlier in the day, China's official manufacturing purchasing managers index rose to 52.6 (vs 50.8 expected) in February, the highest level since 2012. Hong Kong's Hang Seng Index jumped over 4%.

The U.S. Institute for Supply Management (ISM) manufacturing purchasing managers index posted at 47.7 for February (vs 48.0 expected), still a contraction reading.

The U.S. 10-year Treasury yield struck 4.006% before settling at 3.991%. The 2-year Treasury yield touched 4.904%, the highest level since 2007.

Retailing (-2.07%), utilities (-1.72%), and real estate (-1.49%) sectors lost the most, while energy (+1.94%) and materials (+0.68%) traded higher.

Novavax (NVAX) plummeted 25.92% after the Covid-19 vaccine producer pointed out that "substantial doubt exists regarding its ability to continue as a going concern".

Tesla (TSLA) declined 1.43% ahead of releasing its "Master Plan 3" in its investor day event.

Rivian Automotive (RIVN) plunged 18.34% after the electric-vehicle maker gave a lower-than-expected full-year production forecast.

European stocks closed mixed. The DAX 40 fell 0.39%, and the CAC 40 dropped 0.46%, while the FTSE 100 rose 0.49%.

U.S. WTI crude futures added $0.60 to $77.69 a barrel. The U.S. Energy Department reported an addition of 1.17 million barrels in the crude-oil stockpiles (vs +0.46 million barrels expected).

Gold price increased $10 to $1,837 an ounce.

The U.S. dollar index softened against other major currencies. The dollar index declined to 104.42.

EUR/USD gained 91 pips to 1.0667. Germany's data showed that the inflation rate stayed steady at 8.7% on year in February (vs +8.6% expected), and the jobless rate remained at 5.5% in February (vs 5.6% expected).

USD/JPY was little changed at 136.18. This morning, Japan's data showed that private enterprises' capital spending increased 7.7% on year in the fourth quarter (vs +3.0% expected). The Bank of Japan said the monetary base declined 1.6% on year in February (vs -3.8% in January).

GBP/USD edged down 3 pips to 1.2019. In the U.K., the Nationwide house price index declined 0.5% on month in February (vs -0.3% expected).

AUD/USD rose 29 pips to 0.6758. This morning, Australia's data showed that the number of building permits dropped 27.6% on month in January (vs -14.2% expected).

USD/CHF dropped 23 pips to 0.9399, and USD/CAD slid 53 pips to 1.3594.

Bitcoin traded higher to $23,500.

MARKET COMMENTARY


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.

Bitcoin eased to $23,450.

MARKET COMMENTARY


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.

If your country is not accepted by Deel we would use crypto to send payments.

MARKET COMMENTARY


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.

MARKET COMMENTARY


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.

Bitcoin declined over 1% to $22,140.