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• Jobless claims rise to 3-week high of 198,000, but layoffs are still extremely low
  The numbers: The number of Americans who applied for unemployment benefits last week...
  The numbers: The number of Americans who applied for unemployment benefits last week rose to a three-week high of 198,000, but that number is still extremely low and shows little sign of rapidly accelerating layoffs. New U.S. applications for benefits increased by 7,000 from 191,000 in the prior week, the government said Thursday.
  
  Economists polled by the Wall Street Journal had forecast new claims to total 195,000 in the seven days ending March 25. The numbers are seasonally adjusted.
  
  Key details: Thirty of the 53 U.S. states and territories that report jobless claims showed a decrease last week, while 23 posted an increase.
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• S&P 500 ends above 4,000 mark, posts highest close in 3 weeks
  U.S. stocks finished higher on Wednesday as investors awaited...
  U.S. stocks finished higher on Wednesday as investors awaited an update on inflation due Friday that could help inform how many more rate hikes to expect from the Federal Reserve.
  
  The S&P 500 index rose about 56 points, or 1.4%, ending near 4,027, according to preliminary FactSet data, the highest close since March 6. That was only days before the collapse of Silicon Valley Bank put a spotlight on risks in the U.S. banking system after the Fed’s yearlong stretch of quick rate hikes.
  
  The Dow Jones Industrial Average rose 1% and the Nasdaq Composite Index closed 1.8% higher.
  
  The S&P 500’s information technology segment led daily gains for the index, ending up 2.1%, while its financials sector rose 1.5%, according to FactSet.
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• Energy Sector Commentary for Wednesday
  The energy sector is off to a higher start, supported...

  The energy sector is off to a higher start, supported by strength in the crude complex and the major market futures. U.S stocks are expected to open higher as concerns about a banking crisis continued to dim and as investors brace themselves for a key inflation reading later this week which will provide more clues on the Fed’s monetary tightening policy.

  
  

  WTI and Brent crude oil futures are extending gains for the third-consecutive session on export halts from Iraqi Kurdistan which raised concerns of tightening supply. Adding to the crude export halts which were announced on Saturday and amounted to 450,000 bpd, earlier today Norwegian oil firm DNO announced it had begun shutting down production at its fields in Kurdistan. The company’s fields averages output of 107,000 bpd in 2022, which equates to a quarter of Kurdish exports. Oil also gained support from easing concerns of future bank failures and a drop in U.S. crude inventories. The API reported crude stocks fell by 6.1 million barrels last week.

  
  

  Natural gas futures are trading down on forecasts for warmer temperatures for most locations east of the Rocky Mountains and on high levels of output.

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• Nasdaq and Dow score triple-digit gains at Wednesday’s opening bell
  U.S. stock indexes opened higher Wednesday morning, helped by a rally in China’s technology stocks,...
  U.S. stock indexes opened higher Wednesday morning, helped by a rally in China’s technology stocks, slipping Treasury yields, and a calmer mood in the banking sector.
  

  
  
  • The Dow Jones Industrial Average DJIA, +0.69% went up 242 points, or 0.7% to 32,627
  
  
  • The S&P 500 SPX, +0.99% increased 39 points, or 1% to 4,010
  
  
  • The Nasdaq Composite COMP, +1.28% advanced 149 points, or 1.3% to 11,869
  
  
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• ☕️What Else is Brewing This Wednesday Morning
  JPMorgan CEO Jamie Dimon agreed to testify under oath over the bank’s ties to the late convicted sex...
  JPMorgan CEO Jamie Dimon agreed to testify under oath over the bank’s ties to the late convicted sex offender Jeffrey Epstein.
  
  AMC stock popped 13% after a report from The Intersect claimed Amazon was considering buying the theater chain.
  
  Lucid, the EV startup, is laying off ~18% of its workforce, or around 1,300 employees.
  
  Disney has cut its metaverse division as part of 7,000 layoffs, according to the WSJ.
  
  McKinsey, the consulting firm that usually recommends layoffs at other companies, is cutting about 1,400 roles from its own roster.
  
  Substack is allowing writers on its platform to buy shares in the company for as little as $100. Substack has already raised $82 million in venture capital
  
  
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