- The S&P 500 (US500) is up 0.51% with a price of 5718.7, the Nasdaq 100 (US100) is up 0.54% at 19894.82, while the Dow Jones Industrial Average (US30) is up 0.65% at 42319 as markets show signs of recovery after last recent correction.
- Sentiment remains cautious with options contracts worth an estimated $4.5 trillion set to expire Friday, potentially stoking further volatility.
- Federal Reserve Chair Powell’s comments provided some reassurance to investors that the Fed would act if needed to prevent a recession, despite leaving rates unchanged at Wednesday’s meeting.
- President Trump called for interest rate cuts following the Fed decision, as his administration prepares to unveil additional tariffs that Powell indicated are creating economic uncertainty.
- Treasury yields on 10-year notes declined 2 basis points to 4.23%, while the dollar strengthened 0.3% against major currencies.
- The Bank of England maintained current interest rates amid global economic uncertainties, with the pound retreating 0.3% to $1.2968.
- In commodities, WTI crude rose 1.7% to $68.28 after the US imposed new sanctions targeting Iranian oil exports, potentially removing up to 1.5 million barrels of daily Iranian exports from global markets.
- According to the EIA report, U.S. natural gas inventories unexpectedly increased by 9 billion cubic feet (forecasted change: a decline of 1 billion cubic feet). In mid-March, inventory increases are unusual based on trends from the past five years. The report triggered a sharp drop in contract prices, which are down approximately 4.6% today.
- Gold eased 0.4% to $3,036.08 an ounce after recently reaching record highs.
- On the corporate front, Apple’s streaming service is reportedly losing $1 billion annually despite hosting award-winning content. Apple recently cut content spending to $500 million in 2023 from over $5 billion in previous years.
- Accenture shares drop over 7%, following company’s results for 4Q24. Even though the company reported higher revenue than consensus’ estimates, investors were worried about erosion in margins.
- Nvidia announced plans to open a quantum computing research lab in Boston, collaborating with Harvard and MIT scientists, while also planning billions in procurement of US-made chips over the next four years.
- In geopolitical developments, Ukrainian President Zelenskiy ruled out ceding control of nuclear power plants following discussions with Trump about a potential ceasefire regarding energy facilities.
- In the crypto market, we see a prevailing negative sentiment. Bitcoin is down more than 1.4% today, falling below $85,000. Ethereum is experiencing a correction of over 3%, almost completely erasing yesterday’s gains.
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