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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.

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.

Payout

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.

MARKET COMMENTARY


On Monday, major U.S. stock indexes closed mixed after encountering a volatile session. The Dow Jones Industrial Average dropped 90 points (-0.28%) to 31,819, the S&P 500 dipped 5 points (-0.15%) to 3,855, while the Nasdaq 100 rose 92 points (+0.79%) to 11,923.

As investors expected the Federal Reserve to be less aggressive on raising interest rates, the U.S. 10-year Treasury yield sank 15.4 basis points to 3.545%, and the 2-year yield slid 48 basis points to 4.107%.

Closely-watched U.S. February inflation data will be released later today. It is expected that the annual inflation rate slowed further to 6.1%.

The banks sector (-6.99%) remained the market's focus and lost the most, followed by insurance (-2.85%) and diversified financials (-2.11%) sectors.

Shares of regional banks slid following the failures of Silicon Valley Bank and Signature Bank. First Republic Bank (FRC) plummeted 61.83%, and Fifth Third Bancorp (FITB) fell 13.57%.

Other finance peers also underperformed the market. Charles Schwab (SCHW) shed 11.57%, Keycorp (KEY) lost 27.33%, and Huntington Bancshares (HBAN) was down 16.83%.

On the other hand, shares of big technology firms performed well. Microsoft (MSFT) rose 2.14%, Apple (AAPL) gained 1.33%, Amazon.com (AMZN) climbed 1.87%, and Tesla (TSLA) was up 0.60%.

Shares of biotech companies also traded higher. Illumina (ILMN) jumped 16.97%, and Moderna (MRNA) advanced 6.95%, and Amgen (AMGN) was up 2.33%.

Under Armour (UAA) declined 7.52% after the stock was downgraded to "neutral" at JPMorgan.

European stocks closed sharply lower. The DAX 40 fell 3.04%, the CAC 40 dropped 2.90%, and the FTSE 100 lost 2.58%.

U.S. WTI crude futures declined $2.10 to $74.58 a barrel.

Precious metals were buoyed by demand for safe-haven assets amid bank failures. Gold price jumped $44 (+2.35%) to $1,913 an ounce, and silver shot up $1.25 (+6.11%) to $21.80 an ounce.

The U.S. dollar weakened further against other major currencies. The dollar index slid to 103.65.

EUR/USD gained 85 pips to 1.0728.

USD/JPY fell 169 pips (-1.25%) to 133.34.

GBP/USD jumped 150 pips (+1.25%) to 1.2180.

AUD/USD added 86 pips to 0.6666. This morning, the Westpac consumer confidence index remained stable at 78.5 in March (vs 79.1 expected). The National Australia Bank business confidence index fell to -4 in February (vs +5 expected).

USD/CHF fell 87 pips to 0.9120, and USD/CAD declined 106 pips to 1.3726.

Bitcoin rebounded over 8% or $1,800 to $24,300.

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.

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.

Payout

MARKET COMMENTARY


On Thursday, U.S. stocks posted a sharp rebound. The Dow Jones Industrial Average rose 371 points (+1.17%) to 32,246, the S&P 500 climbed 68 points (+1.76%) to 3,960, the Nasdaq 100 jumped 330 points (+2.69%) to 12,581.

The U.S. 10-year Treasury yield climbed 12.2 basis points to 3.577%.

Semiconductors (+4.07%), insurance (+3.54%), and media (+3.38%) stock sectors were market leaders.

JPMorgan Chase (JPM), Morgan Stanley (MS), and Citigroup (C) rose 1.94%, 1.90%, and 1.78% respectively. These large banks confirmed that they would deposit up to $30 billion into First Republic Bank (FRC) aiming to stabilize the lender. First Republic Bank closed 9.98% higher.

Advanced Micro Devices (AMD) jumped 7.72%, Nvidia (NVDA) advanced 5.42%, Qualcomm (QCOM) gained 4.35%, and Skyworks Solutions (SWKS) was up 3.61%.

