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Market overview for March 26
In a nutshell, global financial markets were set in motion on Thursday. Oil prices tumbled sharply yesterday. Despite a plunge yesterday morning, the US stock market closed with notable gains. The US dollar is extending strength.
Yesterday, oil prices slumped 4% following a sharp increase the day before yesterday. Nevertheless, oil prices failed to make lower lows than swing lows of Tuesday and Wednesday. Crude oil has been trapped at lows. Oil prices could not receive a boost even despite the fact that the massive container vessel got stuck in the Suez Canal and halted traffic in one of the world's busiest waterways, thus disrupting steady oil supplies.
Today, benchmark oil grades rose nearly 0.5%.
Yesterday, the key US stock indices dropped steeply in the early New York trade. All of them lost almost 1 – 1.5%. Later, when the indices reached the level of a 50-day moving average, large market players rushed to open long positions and the equity market closed with gains. So, the Dow Jones rose 0.6%, the S&P 500 grew 0.5%, and the Nasdaq edged up 0.1%.
Wall Street cheered upbeat data on the US unemployment claims for the last week. Importantly, the number of continuing claims for unemployment benefits fell below 4 million for the first time since the pandemic outbreak. The indicator stood up at 3.85 million.
Besides, investors are encouraged by the revised US GDP for Q4 2020. The US economy actually expanded 4.3% in the final quarter last year, stronger than a 4.1% growth in the second estimate.
Today, don't miss some important reports from the US. At 14:30 EST, the market will get to know data on personal spending and income as well as the core PCE (Personal Consumption Expenditure excluding volatile items like food and energy). The higher core PCE for March could put pressure on the market sentiment.
In the Asian session today, China's stock indices climbed 2% and Japan's indices grew 1.6% in response to the US indices which closed with gains.
The Dow Jones closed at 32,620 with prospects for a further increase. Today, the index is expected to trade at 32,200 – 33,000.
WTI closed at $59.20 a barrel. Experts warn about a new drop in prices. WTI is expected to trade at $57.00 – 61.00 a barrel.
USD/CAD closed at 1.2580. The loonie has been weighed down by the stronger American rival and a downtrend in oil prices. USD/CAD is expected to trade at 1.2520 – 1.2700.
The US dollar index began a new upward wave, having fixed above the important level of 92.50. Analysts foresee a further advance to 92.50 – 93.00.
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