ADDX GO Market Morning Wrap - 18th Apr

Stock Market

On Thursday, Eastern U.S. Time, the three major indices showed mixed trends. The Dow Jones Industrial Average fell by more than 1%, the S&P 500 Index rose slightly, and the Nasdaq Composite Index declined slightly.

By the close of trading, the Dow Jones Industrial Average dropped 1.33% to 39,142.23 points; the S&P 500 Index increased by 0.13% to 5,282.70 points; and the Nasdaq Composite Index fell by 0.13% to 16,286.45 points.

The more than 1% decline of the Dow Jones Industrial Average was mainly dragged down by the sharp drop in the share price of UnitedHealth Group, a component company of the index. The company's latest quarterly report fell short of market expectations, and its stock price plummeted by more than 22% on Thursday.$UNH

The U.S. stock market will be closed for one day on Friday due to Good Friday, and this week's trading session ended ahead of schedule. The Dow Jones Industrial Average and the Nasdaq Composite Index have fallen by more than 2% this week respectively, and the S&P 500 Index has declined by 1.5% for the week.

NVIDIA continued its downward trend and continued to decline by nearly 3% on Thursday.$NVDA

Although UnitedHealth Group and NVIDIA weighed down the broader market, some well-known stocks performed strongly, providing some upward momentum. Eli Lilly and Company soared by more than 14% after releasing positive results of a weight-loss drug trial.

Netflix, the streaming giant, rose by 1% and once increased by about 5% after the market closed. The company's second-quarter performance outlook exceeded market expectations.

Key Events

Trump Reportedly Mulling Firing Powell: According to media reports citing sources, U.S. President Trump has been privately discussing the possibility of removing Federal Reserve Chairman Jerome Powell for several months, but he has not yet made a final decision on this matter.
The European Central Bank Cuts Three Key Interest Rates by 25 Basis Points: On the 17th local time, the European Central Bank held a monetary policy meeting in Frankfurt, Germany, and decided to cut the three key interest rates by 25 basis points respectively.
Netflix's Second-Quarter Performance Outlook Exceeds Expectations: Netflix's revenue in the first quarter was $10.54 billion, a year-on-year increase of 13%, compared with the estimated $10.5 billion; earnings per share in the first quarter were $6.61, compared with $5.28 in the same period last year.
NVIDIA Responds to Jensen Huang's Visit to China: Regularly Meets with the Government to Discuss Product Technology: NVIDIA responded to the media regarding its CEO Jensen Huang's visit to China again after a three-month interval. NVIDIA stated: "We regularly meet with government leaders to discuss our company's products and technologies."

Forex & Commodities

International oil prices rose significantly on the 17th.

By the close of the day, the price of light crude oil futures for May delivery on the New York Mercantile Exchange increased by $2.21 to close at $64.68 per barrel, an increase of 3.54%; the price of London Brent crude oil futures for June delivery increased by $2.11 to close at $67.96 per barrel, an increase of 3.20%.

The international gold price declined. The settlement price of COMEX gold futures dropped by $18, a decrease of 0.54%, to $3,328.4 per ounce.

The U.S. Dollar Index, which measures the value of the U.S. dollar against six major currencies, fell by 0.01% on the day and closed at 99.375 in the late trading session of the foreign exchange market.

Key Events

The President of the Peterson Institute for International Economics: Trump's Tariffs Will Push the U.S. into Stagflation, with a 65% Probability of Recession:
A well-known U.S. economist believes that due to the Trump administration's trade war, an economic recession is now more likely, and the United States may suffer the biggest "stagflation" shock in decades."We may fall into a recession, or we may not, but in any case, we will be in inflation," Adam Posen, who has served at the Federal Reserve and the Bank of England, said in a speech this week.
Posen, who is currently the president of the Peterson Institute for International Economics, believes that the probability of an economic recession is 65%.

Cryptocurrency

Bitcoin rose by 0.5% to $84,711. The 24-hour trading volume of the most popular cryptocurrency dropped by 23% to $22.6 billion.

Ethereum (ETH-USD) rose by 0.3% to $1,579.

XRP (XRP-USD) fell by 1.4%, BNB (BNB-USD) climbed by 1.1%, and Solana (SOL-USD) added 0.7%.

Dogecoin (DOGE-USD) advanced by 1.2%, while Cardano (ADA-USD) rose by 1.3%.

The total market value of the cryptocurrency industry increased by 0.8% in the past 24 hours to $2.66 trillion, with the trading volume falling by 18% to $66.5 billion.

Key Events

BlackRock Increases Its Bitcoin Holdings Worth Over $30 Million Again and Has Been Increasing Holdings for Three Consecutive Days: According to the monitoring data of Arkham, BlackRock, through its Bitcoin exchange-traded fund IBIT, has increased its holdings of 363.635 bitcoins again, worth $30.73 million. It is worth mentioning that BlackRock has been increasing its bitcoin holdings for three consecutive days.

There is no important news or financial reports to be released in the financial market on Friday.