U.S. stock indices ended Thursday's session with mixed results, although all three major averages recorded gains for the week. The Dow Jones Industrial Average advanced 2.96% over the week, while the Nasdaq Composite rose 4.44% and the S&P 500 climbed 3.36%. U.S. markets were closed on Friday in observance of Good Friday. The March nonfarm payrolls report was scheduled for release on Friday morning.
At Thursday's close, the Dow fell 61.07 points, or 0.13%, to 46,504.67. The Nasdaq gained 38.23 points, or 0.18%, to 21,879.18, and the S&P 500 added 7.37 points, or 0.11%, to 6,582.69. Tesla Motors (TSLA.US) dropped 5.42%, while Nvidia (NVDA.US) rose 0.93%. Micron Technology (MU.US) declined 0.44%, and SanDisk (SNDK.US) increased 1.28%.
In European markets, Germany's DAX 30 index fell 136.67 points, or 0.59%, to 23,138.50. The UK's FTSE 100 rose 77.19 points, or 0.74%, to 10,441.98. France's CAC 40 declined 18.88 points, or 0.24%, to 7,962.39. The Euro Stoxx 50 dropped 38.21 points, or 0.67%, to 5,694.50. Spain's IBEX 35 decreased 36.37 points, or 0.21%, to 17,544.03, and Italy's FTSE MIB fell 90.45 points, or 0.20%, to 45,624.50.
Asian equities saw declines, with Japan's Nikkei 225 falling 2.38% and South Korea's KOSPI dropping 4.47%.
In cryptocurrency markets, Bitcoin declined 1.89% to $66,839.85, while Ethereum fell 3.6% to $2,060.90.
Crude oil futures rallied sharply. May delivery West Texas Intermediate crude rose $11.42 to settle at $111.54 per barrel, a gain of 11.41%. June Brent crude increased $7.87 to close at $109.03 per barrel, up 7.78%.
The U.S. dollar index, which measures the greenback against a basket of six major currencies, rose 0.38% to 100.024. In late New York trading, one euro bought $1.1544, down from $1.1607 the previous session. One pound sterling traded at $1.3227, down from $1.3324. The dollar bought 159.34 Japanese yen, up from 158.82, and 0.7984 Swiss francs, up from 0.7931. It also rose against the Canadian dollar to 1.3921 and the Swedish krona to 9.4234.
Spot gold fell 1.71% to $4,675.61 per ounce, while spot silver settled at $73.037.
Federal Reserve Bank of New York President John Williams stated that risks to inflation and employment have become more balanced, and he favors holding interest rates steady. Williams indicated that monetary policy is well-positioned to manage these risks. He also expressed that losses in the private credit sector do not currently pose a systemic risk to the financial system, though regulators are monitoring banks' exposures closely.
The U.S. administration announced it would impose a 100% tariff on certain imported patent-protected drugs unless pharmaceutical companies agree to pricing agreements with the government or commit to domestic production. Large firms have 120 days to submit plans to avoid the tariffs, while smaller companies have 180 days. Relocating production to the U.S. could reduce the tariff to 20%. Drugs from the EU, Japan, South Korea, and Switzerland will face a lower 15% tariff due to existing trade agreements.
The U.S. also adjusted tariffs on steel, aluminum, and copper imports. Derivatives containing less than 15% of these metals by weight will be exempt from the 50% tariff. Products with metal content exceeding 15% will face a reduced 25% tariff applied to the total import value. Officials noted the changes are not expected to differ significantly economically from the previous tariff structure.
U.S. mortgage rates rose for the fifth consecutive week, with the average 30-year fixed rate reaching 6.46%, the highest since early September. The increase comes as the housing market enters its typically busy spring season.
Federal Reserve Bank of Dallas President Lorie Logan discussed ways to reduce the size of the Fed's balance sheet through regulatory adjustments, suggesting that current rules could be modified to encourage banks to hold lower reserve balances, thereby aiding the balance sheet reduction process.
Amazon.com (AMZN.US) will begin charging a 3.5% fuel and logistics surcharge later this month to sellers using its fulfillment services, citing rising costs due to increased fuel prices. The fee will take effect April 17 for Fulfillment by Amazon customers in the U.S. and Canada, and will expand to merchants shipping goods sold on their own websites or other platforms starting May 2. An Amazon spokesperson stated the company has absorbed cost increases thus far but is implementing a temporary surcharge to offset persistent high costs.
Coinbase (COIN.US) received conditional approval from the Office of the Comptroller of the Currency to operate as a trust bank. If fully approved, the cryptocurrency exchange would be able to offer payment products under federal oversight, in addition to its custody services, potentially expanding the use of crypto payments.
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