Daily Summary: Wall Street Volatility Persists Amid Trade War Concerns

The S&P 500 (US500) is up 0.51% with a price of 5718.7, the Nasdaq 100 (US100) is up 0.54% at 19894.82, while the Dow Jones Industrial Average (US30) is up 0.65% at 42319 as markets show signs of recovery after last recent correction.

Sentiment remains cautious with options contracts worth an estimated $4.5 trillion set to expire Friday, potentially stoking further volatility.

Federal Reserve Chair Powell's comments provided some reassurance to investors that the Fed would act if needed to prevent a recession, despite leaving rates unchanged at Wednesday's meeting.

President Trump called for interest rate cuts following the Fed decision, as his administration prepares to unveil additional tariffs that Powell indicated are creating economic uncertainty.

Treasury yields on 10-year notes declined 2 basis points to 4.23%, while the dollar strengthened 0.3% against major currencies.

The Bank of England maintained current interest rates amid global economic uncertainties, with the pound retreating 0.3% to $1.2968.

In commodities, WTI crude rose 1.7% to $68.28 after the US imposed new sanctions targeting Iranian oil exports, potentially removing up to 1.5 million barrels of daily Iranian exports from global markets.

According to the EIA report, U.S. natural gas inventories unexpectedly increased by 9 billion cubic feet (forecasted change: a decline of 1 billion cubic feet). In mid-March, inventory increases are unusual based on trends from the past five years. The report triggered a sharp drop in contract prices, which are down approximately 4.6% today.

Gold eased 0.4% to $3,036.08 an ounce after recently reaching record highs.

On the corporate front, Apple's streaming service is reportedly losing $1 billion annually despite hosting award-winning content. Apple recently cut content spending to $500 million in 2023 from over $5 billion in previous years.

Accenture shares drop over 7%, following company’s results for 4Q24. Even though the company reported higher revenue than consensus’ estimates, investors were worried about erosion in margins.

Nvidia announced plans to open a quantum computing research lab in Boston, collaborating with Harvard and MIT scientists, while also planning billions in procurement of US-made chips over the next four years.

In geopolitical developments, Ukrainian President Zelenskiy ruled out ceding control of nuclear power plants following discussions with Trump about a potential ceasefire regarding energy facilities.

In the crypto market, we see a prevailing negative sentiment. Bitcoin is down more than 1.4% today, falling below $85,000. Ethereum is experiencing a correction of over 3%, almost completely erasing yesterday's gains.