ADDX GO Market Morning Wrap - 28th Mar
Stock Market
The Dow Jones Industrial Average fell 155.09 points, or 0.37%, to 42,299.70; the S&P 500 index dropped 18.89 points, or 0.33%, to 5,693.31; and the Nasdaq Composite Index decreased 94.98 points, or 0.53%, to 17,804.03.
Due to Trump's imposition of auto tariffs, General Motors dropped 7.36%, Ford Motor fell 3.88%, Toyota declined 2.8%, Honda decreased 2.71%, and Porsche ADR dropped 2.02%. Tesla edged up 0.39%, and Ferrari rose 3.16% after announcing a price increase in the US market.
AI - application star stock AppLovin plunged 20.12% due to a short - selling report by Muddy Waters Research. GameStop's stock plummeted 22.11% after announcing plans to raise $1.3 billion through convertible senior notes to buy Bitcoin.
Key Events
- In response to Trump's auto tariffs, Ferrari announces a price increase of up to 10% in the US market:Just one day after Trump announced the auto tariff policy, the European automaker Ferrari quickly responded by announcing that from the date of the imposed tariffs, it would increase the prices of some models in the US market by up to 10%. The financial report shows that Ferrari produced a total of 13,752 cars last year, of which 3,452 were shipped to the United States, and all models were manufactured in Maranello, northern Italy.
- Successive attacks by short sellers cause the star AI application stock AppLovin to drop by over 20%:Affected by the short-selling report released by Muddy Waters Research on Thursday, the star AI application stock AppLovin closed down 20.12% on Thursday. This is at least the third short-selling report on the company in the past month.
- GameStop's stock price plummets as it announces bond issuance to buy Bitcoin:GameStop's stock price plummeted by 22.11% on Thursday. Previously, the company announced that it planned to raise $1.3 billion through the issuance of convertible senior notes due in 2030 for the purchase of Bitcoin. The company's board of directors approved the plan to use corporate cash or future debt and equity proceeds to purchase cryptocurrencies this week.
Forex & Commodities
Spot gold once rose to $3,059.62, and the main contract of New York gold futures broke through the $3,100 mark. The settlement price of COMEX gold futures rose $38.5, or 1.27%, to $3,061 per ounce.
The May - delivery light crude oil futures price on the New York Mercantile Exchange rose 27 cents to close at $69.92 per barrel, an increase of 0.39%. The May - delivery Brent crude oil futures price in London rose 28 cents to close at $73.34 per barrel, an increase of 0.38%.
The US dollar index fell 0.27% to 104.26 in New York. The euro rose 0.46% against the US dollar to 1.0801.
Key Events
- Former Vice Chairman of the Federal Reserve Warns: Trump's Tariff War May Bring the Evil Consequence of High Inflation:Donald Kohn, the former vice chairman of the Federal Reserve, said that the trade war initiated by Trump may reverse the powerful forces that have reduced inflation in the United States for decades. On Thursday (March 27th, local time), Kohn said at a conference, "Some of the forces that drove inflation down in the 1980s and 1990s, as well as in the 21st century, will be reversed."
- Brazilian President: If the Appeal to the WTO Is Fruitless, There Will Be Reciprocal Tariff Retaliation against the US:It was learned on the 27th local time that Brazilian President Luiz Inácio Lula da Silva, who is visiting Asia, said in an interview on the 26th that if Brazil's appeal to the World Trade Organization cannot resolve the trade issues between Brazil and the United States, Brazil will use its policy tools to impose reciprocal tariff retaliation on US products.
Cryptocurrency
Bitcoin rose 0.6% to $87,218, and Ethereum edged up 0.2% to $2,006.
XRP (XRP - USD) dropped 1.6%, BNB (BNB - USD) rose 3.5%, Solana (SOL - USD) added 0.9%.
Dogecoin (DOGE - USD) was down 1.2%, and Cardano (ADA - USD) advanced 0.8%.
Key Events
- 20% of South Korean Officials Hold Cryptocurrencies, with a Seoul Councilor Leading at $1.16 Million:An asset disclosure in South Korea's recent ranking list of virtual assets held by public officials shows that 20.1% of senior public officials hold cryptocurrencies, with a total reported holding value of $9.83 million.The official with the largest virtual asset portfolio is Seoul City Councilor Kim Hye-Young, who declared digital assets worth $1.16 million.
Market Events and Most Anticipated Earnings Releases
