🗓Calendar:
ISM Manufacturing PMI - Monday
CrowdStrike $CRWD Earnings - Tuesday
ADP Payrolls - Wednesday
ISM Services PMI - Wednesday
Broadcom $AVGO Earnings - Wednesday 🚨
Initial Jobless Claims - Thursday
Costco $COST Earnings - Thursday
U.S. Jobs Report - Friday 🚨
U.S. Retail Sales - Friday 🚨
Main news:
Oil prices jumped to $72.81, up 8.64%, as the US-Israel military strikes on Iran escalated tensions and effectively closed the Strait of Hormuz, through which over 10% of global oil flows. Analysts project Brent could reach $80-$90 per barrel if disruptions persist, though OPEC production increases may provide relief.
Gold surged over 2.7% to top $5,400 per ounce as investors fled to safety amid escalating US-Iran war. The precious metal is trading at its highest level since late January, supported by strong technical momentum and risk-off sentiment across global markets.
The euro declined against the dollar as safe-haven flows boosted the greenback and rising energy prices threatened Europe's economy. With the EU entering natural gas refill season with historically low reserves, analysts warn the eurozone faces significant challenges from surging energy costs.
Bitcoin recovered to $66,234.49, up 0.71%, after initially plunging to $63,000 on Saturday's military strikes. The cryptocurrency faces a critical technical test, with analysts warning that a break below $61,000 could trigger a rapid fall toward $50,000.
Stock futures fell sharply with prediction markets showing 97% odds of the S&P 500 opening lower on March 2. Asian markets led declines as airline stocks dropped on Middle East airspace closures, while energy and defense stocks gained on the conflict escalation.
