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What is the story about?
Benchmark indices on Wall Street saw a sharp rebound on Tuesday, March 31, to cap off a forgettable month on hopes of the war in West Asia ending soon.
The Dow Jones surged over 1,100 points on Tuesday, while the S&P 500 and Nasdaq gained 185 points and 800 points respectively. All three indices saw their best single-day gain since May last year. The relief rally in risk assets also triggered a reversal in Gold and Silver, with the yellow metal rising for the third straight day, capping off its worst month since 2008.
With the risk assets rising, the 10-year treasury yields retreated, as did the US Dollar index, although the latter continues to remain near levels of 100 and capped its best month since July last year. Brent crude for the June contracts fell 3.5% overnight, as the May contracts saw their expiry on Tuesday.
Contradictory reports continue to emerge from West Asia but an oversold market is latching on to any hope of the war ending. US President Donald Trump wrote on Truth Social that countries must now figure out themselves how to get oil from the Strait of Hormuz as the US will not be there to help them. He later told reporters that the US will leave Iran in the next two to three weeks, although he did not share any specific date.
The big move upwards on Tuesday came after Iran's news agency cited a call between President Masoud Pezeshkian and European Union Council President Antonio Costa, where Pezeshkian said that Iran has the will to end the war, but only with guarantees. However, there is no official statement from either leader on any form of media.
On the flip side, Iran's foreign minister Abbas Araghchi told Al Jazeera that there is no scope for a ceasefire, only a complete end to hostilities and that Iran is not in negotiations with the US.
Futures this morning on Wall Street are little changed.
With the start of a new month, a slew of macro data is set to be reported over the next three days, starting with the manufacturing PMI, retail sales, and the ADP jobs data, which will be reported later this evening Indian time, along with two Fed officials that are slated to speak today as well. This will culminate in the much awaited jobs report release for March, which will be out on Friday.
Best Day Since May
The Dow Jones surged over 1,100 points on Tuesday, while the S&P 500 and Nasdaq gained 185 points and 800 points respectively. All three indices saw their best single-day gain since May last year. The relief rally in risk assets also triggered a reversal in Gold and Silver, with the yellow metal rising for the third straight day, capping off its worst month since 2008.
With the risk assets rising, the 10-year treasury yields retreated, as did the US Dollar index, although the latter continues to remain near levels of 100 and capped its best month since July last year. Brent crude for the June contracts fell 3.5% overnight, as the May contracts saw their expiry on Tuesday.
Positive But Contradictory Reports
Contradictory reports continue to emerge from West Asia but an oversold market is latching on to any hope of the war ending. US President Donald Trump wrote on Truth Social that countries must now figure out themselves how to get oil from the Strait of Hormuz as the US will not be there to help them. He later told reporters that the US will leave Iran in the next two to three weeks, although he did not share any specific date.
The big move upwards on Tuesday came after Iran's news agency cited a call between President Masoud Pezeshkian and European Union Council President Antonio Costa, where Pezeshkian said that Iran has the will to end the war, but only with guarantees. However, there is no official statement from either leader on any form of media.
On the flip side, Iran's foreign minister Abbas Araghchi told Al Jazeera that there is no scope for a ceasefire, only a complete end to hostilities and that Iran is not in negotiations with the US.
Futures this morning on Wall Street are little changed.
Slew Of Macro Data Ahead
With the start of a new month, a slew of macro data is set to be reported over the next three days, starting with the manufacturing PMI, retail sales, and the ADP jobs data, which will be reported later this evening Indian time, along with two Fed officials that are slated to speak today as well. This will culminate in the much awaited jobs report release for March, which will be out on Friday.
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