NAGA Weekly Recap April 1 - 2024 – April 5 - 2024

This week in the markets, we've seen a whirlwind of activity that's sure to catch the attention of traders and investors alike. From a significant drop in the Dow to unexpected movements in the tech sector, and even a surge in oil prices amidst Middle East tensions, the landscape is brimming with developments that could have long-lasting impacts. Not to mention, the forex markets are reacting to key comments from the US Federal Reserve, signaling potentially pivotal shifts.

Dive into our latest roundup to get the full scoop on these pivotal market movements and what they could mean for your portfolio!

The Dow falls 500 points — markets took a downturn

Stock markets experienced a sharp decline, driven by a mix of rising oil prices and growing concerns that the Federal Reserve may delay interest rate cuts. This unease ahead of the much-anticipated March jobs report led to a significant downturn in investor sentiment.

The Dow Jones Industrial Average fell dramatically, losing 530.16 points, or 1.35%, to close at 38,596.98. This marked its worst session since March 2023 and its fourth consecutive day of losses.

In a notable late-session turn, the three major indices plummeted over 2% from their intraday highs, with the Dow experiencing swings exceeding 860 points between its daily highs and lows.

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Tech sector faces Q2 challenges

Amidst AI competition and a significant earthquake in Taiwan, the tech industry faces early second-quarter challenges. The quake halted operations at Taiwan Semiconductor Manufacturing, stirring supply chain worries and affecting U.S. chipmakers like Nvidia, Marvell Technology, and Super Micro Computer, which saw stock dips. Meanwhile, Advanced Micro Devices and Micron Technology managed slight recoveries.

Intel's announcement of a widened operating loss for 2023 further dented confidence, causing a 6.6% drop in its stock. Consequently, the Nasdaq Composite index fell 0.3% at the open, reflecting the sector's immediate pressures and raising questions about its resilience amidst these hurdles.

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Oil prices hit 6-month high on worries about the Middle East escalated

Global oil prices soared, reaching their highest levels in several months, amid escalating tensions in the Middle East that have sparked fears of potential supply disruptions.

Brent crude, the international benchmark for oil prices, surged 1.8% to $89 a barrel, marking its highest point since the early days of September. The rise was slightly tempered mid-afternoon in Europe but remained significant.

In the United States, West Texas Intermediate (WTI) crude mirrored this upward trajectory, also climbing 1.8% to hit a five-month peak at $85 a barrel. Since the beginning of the year, Brent and WTI prices have experienced substantial hikes, with increases of 15% and nearly 19%, respectively.

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EUR/USD surges following Powell's remarks on interest rates

The EUR/USD pair ascended to a notable 1.0844, marking a significant shift from the previously dominant US Dollar. This unexpected movement stems from a positive market reaction to the recent comments by US Federal Reserve Chair, Jerome Powell, regarding the future direction of interest rates. Powell's remarks sparked a renewed risk appetite among investors, leading to a slight retreat of the dollar's strength.

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This concludes our weekly recap. Have a great weekend and see you next week! 👋