GoAI Market Wrap - 17th Mar

Stock Market

On Monday (March 16), U.S. stocks opened higher and closed higher, with the three major indices rallying collectively. The S&P 500 and the Nasdaq both gained more than 1%.

 

By the close, the Dow Jones Industrial Average rose 0.83% to 46,946.41; the S&P 500 Index climbed 1.01% to 6,699.38, with both ending four-session losing streaks. The Nasdaq Composite gained 1.22% to 22,374.18.

 

In the previous session (last Friday), the S&P 500 closed at a new low for the year as elevated international oil prices weighed on market sentiment. Due to shipping disruptions in the Strait of Hormuz, Brent crude has closed above $100 per barrel for several consecutive days.

 

On Monday, WTI crude oil futures fell 5.28% to close at $93.50 per barrel, while Brent fell 2.84%. Earlier in the day, Trump expressed his hope that European nations, as well as Japan and South Korea, would assist in securing maritime safety in the Strait of Hormuz.

 

However, several U.S. allies indicated they have no immediate plans to deploy warships. Germany, Spain, and Italy ruled out participation in any operations in the Gulf region, while the UK and Denmark stated they would consider possible forms of assistance.

 

Richard Saperstein, Chief Investment Officer at Treasury Partners, commented: "Oil prices may stay above $100 in the short term, but we do not expect them to remain at this level long-term. As tensions ease and oil supply returns to pre-crisis levels, prices will retreat."

 

Chris Larkin, Managing Director of Trading at ETrade, noted: "If the situation in the Middle East does not significantly deteriorate, the market may see some relief. However, without clearer signs of cooling oil prices, any stock market rebound may prove to be a flash in the pan."

Global Markets

Trump Complains Allies Are Not Helping

 

U.S. President Trump again called for international assistance in securing the Strait of Hormuz during a White House event on March 16, complaining that some allies are unenthusiastic about providing support. Trump stated, "Some countries are very proactive, while others are less so.

 

We have been helping some of these countries for years, protecting them from terrible external threats, yet their enthusiasm is not high."

 

Large Number of Tankers Swarm Saudi Red Sea Ports to Bypass Hormuz

 

With the critical Strait of Hormuz effectively closed to shipping, Saudi Arabia is ramping up crude exports via bypass routes.

 

A large number of tankers are currently waiting at key Saudi Red Sea ports to load crude. Data shows that on Monday, at least 27 tankers were anchored near two crude export facilities in Yanbu, up from 11 last Friday.

Corporate News

Nvidia Unveils DLSS 5; Jensen Huang Likens it to Graphics’ 'GPT Moment'

 

Nvidia has introduced a new real-time neural rendering model in DLSS 5, capable of infusing every pixel with photorealistic lighting and material properties. This marks the most profound breakthrough in computer graphics since the debut of real-time ray tracing in 2018. "

 

Twenty-five years after Nvidia invented the programmable shader, we are reinventing computer graphics once again," said founder and CEO Jensen Huang. "DLSS 5 is the GPT moment for graphics—a perfect fusion of manual rendering and generative AI that leaps forward in visual realism while retaining the control artists need for creative expression."

 

Apple Launches AirPods Max 2

 

Apple announced the launch of AirPods Max 2, with orders starting March 25. The primary upgrade is the inclusion of the H2 chip—the same found in the AirPods Pro 2, AirPods Pro 3, and AirPods 4—enabling improved Active Noise Cancellation (ANC) and a suite of intelligent features.

 

MicroStrategy Acquires Another 22.3k Bitcoin; Holdings Surpass 760k BTC

 

MicroStrategy disclosed it recently acquired 22,337 Bitcoins at an average price of approximately $70,200 per coin, involving an investment of roughly $1.57 billion. As of March 15, the company holds 761,068 Bitcoins at a total historical cost of approximately $57.61 billion, averaging $75,700 per BTC.

 

xAI Aggressively Recruits Financial Experts to Train Grok

 

Elon Musk's xAI is launching a massive recruitment drive for financial experts in equity research, macroeconomics, quantitative trading, and crypto markets. The goal is to provide data labeling and professional reasoning training for Grok, enabling the AI to write research reports and perform financial modeling, thereby seizing the financial agent market.

 

OpenAI Reportedly Plans Joint Venture with Private Equity Firms

 

Sources say OpenAI is in advanced talks with TPG, Bain Capital, Advent, and Brookfield to form a joint venture to distribute AI products. OpenAI is offering preferred shares in the JV, while Anthropic has proposed common shares. Private equity firms may commit $4 billion to acquire a stake in the OpenAI joint venture valued at $10 billion.

Forex & Commodities

International oil prices fell on March 16.

 

By the close, WTI crude oil futures for the front-month contract on the NYMEX fell $4.49, or 4.55%, to settle at $94.22 per barrel. COMEX gold futures fell $50.40, or 1.00%, to $5,011.3 per ounce.

 

COMEX silver futures fell $0.34, or 0.42%, to $81.0 per ounce. Spot gold dropped $13.46, or 0.27%, to $5,006.55 per ounce. Spot silver rose $0.14, or 0.17%, to $80.75 per ounce.

Key Events

HSBC: European Natural Gas Prices May Remain High Until 2027 Due to War Shortages

 

An HSBC report indicates that due to the Iran war and supply shortages triggered by the closure of the Strait of Hormuz, European natural gas prices in 2026 will be 40% higher than previously forecast and will remain elevated until 2027.

 

The London-based bank expects the Dutch TTF benchmark to average $14/mmBtu in 2026 and $10/mmBtu in 2027. Price forecasts for 2028 and beyond remain at $8.50/mmBtu.

Cryptocurrency

Cryptocurrency markets saw broad positive momentum over the last 24 hours.

 

Bitcoin (BTC) is currently trading at $75,549.38 (+4.05%), while Ethereum (ETH) rose 7.99% to $2,354.11.

 

Other Notable Performances:

BNB (BNB): $684.35 (+1.72%)

XRP (XRP): $1.56 (+8.39%)

Solana (SOL): $95.51 (+4.16%)

Hyperliquid (HYPE): $40.54 (+8.66%)

Key Events

Moneta Markets FX: Bitcoin’s Rebound Momentum Highlighted

 

Moneta Markets FX believes that Bitcoin’s recent trajectory does not mean it is completely "out of the woods," but it demonstrates that investors no longer view it purely as a risk asset. Bitcoin has potentially become an all-weather leading indicator, reflecting the broader market's reaction to macro events ahead of time.

 

When the Middle East conflict broke out, Bitcoin prices moved before all other asset classes. With other assets now following Bitcoin's lead, its market influence is further highlighted. While short-term volatility risks remain, the return of institutional capital and the weakening correlation with tech stocks provide support.