The U.S. stock markets closed mixed on Friday, March 22nd, with the S&P 500 barely changing but recording its biggest weekly rise of 2024. This increase was attributed to the Federal Reserve’s plan for three interest rate cuts by the end of the year. The Nasdaq saw slight increases, driven by ongoing enthusiasm for artificial intelligence.
In terms of economic updates, Baker Hughes Inc. reported a decrease of 1 in the total count of active oil rigs in the U.S. last week. FedEx (FDX) saw a significant surge of 7.4% after surpassing Wall Street’s profit expectations. On the other hand, Digital World Acquisition (DWAC) dropped 13.7% following the approval of its merger with Donald Trump’s tech company.
The Dow Jones Industrial Average declined by 0.77% to close at 39,475.90, while the S&P 500 was down 0.14% at 5,234.18. The Nasdaq Composite, on the other hand, rose by 0.16% to finish the session at 16,428.82.
Looking at Asian markets on Monday, Japan’s Nikkei 225 index closed lower by 1.10% at 40,445.50, with losses in the Shipbuilding, Mining, and Transportation Equipment sectors. In Australia, the S&P/ASX 200 was up 0.53% at 7,811.90, driven by gains in the A-REITs, Energy, and Healthcare sectors. India markets were closed for the Holi holiday, while China’s Shanghai Composite and Shenzhen CSI 300 both declined. Hong Kong’s Hang Seng Index slipped by 0.16% to conclude the day at 16,473.64.
In the Eurozone at 06:15 AM ET, the European STOXX 600 index was down 0.27%, with Germany’s DAX declining by 0.10%, France’s CAC sliding by 0.51%, and the UK’s FTSE 100 trading lower by 0.38%.
In terms of commodities at 06:15 AM ET, Crude Oil WTI was trading higher at $81.35/bbl, Brent was up at $85.52/bbl, Natural Gas was down, and Gold, Silver, and Copper saw varying increases.
US Futures at 06:15 AM ET showed that Dow futures were down 0.22%, S&P 500 futures slipped 0.21%, and Nasdaq 100 Futures declined by 0.30%.
In the forex market at 06:15 AM ET, the U.S. Dollar Index gained 0.32%, USD/JPY was down, and USD/AUD slid.
Overall, the markets showed a mix of gains and losses, with various factors influencing the movements. Investors will be closely watching for any new developments that could impact market trends in the coming days.
