Market Recap: Stocks Decline, Tariff Concerns Grow, and Bitcoin Slides

Image Source : Krish Capital Pty Ltd

Index Update

Trump dismissed concerns over rising car prices due to tariffs and is pushing for a tougher trade stance. US stocks initially rallied but later fell, with the Dow down 0.96%, S&P 500 down 1.53%, and Nasdaq dropping 2.59%, amid fears of trade retaliation. Investors await the monthly jobs report and corporate earnings from key companies.

Market Movers

On Friday, the top gainers were  CureVac N.V. (+16.07%), followed by          Bowen Acquisition Corp (+14.89%). On the contrary               lululemon athletica inc (-11.66%) and FST Corp (-5.42%) declined the most the same day.

Commodities Update

WTI crude oil rose over 1% to $69.9 per barrel as President Trump threatened secondary tariffs on Russian oil buyers and warned of further tariffs and military action against Iran over its nuclear program. The US-brokered Black Sea ceasefire remains fragile, while OPEC+ plans gradual output hikes. Concerns over a global trade war are growing as Trump’s reciprocal tariffs take effect on April 2.

Macro Update

The US dollar index fell below 104, its third straight decline, amid concerns over new tariffs and potential trade retaliation. Trump reaffirmed plans for reciprocal tariffs, raising fears of inflation and slower growth. The dollar weakened most against the yen, euro, and pound, while investors await Friday’s jobs report for Fed policy insights.

Futures Update

US stock futures declined as investors prepared for ‘Liberation Day,’ when President Trump will impose a 25% tariff on imported cars and announce reciprocal trade duties.

Bitcoin traded at $82,038 on March 31, down 0.35% from the previous session. It declined 4.66% over the past month but gained 17.60% over the past year.

On Friday, stocks experienced a significant decline after two previous days of losses. The Nasdaq dropped 481.04 points (2.7%) to a six-month low of 17,322.99, the S&P 500 fell 112.37 points (1.97%) to 5,580.95, and the Dow Jones decreased by 715.80 points (1.7%) to 41,583.90. The S&P 500 is facing resistance at higher levels, with potential for further declines, and key support is around 5,504, while resistance is at 5,712. The 14-period RSI is reversing from the midpoint, indicating a possible pullback.