Daily Market Newsletter - March 12, 2024: Market Recap: S&P 500 and Nasdaq Decline, Bitcoin Boosts Microstrategy to Record Highs
Insights from Trading Central's Global Research Desks
U.S. stock indexes retreated from their record-high levels. The Dow Jones Industrial Average dropped 274 points (-0.71%) to 38,380, the S&P 500 fell 15 points (-0.32%) to 4,942, the Nasdaq 100 was down 29 points (-0.17%) to 17,613.
Nvidia (NVDA) gained 4.79% to $693.32, marking a third consecutive record close. Goldman Sachs raised its price target on the stock to $800. Tesla (TSLA) fell 3.65% to $181.06, the lowest close since May 2023. ON Semiconductor (ON) jumped 9.54% as fourth-quarter results exceeded market expectations.
Market Wrap: Stocks, Bonds, Commodities
Bitcoin Breaks Above $40,000, Alaska Air Acquires Hawaiian Holdings, Spotify Announces Layoffs
Stocks Sink as Treasury Yields Keep Rallying
Dow Jones Falls 1%, S&P 500 Drops 1.3%, and Nasdaq 100 Slides 1.4%
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Gold Prices Struggle Even as Markets Convulse Amid Omicron Fears
Gold prices seesawed on Omicron variant news as real rates rose. Testimony from Fed Chair Powell now in focus, may offer support. Technically, prices are testing the mettle of a three-month uptrend
Gold Forecast - Gold Looks to Defend Key 1800 Level as PCE Inflation Data Nears
Gold plunges after Biden renominates Powell to Fed Chair. XAU traders eye US inflation data due out this Wednesday. 1800 level key to direction, will bears break below the level?
Weekly Fundamental Gold Price Forecast: Real Yields to Determine Next Move
Rising inflation expectations and falling long-end bond yields have given a new shine to gold prices. If real yields – nominal yields less inflation – continue to fall, gold prices will likely continue their rally.
Gold Price Forecast: Bullion May Rise Further on Rising Inflation, Breakeven Rates
GOLD, XAU/USD, INFLATION, TREASURY YIELDS, BREAKEVEN RATES– TALKING POINT
Gold Eyes Key Resistance With Fed Bets in Focus as CPI Nears
GOLD, XAU/USD, TREASURY YIELDS, FED RATE HIKE BETS, CPI – TALKING POINTS
Gold Price Outlook Turns to Fed Chair Jerome Powell as XAU/USD Breaks Resistance
GOLD, XAU/USD, NFPS, TREASURY YIELDS, FEDSPEAK, TECHNICAL ANALYSIS - TALKING POINTS:
