Wealth Daily 25 March 2022




WEALTH DAILY 2022-03-25
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Shares on Wall Street rebounded on Thur. A rally in Nvidia (NVDA US, +9.82%) spilled over to semiconductor and tech shares. Nvidia said that it would use cash to invest in its business rather than share buybacks. That boosted investor sentiment on chip makers. Intel (INTC US) added 6.94%, and AMD (AMD US) rose 5.80%. 


The Dow Jones Industrial Average gained 349.44 pts or 1.02% higher to close at 34,707.94. The broader S&P 500 index rose 1.43%. The tech-heavy Nasdaq Composite advanced 1.93%. The small cap Russell 2000 gained 1.13%. 


Apple (AAPL US, +2.27%) is working on a subscription service for hardware products, which may be launched at the end of this year. The idea is to make the process of buying an iPhone or iPad on par with paying for iCloud storage or Apple Music each month, according to Bloomberg. 


The yield on the 10-year Treasury note notched up 8.01 basis points (bps) to 2.3718%, while the yield on the 2-year rose 4.26 bps to 2.1387%.  The ICE dollar index (DXY), which measures the strength of the greenback against a basket of currencies, rose 0.17% to 98.789. 


All IEA members pledged "radical" cutbacks in oil and gas imports from Russia. According to Bloomberg, chief Fatih Birol said member countries are ready to release more emergency crude stocks. The front-month Brent and WTI futures closed down $2.57 at US$119.03/bbl and $2.59 at US$112.34/bbl respectively. 


The most actively traded US gold futures (Apr) contract settled up $24.90, or 1.3%, at US$1,962.20/oz. May silver, which is the most actively traded silver futures, rose 73.1 cents, or 2.9%, to end at US$25.920/oz. 


Bitcoin climbed to more than $44,000 for the first time in almost a month, breaking out of its recent narrow trading range amid a renewal of risk appetite. 


European equity markets finished mixed on Thur. The UK FTSE gained 0.09%, France's CAC 40 fell 0.39%, while the German DAX retreated 0.07%. 


Russian equities rose more than 4% after Moscow Exchange resumed shortened four-hour trading in 33 out of 50 equities listed on the benchmark.