Crude Oil Moves Higher; ISM Services PMI Falls In March

Written By Michael Gary Scott



Market Update: Crude Oil Surge and ISM Services PMI Decline in March

The Current Landscape

U.S. stocks showed a positive trend midweek, with the Nasdaq Composite leading the way with a gain of over 0.5%.

Sector Performance

Industrials shares experienced a significant surge of 0.8%, while consumer staples shares took a 0.9% dip during Wednesday’s trading session.

Noteworthy News

The ISM services PMI for March dropped to 51.4, down from February’s 52.6 reading and below market expectations of 52.7.

Winners and Losers in Equities

Shares of various companies like Kintara Therapeutics, ARCA Biopharma, and Vanda Pharmaceuticals saw substantial gains, while Casa Systems, View Inc., and Sintx Technologies experienced noticeable declines.

Commodity Market Movements

In the commodities market, oil prices rose by 0.8% to $85.85, gold climbed 1% to $2,303.60, silver surged 4.1% to $26.975, and copper rose 2.6% to $4.1745.

Global Market Overview

European shares displayed a mixed performance, with gains seen in the STOXX 600, IBEX 35 Index, German DAX, French CAC 40, and FTSE MIB Index. Meanwhile, the eurozone reported a 2.4% consumer price inflation rate and a 6.5% unemployment rate for February.

Across Asia Pacific markets, indices like Japan’s Nikkei 225, Hong Kong’s Hang Seng Index, China’s Shanghai Composite Index, and India’s S&P BSE Sensex recorded declines, with varying economic indicators highlighting the region’s economic trajectory.

Economic Indicators

U.S. mortgage applications fell by 0.6%, private businesses added 184,000 workers in March, the composite PMI was revised to 52.1, and the ISM services PMI decreased to 51.4. Additionally, U.S. crude oil inventories saw an unexpected increase of 3.21 million barrels, contrary to market estimates of a decline.

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