Daily Market Recap: Indices, Futures, and Economic Developments

Image Source : Krish Capital Pty Ltd

Index Update

Trump suggested some April 2 tariffs may be reduced or exempted but proposed new tariffs on autos, pharmaceuticals, and Venezuelan crude buyers. Atlanta Fed’s Bostic forecasted one 25bps rate cut in 2024, while the Fed signaled two for 2025. Tesla rose despite EU sales dropping, megacap stocks were mixed, and Nvidia declined 0.5%.

Market Movers

On Monday, the top gainers were NIP Group Inc. (+10.26%), followed by OraSure Technologies, Inc (+10.17%). On the contrary Progyny, Inc. (-6.51%) and Genmab A/S (-3.64%) declined the most the same day.

Commodities Update

WTI crude oil futures rose to $69.4 per barrel amid supply concerns after Trump announced a 25% tariff on U.S. imports from countries buying Venezuelan oil. However, price gains may be limited by Chevron's extended Venezuela deadline, potential increased Russian exports, and an expected OPEC+ production hike. Investors await clarity on Trump's reciprocal tariffs.

Macro Update

The US 10-year Treasury yield stayed above 4.3% after a rise, driven by strong economic data and tariff policy expectations. March saw business activity grow, with services rebounding while manufacturing declined. Trump's tariff plans added uncertainty, affecting Fed policy expectations, with traders pricing in two rate cuts in June and September and a possible third in December.

Futures Update

US stock futures remained flat as investors assessed trade developments. Trump suggested some April 2 tariffs may be reduced or exempted but signaled new tariffs on autos and pharmaceuticals, along with a 25% levy on nations buying Venezuelan crude.

Bitcoin traded at $87,064 on March 25, down 0.49% from the previous session. It declined 3.58% over the past four weeks but gained 24.70% over the last year.

Stocks have moved sharply higher during trading on Monday, extending the upward move seen over the course of last Friday's session. The major averages have all moved to the upside, with the tech-heavy Nasdaq leading the charge. The S&P 500 has shown strong support at key levels and drifted higher, indicating the potential for upward movement, with support found around 5,690 and resistance at 5,880. Additionally, the 14-period RSI is beginning to reverse from lower levels, further reinforcing a positive outlook.