March 11, 2024, DAILY MARKET NEWSLETTER- Market Pullback on Friday; Jobs Data Mixed

DAILY MARKET NEWSLETTER

March 11, 2024

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MARKET WRAP

Stocks, Bonds, Commodities

• US stocks fell on Friday, ending a three-day rally. Declines seen in the Dow Jones (-0.18%), S&P 500 (-0.65%), and Nasdaq 100 (-1.53%).

• Weekly losses recorded across major indexes.

• Positive nonfarm payroll numbers (275,000 added) for February, but unemployment also ticked up (to 3.9%).

• 10-year Treasury yield declined to 4.081%.

• Tech stocks underperformed, notably Nvidia (-5.55%).

• Outperformance seen in real estate and energy.

• Costco Wholesale missed sales expectations, stock dropped (-7.64%).

Commodities

• WTI crude oil declined (-1.36%) to $77.86 a barrel.

• Gold surged to an all-time high of $2,195 an ounce.

Forex

• Dollar index (DXY) remained weak at 102.74, posting its largest weekly loss this year (-1.11%).

• EUR/USD dipped to 1.0935.

• USD/JPY declined to 147.05 on speculation of the Bank of Japan ending negative interest rates.

• GBP/USD rose to 1.2854.

• USD/CAD moved higher to 1.3484.

• Bitcoin hit a record high of $70,199, continuing to challenge the $70,000 level.

Key Points

• Market pullback after a positive run.

• Sector rotation evident with tech weakness, and strength elsewhere.

• Dollar weakness continued.

• Speculative interest in gold and Bitcoin drove price action.

Disclaimer:This newsletter provides market commentary and is for informational purposes only.  It does not constitute investment advice. Please conduct your own due diligence before making investment decisions.