- American indices are seeing strong declines today, particularly driven by the technology sector. The S&P 500 is down about -1.8%, the Dow Jones is losing -0.9%, and the Nasdaq 100 is leading the decline with a -2.1% drop.
- Big Tech stocks are taking a hit. Among the so-called "Magnificent Seven," all companies are losing today. The biggest moves are seen in Nvidia (-4.8%), which market capitalization has fallen below $2.73 trillion, and Tesla, which is down more than 5%. Concerns over geopolitical tensions, inflation prospects, and the U.S. labor market are weighing on previously high-valued assets.
- Marvell Technology is down nearly 18% after its earnings report. The market was particularly disappointed by the sales forecast for the upcoming quarter. The stock has fallen to its lowest level since October.
- The sell-off in the technology sector is also dragging down Broadcom, which is losing over 5% today. The company is set to report earnings after the market close.
- European markets had a mixed session. The DAX hit new all-time highs, surpassing 23,400 points, while the CAC 40 rose by about 0.3%, and the broader STOXX Europe 600 remained flat. On the downside, the Swiss SMI fell by -0.6%, and the UK's FTSE 100 declined by -0.8%.
- Trump confirmed on his Truth Social platform today that tariffs on Mexican goods covered by the USMCA agreement will be suspended until April 2. Commerce Secretary Howard Lutnick did not rule out a similar move for Canada, though neither Trump nor his administration has officially confirmed such a decision yet.
- The European Central Bank (ECB) decided today to cut interest rates by 25 basis points. The deposit rate in the eurozone now stands at 2.5%. During the post-decision press conference, President Christine Lagarde stated that the bank’s policy is becoming less restrictive as planned. However, she emphasized that the ECB will not "chase" market expectations, and future rate cuts will depend on incoming data.
- New jobless claims came in at 221,000, slightly below expectations (forecast: 235,000). This marks a clear drop from the 242,000 reported the previous week.
- In the second half of the session, the dollar stabilized and remains at flat levels. Among G10 currencies, the Japanese yen (+0.7%) and the Swiss franc (+0.8%) are the biggest gainers. The tariff suspension decision strengthened the Mexican peso, which is up 0.5% today.
- In the bond market, German yields continue to rise, climbing back above 2.8%. U.S. 10-year Treasury yields remain stable at around 4.28%.
- Today’s EIA report reinforced the downward movement in natural gas futures. The weekly U.S. inventory draw was lower than expected at -80 bcf (vs. forecasts of -95 bcf). Natural gas futures are down about -3.4% today. Meanwhile, oil prices remain stable, fluctuating around a 0.2% increase.
- Coffee prices are down nearly 5%. Recent gains were driven by concerns over declining production in Brazil due to ongoing drought. However, improved weather forecasts now suggest a potentially smaller production decline. At the same time, Uganda forecasted high production levels. The sell-off was further intensified by the collapse of two major coffee traders—Cafebras and Atlantica.
- The precious metals market remains stable. Gold futures are holding above $2,900 per ounce, while silver is trading around $32.66 per ounce.
- In the cryptocurrency market, declines continue. Bitcoin is down -2% today, falling back below $90,000, while Ethereum is losing about -1.6%.
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