US stock markets: Street pushed stocks and Treasury yields down yesterday after both had powered higher earlier in the week as investors took in the strength of the economy and hawkish comments from U.S policymakers. Two-year U.S Treasury yields have risen sharply so far in March and were set for their biggest monthly jump since 2004. Investors have been relatively sanguine about the implications of higher yields on stock market valuations, with many choosing to buy back in after a bruising few months for equity prices.
Economic Calendar
The economics conversation came as Western leaders began gathering in Brussels to plan more measures to pressure Russian President Vladimir Putin to halt his month-old Ukraine campaign; Putin, in response, said Moscow planned to switch its gas sales to "unfriendly" countries to roubles.
Oil prices rose in volatile trading, supported by disruption of Russian and Kazakh crude exports. U.S crude recently rose 4.71% to $114.42 per barrel and Brent was at $121.37, up 5.1% on the day.
Trade Commodities Today! GOLD, SILVER, and OIL
Dow Jones Industrial Average
The Dow Jones Industrial Average lost 1.29%. The best performers of the session on the Dow Jones Industrial Average were Chevron Corp, which rose 1.06% or 1.74 points to trade at 165.83 at the close. Meanwhile, Apple Inc. added 0.82% or 1.39 points to end at 170.21 and Merck & Company Inc. was up 0.53% or 0.42 points to 79.72 in late trade. The worst performers of the session were Home Depot Inc., which fell 3.88% or 12.78 points to trade at 316.95 at the close. Salesforce.com Inc. declined 3.25% or 7.09 points to end at 211.12 and Cisco Systems Inc. was down 3.01% or 1.69 points to 54.48.
Elliott Wave trade idea for S&P500 and Dow Jones UPDATE
NASDAQ 100
The NASDAQ index declined 1.32%. The top performers on the NASDAQ Composite were Creative Medical Technology Holdings Inc. which rose 82.35% to 3.10, XORTX Therapeutics Inc. which was up 43.80% to settle at 1.74 and Imperial Petroleum Inc. which gained 37.25% to close at 2.10. The worst performers were Codex DNA Inc. which was down 34.13% to 6.06 in late trade, AdTheorent Holding Company Inc. which lost 26.06% to settle at 7.69, and XJ Luxventure Ltd which was down 23.01% to 3.38 at the close.
Trade U.S and Australian Stocks
Oil price - Crude Oil market, Brent Oil market
Crude prices declined in volatile trading today as investors assessed the potential for new supply in the tight markets amid prospects of a new Iran deal. U.S West Texas Intermediate futures fell 96 cents, or 0.84%, to $113.97 a barrel. White House national security adviser Jake Sullivan said on Wednesday the United States and its allies have made progress in Iran nuclear talks but issues remain.
A lifting of Iranian export restrictions would help alleviate the immense tightness prevalent in crude markets right now. Iran is already preparing for a ramp-up in exports, and the state refiner NIOC has reportedly started to reach out to former key customers in India and South Korea. Oil markets jumped more than 5% on Wednesday following reports that crude exports from Kazakhstan's Caspian Pipeline Consortium (CPC) terminal had completely halted following storm damage. Russia's deputy prime minister said oil supplies could be stopped for two months.
Elliott waves trading idea for Gold and Silver safe assets UPDATE
Precious and Base Metals - Gold price, Silver price, Palladium price
Gold rose yesterday as unruly inflation and the intensifying Ukraine crisis fed demand for the safe-haven metal, although a firmer dollar and high bond yields put a lid on gains. Spot gold rose 0.8% to $1,937.52 per ounce. U.S gold futures settled up 0.8% at$1,937.30.
You're seeing a little bit of safe-haven demand and a little perceived bargain hunting at lower price levels in the gold market. The yellow metal had scaled record highs earlier in March but retreated sharply from those levels in the run-up to last week's Federal Reserve meeting. Prices have since moved into a more steady range as the market digested a more hawkish outlook from Fed policymakers.
ActivTrader Web Trading Platform
High inflation is in favor of precious metals and it is not going to go away anytime soon. Yields on the benchmark U.S. 10- year Treasury hit their highest in nearly three years, yet eased to 2.357%, increasing the opportunity cost of holding zero yield bullion. The dollar was also higher on the day, making gold expensive for holders of other currencies.
Adding to gold's appeal, U.S. stock indexes fell on Wednesday as oil prices climbed over $121 per barrel. Holdings of the world's largest gold-backed ETF, SPDR Gold Trust, hit their highest since March 2021 this week. What's phenomenal at the moment and a good indicator of a beginning of a gold bull market is ETF (exchange-traded fund) demand remains remarkably strong. Spot silver rose 1.2% to $25.05 per ounce, platinum fell 0.6% to $1,017.15, and palladium rose 1.4% to $2,518.30.
Powerful Smart Tools to integrate into your trading strategies
Traditional Agricultures - Corn futures, Wheat futures, Soybean futures
Soybean futures rose for a third consecutive session yesterday, hitting their highest in nearly a month on expectations that demand for U.S supplies will remain strong due to harvest shortfalls in South America. The crop woes in Argentina and Brazil also lent support to the corn market, while wheat eased as traders assessed the long-term implications of Russia’s invasion of Ukraine. Soybeans also were benefiting from strength in the cash market, where dealers along Midwest rivers were boosting their bids for the oilseed as they tried to find supplies to ship to exporters at the U.S Gulf. Traders were still waiting for signs U.S exporters were winning some of the wheat business that typically goes to Russia or Ukraine.
###
All information has been prepared by TraderFactor or partners. The information does not contain a record of TraderFactor or partner's prices or an offer of or solicitation for a transaction in any financial instrument. No representation or warranty is given as to the accuracy or completeness of this information. Any material provided does not have regard to the specific investment objective and financial situation of any person who may read it. Past performance is not a reliable indicator of future performance.
No comments:
Post a Comment