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Index Update

Trump announced a 25% tariff on autos, semiconductors, and pharmaceuticals, set for April 2, adding trade uncertainty. Investors await jobless claims data and earnings reports from Walmart, Alibaba, and Booking. On Wednesday, the S&P 500 hit a record high, rising 0.24%, while the Dow and Nasdaq gained 0.16% and 0.07%, respectively.

Market Movers

On Wednesday, the top gainers were            NewGenIvf Group Limited. (+29.07%), followed by       VNET Group, Inc. (+21.78%). On the contrary,          Indivior PLC (-17.78%) and   B. Riley Financial, Inc (-16.31%) declined the most the same day.

Commodities Update

Brent crude oil futures rose above $76 per barrel, extending gains for a fourth day as supply concerns outweighed rising US stockpiles. Prices increased over 2% this week amid uncertainty over OPEC+ production plans and a Ukraine drone attack that cut Kazakh oil flows by 380,000 barrels per day. Potential resumption of Iraq’s Kurdistan exports could add 300,000 barrels daily, though Turkey has yet to confirm. Meanwhile, US crude inventories rose by 3.3 million barrels for the fourth straight week, with traders awaiting official EIA data.

Macro Update

The dollar index hovered around 107 as investors weighed FOMC minutes and trade policy changes. Fed officials emphasized the need for more disinflation evidence and warned of inflation risks from trade, immigration, and strong spending. Chair Powell reiterated no urgency for rate cuts. Meanwhile, Trump announced 25% tariffs on autos, semiconductors, and pharmaceuticals starting April 2. Markets expect one rate cut in 2025, with speculation of a second.

Futures Update

US stock futures dipped as investors reacted to Fed meeting minutes and Trump’s renewed tariff threats. Fed officials signaled a preference for more inflation progress before cutting rates and expressed concerns over the impact of tariffs.

Stocks moved modestly lower early in the session on Wednesday but regained ground over the course of the trading day. The major averages climbed well off their early lows and into positive territory, with the S&P 500 once again reaching a new record closing high. The major averages ended the day modestly higher. The S&P 500 rose 14.57 points or 0.2 percent to 6,144.14, the Dow climbed 71.25 points or 0.2 percent to 44,627.59 and the Nasdaq inched up 14.99 points or 0.1 percent to 20,056.25. From a technical perspective, the S&P 500 appears to be forming a short-term upward trend, having bounced off the lower end of an ascending channel and showing a rebound in its Relative Strength Index (RSI) from the midpoint. Investors are now watching key levels, including 6,190 as a potential resistance point and 6,070 as a support level, to gauge the market's next move. Overall, the major averages posted modest gains, with the S&P 500 leading the way to a new record close.

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