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Wall Street snapped a two-day rebound as selling resumed in major technology companies, with the US500 falling 1.25%, US100 dropping 1.79%, and US30 declining 0.85%.
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The "Magnificent 7" tech megacaps hit their lowest level since September, with the group falling 2.3%. Meta Platforms became the last of these stocks to turn negative for the year, while Tesla sank 4.5%.
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According to Bank of America's latest survey, investors have slashed holdings of US equities by the most on record while cash levels jumped, indicating growing caution about growth projections and AI investment returns.
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The Federal Reserve is expected to hold rates steady at Wednesday's meeting, with markets focused on updated economic projections and Chair Powell's comments regarding the impact of Trump's trade policies on inflation and growth.
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In corporate news, Google parent Alphabet agreed to acquire cybersecurity firm Wiz for $32 billion in cash, a deal that will test the Trump administration's antitrust approach to Big Tech acquisitions.
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European markets gained, with German stocks hitting record highs after lawmakers passed a landmark spending package including a €500 billion infrastructure fund and increased defense spending.
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On the FX market, EURUSD added another 0.2%, recovering from a sharp intraday drop on the Trump-Putin call. Canadian dollar strengthened on higher-than-expected CPI data (USDCAD: -0.18%). Japanese yen ticks slightly up prior to the BoJ policy decision (USDJPY: -0.05%). The strongest G10 currencies today are Swiss franc (USDCHF: -0,5%) and Swedish Krona (USDSEK: -0,5%).
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Gold reached a new record, rising 1.1% to $3,034.46 per ounce as investors seek safe-haven assets amid ongoing economic uncertainty.
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Bitcoin fell 2.5% to $81,874.23 and Ethereum declined 2.6% to $1,884.69, reversing earlier gains as ETFs recorded their longest streak of weekly net outflows.
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On the geopolitical front, Putin backed Trump’s idea of a 30-day ceasefire regarding energy facilities in Russia and Ukraine, with plans to initiate broader peace talks. Nevertheless, the Russian president has not committed to anything.
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The SEC under acting chair Mark Uyeda continues implementing sweeping changes, including easing cryptocurrency regulations, extending compliance deadlines, and rolling back several Biden-era initiatives.
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