Markets React to Trade Policy, OPEC Moves, and Jobs Forecast

Image Source : Krish Capital Pty Ltd

Index Update

US stocks fell sharply on Thursday amid trade policy concerns, with the S&P 500 (-1.78%), Nasdaq (-2.61%), and Dow (-0.99%) hitting multi-month lows. Tech stocks led the decline, as Marvell Technology plunged 19.8% on weak AI sales forecasts, dragging down Nvidia (-5.7%), Broadcom (-6.3%), and AMD (-2.8%).

Market Movers

On Thursday, the top gainers were  Cracker Barrel Old Country Store, Inc. (+25.66%), followed by   ECARX Holdings Inc. (+19.09%). On the contrary Core Scientific, Inc. (-22.83%) and Sleep Number Corporation (-22.42%) declined the most the same day.

Commodities Update

WTI crude futures fell to $66 per barrel, facing their worst week since October amid global trade shifts, OPEC+ output revival, and potential oversupply. Eased U.S. tariffs on Mexico and Canada, China's new measures, and Russia's interest in a Ukraine peace deal further pressured prices, raising concerns over higher Russian oil exports.

Macro Update

The US economy is expected to add 160K jobs in February 2025, up from 143K in January, with unemployment steady at 4%. Wage growth may slow to 0.3% from 0.5%, while annual wage growth holds at 4.1%. Despite resilience, federal spending cuts and tariffs may impact jobs in the coming months.

Futures Update

US stock futures rose on Friday as investors awaited the monthly jobs report for economic insights. This followed sharp declines on Thursday, with the S&P 500 down 1.78% and the Nasdaq Composite down 2.61%, hitting their lowest levels in at least four months.

Bitcoin fell 1.57% to $88,537 on March 7, marking an 8.44% decline over four weeks but a 29.80% gain over the past year.

Following a sharp recovery in the previous session, stocks faced a significant decline on Thursday, with the Nasdaq and S&P 500 hitting five- and four-month closing lows, respectively. The Nasdaq fell by 483.48 points (2.6%) to 18,069.26, while the S&P 500 dropped by 104.11 points (1.8%) to 5,738.53. The major indices remained near their worst levels as they approached the close. Indicators suggest potential resistance ahead, with a continuing bearish trend likely. The 14-period RSI is below the neutral midpoint, indicating a negative bias, with key resistance at 5,900 and support around 5,600.