Twitter finished 1.68% lower on Thursday after Elon Musk offered to buy the company for $54.20 a share
Wall Street stocks finished lower overnight as the selling pressure reemerged ahead of a long weekend. Investors digested fresh economic data and mixed earnings results from banking giants, with cautious tone persisting further amid geopolitical uncertainty. The S&P 500 index fell 1.21%, the Nasdaq Composite gave up 2.14%, and the Dow Jones shed 0.33%. In individual stocks, Twitter finished 1.68% lower on Thursday after Elon Musk offered to buy the company for $54.20 a share. On the data front, retail sales figures slightly missed expectations with a 0.5% gain while jobless claims rose to 185,000 for the week ending April 9.
Equity markets slipped in Asia, where only a few markets were open on Good Friday. The Nikkei 225 slid 0.29% while China’s Shanghai Composite dipped 0.45%. The PBOC surprised investors by keeping the interest rate unchanged while investors expected the central bank to announce further easing measures. Geopolitics added to market concerns after China said it will conduct military drills around Taiwan today after the unannounced visit by six US lawmakers to Taiwan.
The USD index rallied to fresh two-year highs around 100.75 as the benchmark 10-year US Treasury yield climbed back above 2.8% to notch fresh multi-year highs. EURUSD derailed the 1.0800 figure to extend losses to 1.0757 before bouncing back above the mentioned mark on a daily closing basis. The selling pressure surrounding the common currency intensified after the ECB confirmed the end of its bond buying in the third quarter amid surging inflation. The bank adopted a more hawkish tone, but it wasn’t aggressive enough to lift the euro from long-term lows. EURUSD has settled just above 1.0800 on Friday, with bearish bias persisting on the daily charts.
Elsewhere, gold prices are holding at one-month highs around $1,980 despite the rallying dollar. The precious metal stays elevated due to the persisting safe-haven demand and could regain the $2,000 mark if the geopolitical situation continues to deteriorate next week. On the downside, the immediate support now arrives at $1,960, followed by the 20-DMA, currently at $1.940.