Microsoft (MSFT) jumped 4.05%, Alphabet (GOOGL) rose 4.38%, Amazon.com (AMZN) gained 3.99%, Meta Platforms (META) climbed 3.63%, Tesla (TSLA) rebounded 2.04%, and Apple (AAPL) was up 1.87%.

In after-market hours, FedEx (FDX) surged over 11% after the company raised its full-year earnings forecast.

Regarding U.S. economic data, the latest number of initial jobless claims declined to 192,000 (vs 214,000 expected). The number of housing starts increased to an annualized rate of 1.45 million units in February (vs 1.31 million units expected).

The Philadelphia Fed manufacturing index edged up to -23.2 for March (vs -12.0 expected).

European stocks closed higher at the close. Swiss bank Credit Suisse said it would borrow 50 billion Swiss franc from Switzerland's central bank to prevent liquidity issues. The DAX 40 rose 1.57%, the CAC 40 gained 2.03%, and the FTSE 100 was up 0.89%.

U.S. WTI crude futures added $0.70 to $68.34 a barrel.

Gold price held up firm at $1,919 an ounce.

The U.S. dollar index fell to 104.43.

EUR/USD rose 38 pips to 1.0617. As expected, the European Central Bank raised its key interest rate by 50 basis points to 3.00%, the highest level since 2008. ECB President Christine Lagarde commented: "I think that the banking sector is currently in a much, much stronger position than where it was back in 2008."

USD/JPY climbed 29 pips to 133.71.

GBP/USD advanced 61 pips to 1.2118.

AUD/USD gained 38 pips to 0.6657.

USD/CHF fell 36 pips to 0.9297, and USD/CAD dropped 53 pips to 1.3715.

Bitcoin stayed firm challenging the key level of $25,000.

MARKET COMMENTARY


On Monday, U.S. stocks closed higher, as market sentiment was lifted by UBS's offer to purchase the troubled Credit Suisse and joint efforts by major central banks to enhance market liquidity. The Dow Jones Industrial Average rose 382 points (+1.20%) to 32,244, the S&P 500 gained 34 points (+0.89%) to 3,951, the Nasdaq 100 was up 42 points (+0.34%) to 12,562.

The U.S. 10-year Treasury yield rebounded 6.2 basis points to 3.490%.

Insurance (+2.42%), energy (+2.11%), and materials (+2.01%) stock sectors were market leaders.

JPMorgan Chase (JPM) rose 1.06%, Assurant Inc (AIZ) jumped 5.98%, Fifth Third Bancorp (FITB) advanced 5.05%, and US Bancorp (USB) was up 4.55%.

First Republic Bank (FRC) slumped 47.11% after S&P Global lowered the bank's credit rating for the second time within a week.

Tesla (TSLA) rose 1.73%, Apple (AAPL) climbed 1.55%, and Meta Platforms (META) was up 1.12%.

On the other hand, Microsoft (MSFT) slid 2.58%, Intel Corp (INTC) dropped 2.18%, and Amazon.com (AMZN) was down 1.25%.

In Europe, shares of UBS Group increased 1.26%, while Credit Suisse plummeted 55.74%. The DAX 40 closed 1.12% higher, the CAC 40 gained 1.27%, and the FTSE 100 was up 0.93%.

U.S. WTI crude futures added $0.80 to $67.50 a barrel.

Gold retreated $10 to $1,978 an ounce.

The U.S. dollar softened against other major currencies as the UBS-Credit Suisse deal helped calm worries over a potential banking crisis. The dollar index fell to 103.32.

At the same time, investors weighed the possibility that the Federal Reserve may keep interest rates unchanged on Wednesday.

EUR/USD rose 53 pips to 1.0723. Germany's data showed that producer prices declined 0.3% on month in February (vs -0.8% expected).

USD/JPY declined 40 pips to 131.45.

