Stocks eased after closing higher as investors bought dip in tech. The prospect of more sanctions lifted oil futures up but hurt the euro.

Updated time: 06 Apr, 2022, 05:45 (UTC+04:00)

Stocks:

Futures eased in overnight Monday trading after major U.S indexes closed higher thanks to buying the dip in tech shares, amid evidence of war crimes on the outskirts of Kyiv mounting the prospect of heavy sanctions against Russia. Big tech outperformed, led by Twitter with a 27.1% surge after Elon Musk owned 9.2% of the company’s stake and followed by the EV sector. Financials mixed.

10-year and 2-year yield both currently held at steady levels, easing investors’ worries about recession temporarily. Their concerns now shifted to the Fed’s meeting minutes on Wednesday, where it will reveal clues on central banks’ rate-hike path, especially the Q1’s corporate earnings are set to begin next week.

Commodities:

Oil futures rose on the threat of more sanctions following alleged war crimes by Russia could worsen the supply disruption. Both contracts (Brent and WTI) added more than $2 per barrel, lifting the price up above $100 level. Consuming nations are putting more efforts in rebalancing the oil market, including the second round of a coordinated oil release of IEA and crude swapping.

Currencies:

The euro retreated to near a one-week low of $1.0975 against the U.S dollar after just climbing to a one-month high of $1.1185 just days earlier amid talks of new sanctions on Russia. The U.S dollar eased a bit 0.2% to 122.515 yen. The Aussie was flat at $0.7541, benefitted from soaring commodity prices.

Cryptocurrencies:

The crypto maintained light trading as investors are watching events unfold, making most coins stay flat near previous levels. The largest cryptocurrency Bitcoin hovered at $46,723.31 while Ethereum changed hands at $3,520. Altcoins ended in green.