US Markets Kick Off Shortened Week on Downward Trend
The US markets started the shortened week on a downward trend, with the looming Good Friday holiday affecting trading. As of 9:00 pm IST, the S&P 500 slipped by 0.19 percent to 5,224.15, the Nasdaq Composite saw a decrease of 0.13 percent to 16,406.66, and the Dow Jones Industrial Average experienced a decline of 0.30 percent, settling at 39,357.68.
Analysts at Goldman Sachs Group Inc. suggested that if the rally in mega-cap stocks continues, the S&P 500 could potentially reach the 6000 mark. Despite this optimism, the index has remained relatively steady throughout the year, consistently above the 5200 level.
However, Intel shares led the market downward, dropping 3% following reports that new Chinese regulations would prohibit the use of Intel chips in government servers and computers. United Airlines stock also declined by 6% after the Federal Aviation Administration announced heightened scrutiny of the airline due to safety incidents.
Despite these setbacks, the market is poised for its fifth consecutive month of gains, with major U.S. stock benchmarks reaching new all-time closing highs last week. The S&P 500 rose approximately 2.3%, the Dow saw a gain of just under 2%, and the Nasdaq Composite surged around 2.9% during the same period.
In other markets, the GIFT Nifty showed slight gains, trading marginally higher at 22,100.00. European markets displayed mixed performance, with the FTSE remaining flat-to-negative, the DAX rising by 0.27 percent, and the CAC increasing by 0.11 percent.
In Asia, the Nikkei retreated from its peak, closing 1.16 percent lower, and the Hang Seng declined by 0.16 percent. Meanwhile, the Indian stock market remained closed today for the Holi holiday.
Crude oil prices rebounded from previous losses, with WTI crude rising by 1.72 percent to $82.02 and Brent crude gaining 1.57 percent to reach $86.77. Overall, the markets are navigating various challenges but remain resilient as investors look ahead to potential opportunities.
