Market Snapshot: Key Updates on Stocks, Commodities, and Economic Trends

Image Source : Krish Capital Pty Ltd

Index Update

President Trump reaffirmed his stance against excessive exceptions on reciprocal tariffs, set for April 2nd. Investors focused on upcoming durable goods orders. In premarket trading, Apple, Amazon, and Meta saw modest gains, while Microsoft remained flat. Nvidia, Alphabet, and Tesla declined.

Market Movers

On Tuesday, the top gainers were Alumis Inc (+49.4%), followed by FST Corp. (+17.26%). On the contrary CorMedix Inc. (-23.49%) and Humacyte, Inc. (-9.34%) declined the most the same day.

Commodities Update

Brent crude oil futures rose above $73 per barrel on supply concerns and a larger-than-expected drop in US crude inventories. Trump imposed 25% tariffs on imports from countries buying Venezuelan oil, potentially disrupting key refiners. The US extended Chevron’s Venezuela exit deadline to May 27, which could cut production by 200,000 bpd. API data showed a 4.6-million-barrel drop in US crude stocks, exceeding expectations. However, gains were capped as the US brokered deals with Ukraine and Russia, pushing for sanctions relief that could allow Russian oil back into global markets.

Macro Update

US mortgage applications fell 2% for the week ending March 21, following a 6.2% decline previously. Refinancing applications dropped 5% to a one-month low, while new home purchase applications rose 1%. The average 30-year fixed mortgage rate edged down to 6.71%. Economist Joel Kan noted increased FHA applications due to improving housing inventory and slightly lower mortgage rates.

Futures Update

US stock futures were little changed Wednesday after modest gains, as traders awaited trade policy clarity amid economic concerns. Sentiment was pressured by a decline in CB Consumer Confidence for March, reaching a four-year low.

Bitcoin traded at $88,237 on March 26, rising 0.88% from the previous session. It gained 4.14% over the past four weeks and 28.14% over the past year.

Following the rally observed in the previous session, stocks exhibited a lack of clear direction during Tuesday's trading day. The major indices oscillated around the flat line before ultimately closing in positive territory for the third consecutive day. The Nasdaq increased by 83.26 points, or 0.5 percent, finishing at 18,271.86, while the S&P 500 gained 9.10 points, or 0.16 percent, to reach 5,776.66. The S&P 500 has demonstrated solid support at crucial levels, gradually moving higher and suggesting the possibility of further upward momentum, with support identified near 5,667 and resistance at 5,862. Furthermore, the 14-period RSI is starting to turn around from lower levels, which adds to a generally optimistic outlook.