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ADDX GO Market Morning Wrap - 4th Mar

Go Wire
Go Wire
March 4, 2025
GoGPT Summarizes Articles

Stock Market

By the close of the day, the Dow Jones Industrial Average dropped 649.67 points from the previous trading day to close at 43,191.24, a decrease of 1.48%; the S&P 500 Index fell 104.78 points to close at 5,849.72, a decrease of 1.76%; and the Nasdaq Composite Index dropped 497.09 points to close at 18,350.19, a decrease of 2.64%.
In terms of sectors, seven out of the eleven sectors of the S&P 500 Index declined, while four rose. The technology and energy sectors led the decline with decreases of 3.52% and 3.51% respectively, while the real estate and consumer staples sectors led the increase with rises of 0.77% and 0.61% respectively.

Performance of Popular Stocks

Large-cap technology stocks generally declined. NVIDIA fell by more than 8%, Broadcom by more than 6%, Amazon by more than 3%, and Tesla, Google, and Microsoft by more than 2%.
BAE Systems soared by 15%. Previously, French President Emmanuel Macron told the media that the EU should invest 200 billion euros to enhance its defense capabilities.
Most AI-related stocks rose. Applovin initially rose by more than 10.4% but then gave back some gains, and Palantir once rose nearly 7%.

Key Events

  • $MCHP Microchip Technology plans to lay off 2,000 employees, and its Arizona factory will close ahead of schedule. On Monday local time, Microchip Technology announced additional restructuring measures to reduce costs and adjust the scale of its manufacturing operations.
  • Anthropic, a competitor of OpenAI, raised $3.5 billion and its valuation increased to $61.5 billion. On Monday local time, Anthropic, a competitor of OpenAI, said that the company had officially completed a $3.5 - billion financing round at a valuation of $61.5 billion, consolidating its position as one of the world's largest startups.
  • $INTC Could Intel stage a comeback? It is reported that NVIDIA and Broadcom have started testing the 18A process. Two informed sources revealed that both NVIDIA and Broadcom are conducting manufacturing tests with Intel. In addition, AMD is also evaluating whether Intel's 18A manufacturing process meets its needs, but it is currently unclear whether tests have been carried out.
  • $TSM TSMC announced plans to invest an additional $100 billion to expand chip production in the United States. TSMC, the leading chip foundry, plans to invest an additional $100 billion in its US factories to increase its chip - making capacity in the United States and support President Donald Trump's goal of strengthening domestic manufacturing.

Forex & Commodities

The U.S. dollar index, which measures the dollar against six major currencies, fell 0.81% on the day and closed at 106.748 in late trading.
By the close of the day, the price of light sweet crude oil futures for April delivery on the New York Mercantile Exchange fell by $1.39 to close at $68.37 per barrel, a decrease of 1.99%; the price of London Brent crude oil futures for May delivery fell by $1.19 to close at $71.62 per barrel, a decrease of 1.63%.
International gold prices rose on the day. COMEX gold futures rose by $52.60, an increase of 1.85%, to $2,901.10 per ounce.

Key Events

  • The U.S. ISM Manufacturing PMI for February came in at 50.3, indicating continued expansion from January but at a weaker-than-expected pace, approaching stagnation. New orders and employment both declined, while the prices paid index surged to its highest level since June 2022, highlighting mounting inflationary pressures.
  • Multiple leading analysts have warned that the risk of stagflation in the United States is increasing, as economic growth slows while inflationary pressures remain elevated.

Cryptocurrency

The price of Bitcoin (BTC): The latest price of BTC Bitcoin reached $86,272.18, an increase of 1.02%, with a trading volume of $72.062 billion.
The price of Ethereum (ETH): The latest price of ETH Ethereum broke through to $2,136, an increase of 1.02%, with a trading volume of $31.274 billion.

Key Events

  • U.S. President Donald Trump has announced that the country's cryptocurrency strategic reserve will be primarily composed of Bitcoin (BTC) and Ethereum (ETH). Additionally, the reserve will include smaller and riskier tokens such as Solana (SOL), XRP (linked to Ripple), and Cardano (ADA).
  • Martin Schlegel, President of the Swiss National Bank (SNB), stated in a media interview that central banks should not include Bitcoin in their reserves. He argued that Bitcoin does not meet the necessary criteria for sound money, citing its extreme volatility, lack of liquidity for emergency monetary policy actions, and security vulnerabilities inherent in software-based assets.

Market Events and Most Anticipated Earnings Releases

#Market Morning Wrap#$Intel Corp(INTC)#$Taiwan Semiconductor Manufacturing Company Ltd.(TSM)#$Microchip Technology Inc(MCHP)