Market Recap: March 7, 2024: A Summary of Today's Market Movements

MARKET WRAP: STOCKS, BONDS, COMMODITIES

On Wednesday, U.S. stocks rebounded, recovering a part of losses caused by the prior session's sell-off. The Dow Jones Industrial Average rose 75 points (+0.20%) to 38,661, the S&P 500 climbed 26 points (+0.51%) to 5,104, and the Nasdaq 100 was up 119 points (+0.67%) to 18,017.

• Federal Reserve Chairman Jerome Powell signaled interest rate cuts this year.

• U.S. economy added 140,000 private jobs in February, surpassing expectations.

• U.S. 10-year Treasury yield declined to a one-month low of 4.104%.

• Nvidia (NVDA) continued its record run, reaching a fresh closing high of $887.00.

• Tesla (TSLA) sank to $176.54, its lowest close since last May.

• New York Community Bancorp (NYCB) closed 7.45% higher after announcing a $1 billion capital raise.

• Box (BOX) gained 8.62% following an AI partnership with Microsoft.

• CrowdStrike (CRWD) surged 10.76% on better-than-expected profit guidance.

• JD.Com (JD) jumped 16.18% as quarterly sales exceeded expectations.

• European stocks also closed higher, with various indices posting gains.

• U.S. WTI crude-oil futures rebounded to $79.12 a barrel.

• Gold price hit an all-time high of $2,152 an ounce before easing to $2,145.

MARKET WRAP: FOREX

The U.S. dollar kept weakening against other major currencies after Fed Chair Jerome Powell said the central bank would lower interest rates this year. The dollar index fell to 103.36.

• EUR/USD gained to 1.0894 as Eurozone's retail sales added 0.1% in January.

• Germany's trade surplus widened to 27.5 billion euros in January.

• USD/JPY dropped to 149.39 following Japan's data on labor cash earnings.

• GBP/USD rose to 1.2733 as the UK's construction PMI increased in February.

• AUD/USD jumped to 0.6561.

• USD/CHF fell to 0.8820.

• USD/CAD lost ground to 1.3512 after Bank of Canada's decision.

• Canada's Ivey PMI declined to 53.9 in February.

• Bitcoin rebounded to $67,650 after briefly retreating from its all-time high.