The three major US stock indices rose sharply. As of press release, the Dow rose 0.52%, the S&P 500 index rose 0.46%, and the NASDAQ rose 0.5%.

Friday is the last trading day of the first quarter. In the first quarter, the market paid close attention to the Fed's interest rate path, and the collapse of Silicon Valley banks since mid-March has sparked a panic in the financial markets.

As of Thursday's closing, the S&P 500 index and the NASDAQ rose 5.5% and 14.8% respectively in the first quarter, while the Dow declined slightly.

In March, the S&P 500 and NASDAQ rose 2% and 4.9% respectively, while the Dow rose 0.6%.

However, the US stock market was far from smooth sailing. At the beginning of March, two regional banks in the US went out of business one after another, Credit Suisse was forcibly acquired by UBS, and many small financial institutions fled their deposits, putting pressure on US stocks. It wasn't until late March that the US federal government supported the depositors' deposits of Silicon Valley banks and signature banks, and set up special loan instruments for other banks, which helped contain the crisis.

According to data covering the period from March 22 to 29 released by the Bank of America on Thursday, the total amount of Tier 1 credit was 88.2 billion US dollars, while banks received 64.4 billion US dollars through the Federal Reserve's new bank regular financing plan. This total was $152.6 billion, a slight decrease from $164 billion the previous week. This data suggests that the banking crisis is stabilizing as this month comes to an end.

In March, technology stocks became the beneficiaries of sector rotation.

Quincy Krosby, chief global strategist at LPL Financial, said that the recent rebound in US stocks “helps confirm the market's view that the problems that caused the market to fall into a crisis of confidence are likely to be well controlled.”

“The semiconductor sector has been seen as an important weather vane for global growth, and the sector has performed strongly recently,” she said.

In terms of Friday's economic data, the Fed's most important inflation indicator - the US core PCE price index for February increased 0.3% month-on-month, estimated at 0.4%, compared with the previous value of 0.6%. The US core PCE price index for February increased 4.6% year on year. It is expected to be 4.70%, compared to the previous value of 4.70%.

The US PCE price index rose 5% year on year in February, expected 5.1%, the previous value was 5.4%; in February, the PCE price index rose 0.3% month-on-month, expected 0.3%, and the previous value was 0.6%.

The US personal consumption expenditure index for February fell short of market expectations. This may indicate that the Federal Reserve has begun to make more progress in fighting high inflation.

Analysts pointed out that the annual rate of the US core PCE price index also recorded good performance in February, but it is far from certain whether the Federal Reserve can insist on raising interest rates one more time. As we all know, the Federal Reserve's goal has always been to reduce the inflation rate to 2%, but it will not cause a serious economic reaction.

Although today's PCE data makes some people in the market think that the Fed may stop raising interest rates, if inflation remains high, it is expected that the Fed will have to continue raising interest rates, even at the risk of causing a recession. In fact, the vast majority of economists believe that a recession is imminent.

On Thursday, several Federal Reserve officials said there is a need to further tighten monetary policy, even though three US banking companies have gone out of business this month.

Some Federal Reserve officials pointed out that banking problems may have a blow to the economy, and recent data, including a rise in jobless claims at the beginning of last week, also supports hopes that the Fed is close to ending interest rate hikes aimed at cooling demand.

Key focus

The majority of Star Technology stocks have risen.$Tesla (TSLA.US)$An increase of nearly 2%,$Amazon (AMZN.US)$An increase of nearly 1%,$Apple (AAPL.US)$,$Adobe (ADBE.US)$A slight increase.

Most popular Chinese securities have weakened,$Bilibili (BILI.US)$It fell more than 4%,$PDD Holdings (PDD.US)$It fell more than 2%,$XPeng (XPEV.US)$It fell nearly 1%,$JD.com (JD.US)$,$Alibaba (BABA.US)$Slight drop,$Weibo (WB.US)$An increase of more than 6%.

$Virgin Orbit (VORB.US)$Plummeting. The company announced it would lay off 90% of its workforce and “abandon operations for the foreseeable future” due to its failure to secure necessary financing requirements. As of press time, the stock is down nearly 40%.

E-commerce market service provider$Groupon (GRPN.US)$Management changes were announced and board member Dusan Senkypl took over as interim CEO, effective immediately. Senkypl will succeed Kedar Deshpande as CEO and director and will serve as an advisor for 60 days to assist with the transition.

As of press time, the stock is up more than 8%.

$Netflix (NFLX.US)$The company said on Thursday that it is restructuring its film division to reduce annual film production and concentrate decision-making. The company will merge its small and medium film production divisions, a change that will result in a small number of layoffs and the departure of two senior executives. As of press release, the stock rose slightly by 0.36%.

The Federal Reserve and the US Treasury are right$Wells Fargo & Co (WFC.US)$A $97.8 million fine was imposed because the latter allowed a foreign bank to conduct prohibited transactions on the bank's platform, in violation of US sanctions. As of press time, the stock is up nearly 1%.

$Manchester United (MANU.US)$Losses per share for the fourth fiscal quarter were higher than expected. As of press time, the stock is down more than 1%.

edit/ruby