GBP/USD jumped 102 pips to 1.2275.

AUD/USD advanced 21 pips to 0.6718.

USD/CHF added 28 pips to 0.9289, while USD/CAD dropped 69 pips to 1.3662.

Bitcoin dipped back to levels below $28,000.

MARKET COMMENTARY


On Tuesday, U.S. stocks closed higher for a second session ahead of the Federal Reserve deciding on interest rates on Wednesday. The Dow Jones Industrial Average rose 316 points (+0.98%) to 32,560, the S&P 500 gained 51 points (+1.30%) to 4,002, and the Nasdaq 100 was up 178 points (+1.42%) to 12,741.

The U.S. 10-year Treasury yield rebounded a further 11.1 basis points to 3.596%.

Automobiles (+6.98%), banks (+3.64%), and energy (+3.45%) stock sectors were the top performers, while utilities (-2.05%) and real estate (-0.69%) lagged behind.

First Republic Bank (FRC) surged 29.47% on news that big banks, including JPMorgan Chase, may consider an investment in the bank.

Tesla (TSLA) jumped 7.82% after rating agency Moody's upgraded the electric-vehicle maker's credit rating to "Baa3", up from a prior junk rating.

Meta Platforms (META) closed 2.20% higher after the stock was upgraded to "overweight" at Morgan Stanley

Alphabet (GOOGL) rose 3.66%, Amazon.com (AMZN) climbed 2.97%, Nvidia (NVDA) gained 1.15%, and Apple (AAPL) was up 1.19%.

Foot Locker (FL) jumped 7.07% as the stock was upgraded to "buy" at Citi.

In after-market hours, GameStop (GME) surged 48% after reporting an unexpected fourth-quarter profit.

U.S. data showed that existing home sales rose 0.5% on month in February (as expected).

European stocks also closed higher. The DAX 40 rose 1.75%, the CAC 40 gained 1.42%, and the FTSE 100 was up 1.79%.

U.S. WTI crude futures added $1.70 to $69.54 a barrel.

Gold price retreated a further $38 to $1,940 an ounce.

The U.S. dollar index was relatively stable at 103.21.

EUR/USD added 45 pips to 1.0766 . Germany's ZEW economic sentiment index declined to 13.0 in March (vs 19.1 expected).

USD/JPY jumped 120 pips to 132.52.

GBP/USD dropped 60 pips to 1.2218. The U.K. recorded a budget deficit of 16.68 billion pounds in February (vs a surplus of 5.4 billion pounds in January).

AUD/USD declined 47 pips to 0.6671.

USD/CHF slid 66 pips to 0.9225.

USD/CAD gained 47pips to 1.3711. Canada's data showed that the inflation rate slowed to 5.2% on year in February (as expected).

Bitcoin managed to regain the $28,000 level.

MARKET COMMENTARY


On Wednesday, U.S. stocks ended more than 1% lower after the Federal Reserve announced a widely-expected 25-basis-point hike in interest rates. The Dow Jones Industrial Average fell 530 points (-1.63%) to 32,030, the S&P 500 dropped 65 points (-1.65%) to 3,936, and the Nasdaq 100 was down 174 points (-1.37%) to 12,567.

The Federal Reserve raised its key interest rate to 4.75% - 5.00%. And it projected at least one more 25-basis-point increase by the end of 2023.

The central bank's statement said: "The Committee anticipates that some additional policy firming may be appropriate (...) Recent developments are likely to result in tighter credit conditions for households and businesses and to weigh on economic activity, hiring, and inflation."

In a news conference Fed Chair Jerome Powell said that the process of getting inflation back down to 2% has a long way to go, and that rate cuts are not in their base case for the remainder of 2023.

The U.S. 10-year Treasury yield retreated 16.4 basis points to 3.445%.

Banks (-3.69%), real estate (-3.6%), and consumer durables & apparel (-3.26%) stock sectors lost the most.

