US stock markets closed lower last week as concerns mounted over the state of the country’s banking sector following the closure of Silicon Valley Bank (SVB). The Dow Jones Industrial Average fell by 345.22 points or -1.07%, closing at 31,909.64 points. The S&P500 closed at 3,861.59 points, down 56.73 points or -1.45%, while the Nasdaq fell by 199.47 points or -1.76% to close at 11,138.89 points.
In commodities, crude oil futures rose due to the depreciation of the dollar and strong US employment data, indicating an expanding economy and increased demand for oil. WTI crude futures closed at $76.68 a barrel, up 1.27%, while Brent crude futures closed at $82.78 a barrel, up 1.46%.
Gold futures rose due to buying pressure as a safe asset amid concerns over the banking sector and a weak dollar. Gold futures closed at $1,867.20 per ounce, up 1.78%, while silver futures rose 1.69% to close at $20.506 per ounce, and platinum futures rose 1.36% to close at $962.20 per ounce. Palladium futures, on the other hand, were down 0.9% at $1,362.30 an ounce.
The US dollar weakened against major currencies after the release of slow employment data for February. The dollar index against a basket of six major currencies was down 0.68% at 104.5913. The euro strengthened to $1.0645, while the pound rose to $1.2031. Against the yen, the dollar weakened to 134.80, and against the Swiss franc, it weakened to 0.9213. However, the dollar strengthened to 1.3829 Canadian dollars.