Finance

U.S. retail sales jumped 1.7% in March, marking the strongest monthly growth in over three years, primarily fueled by a 15.5% surge in spending at gas stations. While the headline figure suggests consumer resilience, economists noted that much of the increase reflects inflationary pressure from soaring energy costs related to the ongoing regional conflict.

During his Senate confirmation hearing, Federal Reserve chair nominee Kevin Warsh pledged to maintain central bank independence and prioritize the battle against sticky inflation. Markets observed his testimony closely as Treasury yields climbed, with the 10-year yield reaching 4.29% following his comments on reducing the Fed's balance sheet and reforming communication strategies.

Bitcoin remained resilient, trading above $76,000 as it continues to be viewed by some officials as a strategic tool for national power. In Senate testimony, the Commander of the U.S. Indo-Pacific Command highlighted the digital asset's potential for national security and its role in deterring global competitors, even as broader risk appetite remained cautious due to geopolitical tensions.

Apple shares declined following the announcement that Tim Cook will transition to executive chairman in September, handing the CEO role to John Ternus. Conversely, Amazon saw gains after Anthropic committed over $100 billion to utilize Amazon Web Services for its artificial intelligence infrastructure over the next decade.

Crude oil prices advanced as traders weighed the risks of a breakdown in negotiations and the potential for disruptions in the Strait of Hormuz. Despite some earlier hopes for a diplomatic breakthrough, Brent crude rose significantly as the market priced in the uncertainty of a looming Wednesday deadline for the existing ceasefire agreement.