First Republic Bank (FRC) slumped 15.47%, PacWest Bancorp (PACW) dropped 17.12%, and Western Alliance Bancorp (WAL) was down 4.97%.

Tesla (TSLA) lost 3.25%, Amazon.com (AMZN) fell 1.90%, Alphabet (GOOGL) dropped 1.48%, and Meta Platforms (META) was down 1.16%.

Nvidia (NVDA) rose 1.03%. The company's chief executive said its artificial intelligence (AI) related revenue would grow substantially in the coming 12 months.

Advanced Micro Devices (AMD) also gained 1.72%.

GameStop (GME) surged 35.24% as the company reported its first quarterly profit.

Nike (NKE) fell 4.86% after the company reported lower-than-expected China sales.

Luminar Technologies (LAZR) dropped 14.55% after the stock was downgraded to "sell" at Goldman Sachs.

European stocks closed higher. The DAX 40 rose 0.14%, the CAC 40 gained 0.26%, and the FTSE 100 was up 0.41%.

U.S. WTI crude futures rose $1.23 to $70.90 a barrel. The U.S. Department of Energy reported an addition of 1.12 million barrels in crude-oil stockpiles (vs a reduction of 1.57 million barrels expected).

Gold price rebounded $27 to $1,967 an ounce.

The U.S. dollar softened further after the Federal Reserve raised its key way by 25 basis points. The dollar index fell to 102.50.

EUR/USD climbed 87 pips to 1.0855.

USD/JPY slid 124 pips to 131.27.

GBP/USD added 49 pips to 1.2266. U.K. data showed that the inflation rate rebounded to 10.4% on year in February (vs 9.7% expected). It is now widely expected that the Bank of England will raise interest rates by 25 basis points later today.

AUD/USD added 12 pips to 0.6681.

USD/CHF slid 46 pips to 0.9178, while USD/CAD added 14 pips to 1.3727.

Bitcoin sank over 3% to $27,300.

Payout

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.

Your company looks very interesting but it has a big sin, the DRAWDOWN at 4%, if you turn it into 5% your company can be the best.
A little advice, do not put more that data information, the essence of the forum is lost, it is a forum

I also remind you that you use Eightcap, it is used by several companies and they have the same spread and conditions

You do have to weigh that our profit target for Phase 1 is 7.5% and the profit target for Phase 2 is 5%. If you have a precise entry, this is better than others. Also our pricing of the challenges is one of the best.

MARKET COMMENTARY


On Monday, U.S. stocks closed mixed. The S&P 500 gained 6 points (+0.16%) to 3,977, and the Dow Jones Industrial Average rose 194 points (+0.60%) to 32,432, while the Nasdaq 100 fell 93 points (-0.74%) to 12,673.

Market sentiment was lifted by the deal in which First Citizens BancShares (FCNCA) will acquire Silicon Valley Bank and receive a $70-billion line of credit from the Federal Deposit Insurance Corporation (FDIC). First Citizens BancShares closed 53.74% higher.

The U.S. 10-year Treasury yield rebounded 16.3 basis points to 3.539%.

Banks (+3.05%), energy (+2.1%), and transportation (+1.48%) stock sectors were the top performers, while media (-1.43%), consumer durables & apparel (-1.35%), and semiconductors (-1.14%) sectors traded lower.

JPMorgan Chase (JPM) advanced 2.87%, Bank of America (BAC) jumped 4.97%, and First Republic Bank (FRC) surged 11.81%, and Keycorp (KEY) was up 5.31%.

Roku (ROKU) rose 4.70%, and Pinterest (PINS) was up 2.18%.

On the other hand, big tech stocks saw profit-taking. Microsoft (MSFT) slid 1.49%, Apple (AAPL) slipped 1.23%, Alphabet (GOOGL) fell 2.83%, and Nvidia (NVDA) was down 0.93%.

Regarding U.S. economic data, the Dallas Fed manufacturing index declined to -15.7 in March (vs -10.0 expected).

