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US Stock Market Update

The US stocks were volatile on Thursday despite starting the day on a positive note. One of the key factors that influenced the stock market movement was a higher-than-expected wholesale inflation reading, which could potentially impact the upcoming Federal Reserve policy meeting.

The S&P 500 (^GSPC) dipped below the flatline, while the Dow Jones Industrial Average (^DJI) saw a slight decline of 0.1%. The Nasdaq Composite (^IXIC) hovered around the flatline. Notable companies like Nvidia (NVDA) and Tesla (TSLA) experienced a drop in their stock prices following a previous session decline.

With February’s Producer Price Index showing a 0.6% increase, surpassing the projected 0.3% rise, investors are closely monitoring the inflation trend to determine if it aligns with the Fed’s objectives and potential decisions on interest rates. Despite signs of persistent inflation in the recent CPI report, market participants remain optimistic about a policy shift in the upcoming summer months.

Additionally, retail sales managed to edge up by 0.6%, falling short of the estimated 0.8% growth. The data release on Thursday was critical in providing insights into the US economyÔÇÖs health ahead of the central bank’s pivotal two-day meeting scheduled for next week.

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Oil Market Update

Oil prices surged over 1% on Thursday, building on the momentum from the previous session amid reports of declining inventories and escalating drone attacks targeting Russian refineries.

West Texas Intermediate (CL=F) remained above $81 per barrel, while Brent crude (BZ=F) surpassed $85 per barrel. The Energy Information Administration data revealing a drop in US crude inventories provided further support to the rising oil prices.

The recent uptick in drone strikes on Russian refineries due to the ongoing conflict between Ukraine and Russia has added another layer of uncertainty to the oil markets, influencing the supply-demand dynamics and price volatility.

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