ADDX GO Market Morning Wrap - 12th Apr
Stock Market
As of the close, the Dow Jones Industrial Average rose 1.56% to 40,212.71 points; the S&P 500 Index rose 1.81% to 5,363.36 points; and the Nasdaq Composite Index rose 2.06% to 16,724.46 points.
This week can be said to be one of the most turbulent weeks in the history of Wall Street. The CBOE Volatility Index (VIX) of the S&P 500, known as the "fear index," once rose above 60, reaching its highest level since August last year, and it only fell back to around 37 on Friday.
Looking at the weekly chart, the S&P 500 Index rose 5.7% this week, marking its best single-week performance since November 2023; the Dow Jones Industrial Average rose 4.95%, and the Nasdaq Composite Index rose 7.29%. Most of the gains came from the rebound on Wednesday, when the Nasdaq Composite Index soared by more than 12%.
Darrell Cronk, President of the Wells Fargo Investment Institute, wrote in a report: "We are still in the early stages of the transformation of the global trading system. Although the '90-day tariff suspension' has reversed the market sell-off, it has only postponed the uncertainty."
Mark Hackett, an executive at Nationwide, said, "Market sentiment remains volatile. Against the backdrop of outstanding trade tensions, earnings uncertainties, and macroeconomic headwinds, the market is still looking for support points."
Hackett believes that "although the gains in US stocks this week are encouraging, they should not be mistaken for a clear turning point."
Key Events
Tesla Halts Sales of US-made Model S and X in China
Tesla's official website in China shows that there is no longer a separate "Order a New Car" option for the Model S/X models. Currently, only a "View Available Cars" button is displayed on the corresponding model pages.
Clicking on "View Available Cars" will show a series of vehicle information. This means that consumers can no longer directly customize new cars of these two models through the official website and can only choose from in-stock new cars or used cars.
This adjustment coincides with a crucial node of Trump's tariff escalation. It is reported that both of the above-mentioned models are produced at Tesla's US factories.
US Consumer Confidence Continued to Deteriorate in April, and Inflation Expectations Surged to Levels Not Seen in Decades
As Trump's policies have caused global chaos, the US consumer confidence data in April dropped to the second-lowest level on record, and short-term and long-term inflation expectations also soared to multi-decade highs.
4% Inflation + 5% Unemployment Rate! The President of the Federal Reserve Bank of New York Issued the "Most Severe" Warning
John Williams, President of the Federal Reserve Bank of New York, recently warned that the tariff measures introduced by Trump may cause the US inflation rate to soar to 4% this year, while also pushing up the unemployment rate and severely hitting economic growth.
Forex & Commodities
The international gold price hit a new all-time high again.
As of the close, the settlement price of COMEX gold futures rose by $67.1, an increase of 2.11%, to $3,244.60 per ounce.
The international oil price increased.As of the close of the day, the price of light crude oil futures for May delivery on the New York Mercantile Exchange rose by $1.43 to close at $61.50 per barrel, an increase of 2.38%.The price of London Brent crude oil futures for June delivery rose by $1.43 to close at $64.76 per barrel, an increase of 2.26%.
On April 12, the US Dollar Index, which measures the value of the US dollar against six major currencies, fell by 0.76% on the day and closed at 100.102 in the late trading session of the foreign exchange market.
Key Events
The US Customs Reported a Malfunction in the Tariff System and Has Not Collected Tariffs for the Time Being
On April 11, local time, the US Customs and Border Protection issued an alert informing users that there was a malfunction in the system used to exempt freight tariffs. The affected freight includes all trade goods from countries that are currently within the 90-day tariff suspension period implemented by the Trump administration.
Federal Reserve Officials Warn: Tariffs are Increasing the Risk of Inflation, and the Impact May Exceed Theoretical Expectations
Jeff Schmid, President of the Federal Reserve Bank of Kansas City, said that he will continue to "pay full attention" to inflation issues and the risk that new US tariffs may push up prices and raise the public's inflation expectations.
The Gold Price Soared! Gold Recycling Merchants: Dare Not "Hold Gold Overnight"
The global financial market is volatile, and the demand for safe-haven assets has driven the continuous increase in the gold price, which has hit a new all-time high again.
On April 11, the international gold price rose sharply again, and spot gold rose above the $3,200 mark, hitting a new all-time high. Gold recycling merchants said, "Although the gold price is getting higher and higher, facing the volatile market, we will sell the gold we recycle on the same day and dare not hold it overnight. In fact, we are also in a dilemma, as such a strong performance of the gold price is really rare."
Cryptocurrency
Bitcoin rose 5.2% to $83,771. Its 24-hour trading volume slumped 19% to $41.55 billion.
Ethereum (ETH-USD) increased 2.3% to $1,564.
XRP (XRP-USD) added 4.1%, BNB (BNB-USD) rose 2.2%, and Solana (SOL-USD) surged 8.3%.
Dogecoin (DOGE-USD) gained 3.4%, while Cardano (ADA-USD) soared 4.6%.
Key Events
100 Listed Companies Hold Bitcoin Assets
According to ChainCatcher, as disclosed by Solid Intel, currently 100 listed companies around the world hold Bitcoin on their balance sheets.