European stocks closed higher. The DAX 40 rose 1.14%, both the CAC 40 and the FTSE 100 climbed 0.90%.

Oil prices were boosted by Turkey's stoppage of crude-oil pumping from Iraq's Kurdistan region. U.S. WTI crude futures jumped $3.70 (+5.34%) to $73.00 a barrel.

Gold price sank a further $20 to $1,957 an ounce.

The U.S. dollar softened against other major currencies. The dollar index declined to 102.83.

EUR/USD gained 40 pips to 1.0800. Germany's Ifo business climate index improved to 93.3 in March (vs 90.7 expected).

Canadian dollar was buoyed by rallying oil prices. USD/CAD declined 88 pips to 1.3656.

AUD/USD added 6 pips to 0.6651. This morning, Australia's data showed that retail sales grew 0.2% on month in February (vs +0.5% expected).

GBP/USD rose 56 pips to 1.2289.

USD/JPY added 83 pips to 131.56.

USD/CHF dropped 43 pips to 0.9155.

Bitcoin fell over 3% to $27,100. The U.S. Commodity Futures Trading Commission (CFTC) sued Binance, the world's biggest crypto exchange, for alleged "willful evasion of U.S. law". Coinbase Global (COIN), a cryptocurrency exchange platform, plunged 7.80%.

MARKET COMMENTARY


On Tuesday, U.S. stocks closed slightly lower. The Dow Jones Industrial Average declined 37 points (-0.12%) to 32,394, the S&P 500 eased 6 points (-0.16%) to 3,971, and the Nasdaq 100 was down 62 points (-0.49%) to 12,610.

The U.S. 10-year Treasury yield rose 3.8 basis points to 3.568%.

Energy (+1.45%), consumer services (+0.81%), and Transportation (+0.78%) stock sectors traded higher, while media (-1.1%), automobiles (-1.09%), and health-care equipment & services (-1.04%) sectors were under pressure.

Big tech stocks saw further weakness but their losses narrowed at the session-end. Microsoft (MSFT) eased 0.42%, Apple (AAPL) slipped 0.40%, Alphabet (GOOGL) dropped 1.40%, Meta Platforms (META) fell 1.06%, Tesla (TSLA) lost 1.37%, and Nvidia (NVDA) was down 0.46%.

AMC Entertainment (AMC) jumped 13.19% after a media report said Amazon.com (AMZN) is considering an acquisition of the movie-theater chain. Amazon.com (AMZN) closed 0.82% lower.

Alibaba (BABA) jumped 14.26% after the Chinese e-commerce giant announced plans to split into six units that could be listed individually.

PVH Corp (PVH) surged 20.02% after the apparel company posted better-than-expected quarterly earnings and outlook.

On the other hand, Lyft (LYFT) sank 7.60%. The ride-sharing firm named a new chief executive.

Regarding U.S. economic data, the Conference Board consumer confidence index climbed to 104.2 in March (vs 101.0 expected). Wholesale inventories rose 0.2% on month in February (vs -0.2% expected).

European stocks closed slightly higher. The DAX 40 edged up 0.09%, the CAC 40 added 0.14%, and the FTSE 100 was up 0.17%.

U.S. WTI crude futures rose $0.70 to $73.48 a barrel.

Gold price rebounded $17 to $1,973 an ounce.

The U.S. dollar weakened further against other major currencies. The dollar index fell to an eight-week low of 102.42.

EUR/USD added 46 pips to 1.0844, GBP/USD rose 54 pips to 1.2341.

USD/JPY dropped 71 pips to 130.86.

AUD/USD increased 56 pips to 0.6707. This morning, Australia's data showed that consumer prices grew 6.8% on year in February (vs +7.6% expected).

USD/CHF gained 43 pips to 0.9199, while USD/CAD slid 62 pips to 1.3599.

Bitcoin remained resilient rebounding to $27,300.

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.