US stocks set new records, oil prices fell slightly, bitcoin kept its upward momentum

The US market rallied in the trading session on Thursday (March 7), with the S&P 500 and Nasdaq indexes both setting new historic highs, as glimmers of hope for inflation and falling interest rates, as well as Investors returned to buying technology stocks, helping the market recover after the sell-off at the beginning of the week.

Crude oil prices fell slightly despite Federal Reserve Chairman Jerome Powell saying the Fed was “not far away” from cutting interest rates, while bitcoin prices maintained an uptrend and moved closer to a record level .

At the close, the S&P 500 increased 1.03%, reaching 5,157.36 points. Nasdaq increased 1.51%, closing at 16,273.38 points. The Dow Jones index increased 130.3 points, equivalent to an increase of 0.34%, reaching 38,791.35 points.

Information technology and communication services are the groups leading this session among the 11 main industry stock groups of the S&P 500. For Dow Jones, Intel was the brightest stock of the session with an increase of more than 3%.

Investors are more optimistic after the European Central Bank (ECB) lowered its annual growth and inflation forecasts in its statement at the end of its regular monetary policy meeting on Thursday. The market sees the ECB lowering its inflation forecast as a positive signal about the global inflation situation, even though the ECB kept interest rates unchanged at this meeting.

The ECB statement came after the Fed Chairman completed his second testimony before the US Congress. Before the Senate Banking Committee, Mr. Powell continued to signal that interest rates would decrease this year. He said that while not immediately ready to start cutting interest rates, the Fed is “not far away” from being confident enough about the inflation problem to begin easing monetary policy.

“The market expected it, and they finally heard it from Fed officials. Confidence that an interest rate cut is imminent has increased,” chief strategist Adam Turnquist of LPL Financial commented to CNBC news agency.

Rising sharply in two consecutive sessions on Wednesday and Thursday, the S&P 500 has now achieved bull status this week, with an increase of about 0.4% since the beginning of the week. The Nasdaq is flat, while the Dow Jones is down about 0.8%.

Some large-cap technology stocks were bought a lot by investors this session. Nvidia closed the session up 4.5%, bringing the total increase in the chip giant’s shares from the beginning of the week to now to more than 12%. However, Apple shares closed with a slight decrease, marking the 7th consecutive session of decline due to concerns related to iPhone sales in the Chinese market.

The focus of investors’ attention during Friday’s trading session will be on the overall February jobs report from the US Department of Labor. In recent times, the US labor market has always shown stability despite the high interest rate environment. Any sign of weakness in the upcoming report will strengthen the case that the Fed is about to cut interest rates.

The price of WTI crude oil futures in New York decreased by 0.2 USD/barrel, equivalent to a decrease of 0.25%, closing at 78.93 USD/barrel. The price of Brent oil futures in London decreased by 0.21 USD/barrel, equivalent to a decrease of 0.25%, to 82.77 USD/barrel.

Before this drop, oil prices increased more than 1% on Wednesday thanks to the signal of interest rate reduction from Mr. Powell when he testified before the Senate Banking Committee. During Thursday’s hearing, Mr. Powell continued to raise the possibility of lowering interest rates this year, but still maintained a certain degree of caution as in the first hearing.

Analyst Tamas Varga of oil brokerage company PVM Oil said Mr. Powell’s testimony provided a “catalyst” for oil prices, but his maintaining a cautious stance on interest rate cuts has tempered the situation. investor excitement.

Since the beginning of the year until now, oil prices have struggled in the main trend of slowly increasing. Oil prices rose in both January and February, but with limited gains. Goldman Sachs predicts that Brent oil prices will likely reach the upper limit of about 70-90 USD/barrel, the price range the bank forecasts for oil prices this year.

“We still forecast that Brent oil prices will increase to near the peak of about 70-90 USD/barrel this summer due to a slight deficit in production compared to demand,” a report dated March 7 of Goldman Sachs commented.

In the virtual currency market, bitcoin maintains its upward momentum after briefly setting a record above the $69,000 threshold earlier this week. At 7:00 a.m. this morning (March 8) Vietnam time, bitcoin price stood at nearly 66,900 USD/oz, up more than 1% compared to 24 hours ago and up nearly 9% compared to a week ago.

Analysts say that bitcoin prices continue to receive upward momentum from the bitcoin spot ETF craze in the US. Newly allowed to be established by US authorities this year, this type of fund is attracting large amounts of capital from investors who want to bet on virtual currencies but do not want to directly buy and hold virtual currencies.

In addition, the upcoming halving event in April is also another reason pushing bitcoin’s price up. This every 4 years event aims to limit the supply of bitcoin. Large demand and limited supply is a classic formula to push up the price of a commodity.

“Bitcoin is one of the rarest assets in the world and is becoming more and more rare,” emphasized Alex Thorn, head of research at Galaxy Digital.

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