Wall Street surges back as oil drops; AAPL, MSFT, NVDA rise

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Wall Street surges back as oil drops; AAPL, MSFT, NVDA rise

 Wall Street surges back as oil drops; AAPL, MSFT, NVDA rise
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Dow Jones, S&P 500, and tech-heavy Nasdaq Composite rebounded strongly from their recent losses on Wednesday, March 9, as oil prices plummeted over 11%, prompting investors to pull back from haven assets.

Oil pulled back sharply after reports that the UAE will appeal to fellow OPEC members to increase production, possibly alleviating some supply concerns. The steep rise in oil has sparked worries about intensifying inflation and decelerating economic growth.

The S&P 500 was up 2.57% to 4,277.89. The Dow Jones rose 2.00% to 33,286.25. The NASDAQ Composite rose 3.59% to 13,255.55, and the small-cap Russell 2000 was up 2.81% to 2,018.13.

Dow Jones and Nasdaq were down around 20% since November's peak. Experts have cautioned people against chasing the dip, arguing that economic impacts also dent consumer confidence.

Last week, Fed Chair Jerome Powell said that he planned to recommend a 25 basis points increase in interest rates at the central bank's meeting this month.

Meanwhile, investors eagerly wait for the latest CPI data due on Thursday.

Trading in the nickel market was halted for another day after the metal briefly surged to US$100,000-a-ton mark for the first time the day before.

On Wednesday, technology, consumer discretionary, and financial sectors led gains in the S&P 500 index. Nine out of the 11 sectors of the index stayed in the positive territory. The energy and utility sectors were the bottom movers.

In the consumer discretionary sector, Amazon.com, Inc. (AMZN) increased by 2.73%, Tesla, Inc. (TSLA) rose 4.26%, and The Home Depot, Inc. (HD) surged 1.64%. Nike, Inc. (NKE) and Lowe's Companies (LOW) advanced 4.87% and 2.21%, respectively.

In technology stocks, Apple Inc. (AAPL) gained 3.66%, Microsoft Corporation (MSFT) soared 4.65%, and Nvidia Corporation (NVDA) grew by 7.69%. ASML Holding N.V. (ASML) and Broadcom Inc. (AVGO) ticked up 9.12% and 4.40%, respectively.

In the energy sector, Exxon Mobil Corporation (XOM) decreased by 6.03%, Chevron Corporation (CVX) fell 2.87%, and Shell plc (SHEL) declined by 2.02%. PetroChina Company Limited (PTR) and ConocoPhillips (COP) plummeted 9.76% and 2.55%, respectively.

In the cryptocurrency market, Bitcoin was up 8.04% to US$41,865.20, while the global market was up 6.17% to US$1.83 trillion in the last 24 hours to Wednesday evening. 

Also Read: Why is Stellar (XLM) crypto rising?

Nine out of the 11 sectors of the S&P 500 index stayed in the positive territory.

Also Read: What did Janet Yellen say on cryptocurrency & did it have any impact?

Technology, consumer discretionary, and financial sectors led gains in the S&P 500 index on Wednesday.

Also Read: Is Libero Financial (LIBERO) crypto another Ponzi scam?

Futures & Commodities

Gold futures were down 2.42% to US$1,993.90 per ounce. Silver decreased by 3.44% to US$25.970 per ounce, while copper fell 2.69% to US$4.5835.

Brent oil futures decreased by 11.74% to US$112.95 per barrel and WTI crude was down 10.99% to US$110.11.

Bond Market

The 30-year Treasury bond yields were up 2.22% to 2.293, while the 10-year bond yields rose 3.27% to 1.932.

US Dollar Futures Index decreased by 1.10% to US$97.993.

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