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ADDX GO Market Morning Wrap - 12th Mar

Go Wire
Go Wire
March 11, 2025
GoGPT Summarizes Articles

Stock Market

The three major US stock indexes declined. As of the close of the day, the Dow Jones Industrial Average fell 478.23 points from the previous trading day, closing at 41,433.48 points, a drop of 1.14%; the S&P 500 Index dropped 42.49 points, closing at 5,572.07 points, a decrease of 0.76%; the Nasdaq Composite Index fell 32.22 points, closing at 17,436.10 points, a decline of 0.18%.
 
Large technology stocks had mixed performances. $TSLA  and Broadcom rose by more than 3%, while$NVDA , $AMZN, and Meta increased by more than 1%. $AAPL dropped nearly 3%. Concept stocks of precious metals, non-ferrous metals, and cryptocurrencies were among the top gainers. Vista Gold soared by more than 11%, Century Aluminum rose by more than 9%, Strategy climbed nearly 9%, and Coinbase rose nearly 7%.

Key Events

  • Elon Musk, CEO of Tesla, said that Tesla will double its car production in the United States within the next two years: Elon Musk, the CEO of Tesla, promised on Tuesday that Tesla will double its car production in the United States within the next two years. Musk said that this move is "the result of the great policies of President Trump and his administration" and is also a "vote of confidence" in the United States.
  • Hesai Technology soared by more than 50%. The company is reported to supply lidar sensors to Mercedes-Benz: According to media reports citing sources, Mercedes-Benz plans to develop intelligent driving cars for the global market and will be equipped with lidar sensors from Hesai Technology, a Chinese company. This will be the first time that a foreign automaker has adopted lidar technology made in China in markets outside of China. Boosted by this news, Hesai Technology soared by 50.41% in the US stock market on Tuesday.
  • Southwest Airlines will end its iconic policy of two free checked bags: Southwest Airlines announced on March 11 a series of reform measures aimed at driving revenue growth and rewarding its most loyal customers, which include ending its iconic policy of allowing two free checked bags.

Forex & Commodities

International oil prices rose on the 11th. As of the close of the day, the price of light crude oil futures for delivery in April on the New York Mercantile Exchange increased by 22 cents, closing at $66.25 per barrel, a gain of 0.33%; the price of London Brent crude oil futures for delivery in May rose by 28 cents, closing at $69.56 per barrel, an increase of 0.4%.
 
International gold prices increased. COMEX gold futures rose by $21.50, an increase of 0.74%, to $2,920.90 per ounce.
 
The U.S. dollar index declined on the 11th. The U.S. dollar index, which measures the value of the U.S. dollar against six major currencies, fell 0.66% on the day and closed at 103.293 in the late trading session of the foreign exchange market.

Key Events

  • Trump announced that the tariffs on steel and aluminum products imported from Canada to the United States will be increased to 50%: Trump announced an additional 25% tariff on all steel and aluminum products from Canada, bringing the tariff level to 50%, which will take effect on the morning of March 12. Trump also said that if Canada does not reduce tariffs on dairy products and other U.S. goods, he will "significantly increase" tariffs on Canadian auto parts on April 2.

Cryptocurrency

The real-time price of ETH (Ethereum) fell by 1.05% to $1,934.73, with a trading volume of $32.805 billion.

Bitcoin rose above $83,000, surging 6.04% in the past 24 hours.

Key Events

  • Arthur Hayes, the co-founder of BitMEX, tweeted that Bitcoin may bottom out around $70,000: A 36% pullback from the all-time high of $110,000 is very normal in a bull market. Then, we need the U.S. stock market to plummet in a free fall, followed by the bankruptcy of major players in traditional finance. Then, the Federal Reserve and central banks around the world start to flood the market with liquidity to save the economy. That's when it's time to go all in.

Market Events and Most Anticipated Earnings Releases

#Market Morning Wrap#$Tesla Inc. Common Stock(TSLA)#$Nvidia Corp(NVDA)#$Amazon.Com Inc(AMZN)#$Apple Inc.(AAPL)