Crude, Gold, Dow, S&P 500 and Nasdaq
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E-Mini Dow
US benchmark equity indexes lost more ground after President Donald Trump reiterated that the proposed tariffs on Mexico and Canada will go ahead as planned.
The Nasdaq Composite declined 2.6% to 18,350.2 on Monday, while the S&P 500 fell 1.8% to 5,849.7. The Dow Jones Industrial Average lost 1.5% to 43,191.2. Among sectors, technology and energy saw the biggest declines. Real estate led the gainers.
Stock markets were already trading lower intraday, but the selloff intensified after Trump said the US is set to impose 25% tariffs on the Mexican and Canadian imports Tuesday, as originally planned, CNBC reported. "They're all set. They go into effect tomorrow," Trump reportedly said.
(News Source: DJN)
E-Mini S&P500
US stock futures stabilized on Tuesday following a volatile start to the week, as concerns over tariffs weighed on the economic outlook.
In Monday’s regular trading session, the Dow plunged 1.48%, the S&P 500 dropped 1.76%, and the Nasdaq Composite tumbled 2.64%.
The major indexes initially opened higher but quickly reversed course in the afternoon after President Trump confirmed that 25% tariffs on Canada and Mexico would take effect on Tuesday, stating that there was "no room left" for negotiations.
E-Mini Nasdaq
Wall Street's main stock indexes slipped on Monday after President Donald Trump announced the start of 25% tariffs on Canada and Mexico, and after data showed a slight dip in U.S. manufacturing.
Stocks slipped after an ISM survey and extended losses after Trump said 25% tariffs on Canada and Mexico will go into effect on Tuesday with reciprocal tariffs starting April 2. He said North American countries had "no room left" to avert the tariffs.
The Nasdaq Composite saw a steep decline, dropping 2.6 per cent to 18,350.19.
The ISM survey showed manufacturing PMI slipped to 50.3 last month from 50.9 in January, while the forward-looking new orders index contracted to 48.6 in February from 55.1 in January. The dip in the PMI mirrored declines in other sentiment measures as investors worried about tariffs.
(News Source: Reuters)
Plan A: Long only if market retraced but supported firm above 20,760. Targets are 20, 980/21,123. Place a reasonable stop order based on the assessment of the risk and reward ratio.
Plan B: Short if prices resilient to 20,778. Targets are 20,312/20,013. Place a reasonable stop order based on the assessment of the risk and reward ratio.
WTI Crude Oil
WTI crude oil futures fell to around $68.1 per barrel on Tuesday, hovering near a three-month low after OPEC+ signaled plans to revive halted production amid pressure from U.S. President Donald Trump to lower prices.
OPEC and its allies said it will proceed with unwinding 2.2 million barrels per day in output cuts starting April 1, following repeated delays. Crude prices also retreated amid concerns that U.S. tariffs could hurt global growth and reduce energy demand.
Trump confirmed on Monday that 25% tariffs on goods from Mexico and Canada will take effect later today, alongside a second round of 10% duties on Chinese goods. Meanwhile, geopolitical tensions remain in focus as hopes for a resolution to the Russia-Ukraine war dimmed following a fiery meeting between Ukraine President Volodymyr Zelensky and President Trump last Friday.
(News Source: Tradingeconomics)
Plan A: Consider short if market rebounded but resilient to 68.86. Targets are 67.71/65.30.
Plan B: Long only if prices retraced but supported firm above 68.86. Targets are 70.11/70.59.
US Gold
Gold prices held steady on Tuesday as market participants fretted that US President Donald Trump's tariffs on Canada and Mexico will fuel inflation and hinder economic growth.
Spot gold was steady at US$2,892.64 an ounce, US gold futures were little changed at US$2,902.90.
Trump said on Monday that 25 per cent tariffs on goods from Mexico and Canada will take effect on Tuesday, stoking fears of a trade war in North America and sending financial markets reeling.
Trump also said reciprocal tariffs would take effect on April 2 on countries that impose duties on US products and reaffirmed that he will increase tariffs on all Chinese imports to 20 per cent from the previous 10 per cent levy.
Higher inflation may force the Federal Reserve to keep rates higher for longer, which would dent non-yielding gold's appeal.
(News Source: Washington)
Plan A: Short only if market rebounded but resilient to 2,935. Targets are 2,904/2,888.
Plan B: Consider long only if market retraced but supported firm above 2,888. Targets at 2,904/2,935.
Disclaimer: This information is intended to assist professional investors. News are credit courtesy of Reuters, Nasdaq.com, Bloomberg, CNN, Market Watch, FT.com, the Star online, forbes.com, mining.com and CNBC. The information does not constitute investment advice or an offer to invest or to provide management services and is subject to correction, completion and amendment without notice.As with all investments, there are associated risks and you could lose money investing. Prior to making any investment, a prospective investor should consult with its own investment, accounting, legal and tax advisers to evaluate independently the risks, consequences and suitability of the investment.
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