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ADDX GO Market Morning Wrap - 10th Apr

Go Wire
Go Wire
April 9, 2025
GoGPT Summarizes Articles

Stock Market

The three major U.S. stock indexes closed sharply higher. U.S. President Trump said on the 9th local time that he has authorized a 90-day tariff suspension for countries that do not take retaliatory actions. Affected by this, U.S. stocks rose sharply intraday.
 
As of the close of the day, the Dow Jones Industrial Average rose 2,962.86 points from the previous trading day, closing at 40,608.45 points, an increase of 7.87%; the Standard & Poor's 500-stock index rose 474.13 points, closing at 5,456.90 points, an increase of 9.52%, recording the largest single-day percentage increase since October 28, 2008; the Nasdaq Composite Index rose 1,857.06 points, closing at 17,124.97 points, an increase of 12.16%, reaching the largest single-day percentage increase since January 3, 2001, and the second-largest record increase.
 
Large-cap technology stocks closed sharply higher. Tesla rose more than 22%, Nvidia rose more than 18%, Apple rose more than 15%, Meta rose more than 14%, Amazon rose more than 11%, Microsoft rose more than 10%, and Google rose more than 9%.

Key Events

Clarifying the latest U.S. tariff policy:Suspending the reciprocal measures for most economies, and still levying 10% and industry-specific tariffs.
 
A few hours ago, U.S. President Trump called off the comprehensive reciprocal tariffs that took effect on April 9. The suspension period is now 90 days to allow for trade negotiations. However, a 10% baseline tariff on all goods entering the U.S. from around the world (which took effect on April 5) is still retained, and tariffs on specific industries will continue to be levied.
 
He also hinted that more tariffs may be imposed in the future. Therefore, dozens of trading partner countries have temporarily avoided the 11%-50% high tariffs announced by Trump last week. Currently, the 25% steel and aluminum tariffs that took effect on March 12 and the 25% auto and auto-parts tariffs that took effect on April 2 remain in effect.
 
Auto parts that meet the requirements of the U.S.-Mexico-Canada Agreement will continue to be duty-free until the U.S. Customs and Border Protection "establishes a process for levying tariffs on their non-U.S. products". In addition, Trump said on Tuesday that significant tariffs on pharmaceuticals are imminent.
 
The European Union approves the first-round of trade counter-measures against the U.S. and will impose tariffs of up to 25% on some U.S. goods from next week: In the evening of Wednesday, Beijing time, the European Commission announced that member states have voted to support the trade counter-measures against the U.S. proposed by the commission. It is reported that the EU's first-wave of counter-measures is aimed at the 25% steel and aluminum tariffs imposed on the EU by Trump last month. Tariffs will be imposed on U.S. goods worth about 21 billion euros, and most of the goods will be subject to a 25% tariff rate.

Forex & Commodities

International oil prices rose on the 9th. As of the close of the day, the price of light crude oil futures for May delivery on the New York Mercantile Exchange rose $2.77, closing at $62.35 per barrel, an increase of 4.65%.
 
The price of Brent crude oil futures for June delivery rose $2.66, closing at $65.48 per barrel, an increase of 4.23%.
 
International gold prices rose. The settlement price of COMEX gold futures rose $89.20, an increase of 2.98%, reporting $3,079.40 per ounce.
 
The U.S. dollar index, which measures the value of the U.S. dollar against six major currencies, fell 0.04% on the day and closed at 102.912 in the late trading session.

Key Events

  • Fed official Kashkari: Tariffs push up inflation pressure and raise the threshold for interest rate cuts: Neel Kashkari, President of the Federal Reserve Bank of Minneapolis, said that given the impact of tariffs on inflation, the Federal Reserve is unlikely to cut interest rates even if the economy begins to deteriorate. Kashkari believes that President Trump's tariffs are "much higher than expected and wider in scope". These tariffs are expected to push up inflation "at least in the short term" while suppressing investment and economic growth.

Cryptocurrency

Bitcoin rose 7.3% to $82,408. The 24-hour trading volume of the cryptocurrency surged 58% to $77.2 billion.
 
Ethereum (ETH-USD), the second-largest digital asset by market capitalization, jumped 12% to $1,640.
 
XRP (XRP-USD) surged 13%, BNB (BNB-USD) rose 5.1%, and Solana (SOL-USD) added 15%.
 
Dogecoin (DOGE-USD) advanced 12%, while Cardano (ADA-USD) rose 13%.

Key Events

  • Affected by the increase in U.S. tariffs, corporate Bitcoin reserves fell by more than $4 billion. Data shows that after the global market sell-off triggered by U.S. President Donald Trump's tariff policy, corporate Bitcoin reserves lost a total value of more than $4 billion. As of April 7, the total value of Bitcoin held by enterprises was approximately $54.5 billion, lower than the approximately $59 billion before April 2.

Market Events and Most Anticipated Earnings Releases

#Market Morning Wrap