Crude, Gold, Dow, S&P 500 and Nasdaq
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E-Mini Dow
The Dow slid 427.51 points lower, or 0.99%, to 42,579.08, after falling more than 600 points at session lows. The S&P 500 tumbled 1.78% to 5,738.52.
Trump said he would pause tariffs on some goods from Mexico and Canada on Thursday, but the news didn't stop stocks from tanking to sessions lows. Canada said it would delay a second wave of retaliatory tariffs in response, while Mexico has yet to reveal its reaction to the levies.
Aside from tariff turmoil, Wall Street has been racked with anxiety about faltering AI demand since Marvell (MRVL) issued a downbeat forecast that caused its stock to dive and dragged shares of other chipmakers, including Nvidia (NVDA), down with it.
(News Source: Yahoo Finance)
(News Source: Yahoo Finance)
E-Mini S&P500
The action follows a rocky session on Thursday, with the major averages going back into sell-off mode as the latest concessions on President Donald Trump's tariff policies failed to calm investors.
February's non-farm payrolls report will be the next big catalyst on investors' radar, giving markets further insight into the health of the economy. Economists polled by Dow Jones forecast growth of 170,000 jobs and expect the unemployment rate held steady at 4%.
E-Mini Nasdaq
Stocks resumed their steep pullback on Thursday as the latest concessions from the White House on President Donald Trump's controversial tariff policies failed to calm rattled investors.
The Nasdaq dropped 2.61% to 18,069.26, officially closing in correction territory, which is when an index falls 10% from a recent high. Thursday’s declines come as U.S. tariffs on Canadian, Mexican and Chinese imports have rocked financial markets after taking effect this week. Canada and China each responded with retaliatory levies of their own, while Mexico said it would unveil measures over the weekend. The Nasdaq has dropped more than 4% week to date, while the Dow and S&P 500 have slid around 2.9% and 3.6%, respectively. All three are on pace for their worst week since September 2024.
(News Source: CNBC)
Plan A: Long only if market retraced but supported firm above 20,087. Targets are 20, 328/20,684. Place a reasonable stop order based on the assessment of the risk and reward ratio.
Plan B: Short if prices failed to support above 20,087. 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 futures traded around $66 per barrel on Friday, heading for its worst week since October and the longest weekly losing streak since December 2023. Prices came under pressure from the potential fallout of global trade shifts. While President Donald Trump eased some tariffs on Mexico and Canada until April 2, Canada’s retaliatory tariffs remain, and China’s measures take effect next week. Adding to bearish sentiment, OPEC+ plans to revive output in April, coinciding with prospects of a restart of the Kirkuk-Ceyhan pipeline and increased production at Kazakhstan’s Tengiz field, fueling oversupply concerns. Furthermore, Russian President Vladimir Putin signaled interest in a Ukraine peace deal, raising the prospect of sanctions relief and higher Russian oil exports.
(News Source: Tradingeconomics)
Plan A: Consider short if market rebounded but resilient to 66.40. Targets are 65.71/64.40.
Plan B: Long only if prices retraced but supported firm above 66.40. Targets are 68.11/69.29.
US Gold
Gold hovered around $2,920 per ounce on Thursday, near record highs, supported by a weaker US dollar and safe-haven demand amid US trade policy uncertainties. President Donald Trump temporarily exempted US automakers from his 25% tariffs on Canada and Mexico for one month and signaled openness to further adjustments.
A US official also suggested Trump may remove the 10% tariff on Canadian energy imports that meet trade agreement rules. However, fresh US tariffs on Canada, Mexico, and China have triggered retaliatory measures, and China has filed a revised WTO consultation request over the levies.
Meanwhile, markets await the non-farm payrolls report for clues on the Federal Reserve’s policy direction. Recent data revealed US private sector job growth slowed to a seven-month low, fueling the case for further rate cuts. However, an unexpected rebound in the services sector suggests economic resilience.
(News Source: Tradingeconomics)
Plan A: Short only if market resilient to 2,915. Targets are 2,904/2,888.
Plan B: Consider long only if market supported firm above 2,915. Targets at 2,935/2,968.
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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