Tech Stocks Lead Market Decline; Oil and Bitcoin Show Strength

Image Source : Krish Capital Pty Ltd

Index Update

On Monday, US stocks saw sharp declines, with the Dow down 2.08%, the S&P 500 falling 2.7%, and the Nasdaq dropping 4% to multi-month lows. Megacap tech stocks, including Tesla (-15.4%) and Nvidia (-5.1%), led the selloff. Concerns over inflation and recession risks grew following President Trump’s comments on a “period of transition” and the impact of tariffs. Investors await US inflation data, while Delta Air Lines plunged 11.2% after lowering profit and sales forecasts due to weaker travel demand.

Market Movers

On Monday, the top gainers were Redfin Corporation (+72.51%), followed by Trevi Therapeutics, Inc. (+53.02%). On the contrary Intuitive Machines, Inc. (-11.52%) and Alkami Technology, Inc. (-9.78%) declined the most the same day.

Commodities Update

WTI crude oil futures rose to $66.3 per barrel despite concerns over U.S. tariffs slowing economic growth and oil demand. China's economic weakness added pressure, while OPEC+ agreed to increase production from April, though Russia signaled potential reversals if market imbalances arise.

Macro Update

The NFIB Small Business Optimism Index fell to 100.7 in February 2025, its lowest since October 2024, while the Uncertainty Index rose to 104. Business outlook weakened, expansion sentiment declined, and inflation remained a key concern after labor quality.

Futures Update

US stock futures extended their decline on Tuesday as mounting recession fears triggered a steep selloff earlier in the week.

Bitcoin rose 3.97% to $81,789 on March 11, gaining 16.45% over the past four weeks and 15.09% over the past year.

U.S. On Monday, stocks fell sharply, with all major indices closing significantly lower, particularly the tech-heavy Nasdaq. Investor sentiment was affected by uncertainty around President Trump's tariff policies, fears of a U.S. recession, and a bleak global economic outlook. In a Fox News interview, Trump acknowledged the possibility of a recession resulting from his tariffs on Mexico, Canada, and China, while asserting the positive intent of his actions to bring wealth back to America. Major indices remained near their lowest levels, hinting at a potential for a near-term relief rally. The 14-period RSI is below the neutral midpoint, suggesting an upside pullback, with key resistance at 5,850 and support around 5,537.