GoAI Market Wrap - 19th Mar

Stock Market

On Wednesday (March 18), the three major U.S. indices slumped, snapping a two-day winning streak with all benchmarks shedding more than 1%.

 

By the close, the Dow Jones Industrial Average fell 1.63% to 46,225.15; the S&P 500 Index dropped 1.36% to 6,624.70—both marking their lowest levels since last November. The Nasdaq Composite declined 1.46% to 22,152.42.

 

During the session, the Federal Reserve announced it would maintain the federal funds rate target range at 3.5% to 3.75%, marking the second consecutive hold. The policy statement noted that the impact of the Middle East conflict on the U.S. economy remains uncertain.

 

At the post-meeting press conference, Fed Chair Jerome Powell struck a hawkish tone, citing stubborn inflation and rising uncertainty. "If there is no progress on inflation, we will not cut rates," Powell stated, adding that some policymakers are inclined to reduce the number of projected rate cuts.

 

Simultaneous to Powell’s remarks, a ballistic missile strike targeted the Saudi capital, Riyadh. Iranian sources claimed a successful strike on a U.S.-exclusive zone within a joint oil and gas refinery on the outskirts of the city. Meanwhile, the IRGC reported strikes on U.S. and Kurdish bases in Iraq, and QatarEnergy confirmed a missile attack on the Ras Laffan Industrial City.

 

Following these escalations, Brent crude futures rose 3.83% to settle at $107.38 per barrel. Anshul Sharma, Chief Investment Officer at Savvy Wealth, commented: "We are in a period of heightened volatility. Persistent energy shocks leading to a combination of inflation and slowing growth present a 'dangerous mix' that complicates the Fed's dual mandate."

Global Markets

Gulf Oil Exports Plunge Over 60% Last Week

 

The conflict involving the U.S., Israel, and Iran is severely disrupting global energy supplies. Shipping data shows that crude exports from major Persian Gulf producers plummeted by over 60% last week compared to February averages as hostilities intensified.

 

Trump Issues 60-Day Jones Act Waiver to Lower Energy Costs

 

President Trump has authorized a temporary 60-day waiver of the Jones Act to reduce domestic transportation costs for commodities like oil and gas. The measure allows foreign-flagged vessels to move energy products between U.S. ports for the next two months.

 

U.S. Treasury Authorizes Certain Transactions with PDVSA

 

OFAC issued General License No. 52, authorizing specific transactions involving PDVSA, Venezuela’s state oil company. Under the new terms, U.S. entities can engage with PDVSA provided contracts are governed by U.S. law and disputes are settled within the United States.

 

Federal Reserve Holds Rates Steady

 

The Fed maintained interest rates at 3.5%–3.75%, consistent with market expectations. The decision passed with an 11-to-1 vote.

Corporate News

Micron Quarterly Revenue Nearly Triples Year-on-Year

 

Micron Technology ($MU) delivered a massive beat for its second quarter. Adjusted revenue hit $23.86 billion (vs. $8.05B YoY; $19.74B Est.), while adjusted EPS reached $12.20 (vs. $1.56 YoY; $9.00 Est.).

 

Founders of Quantum Information Science Awarded Turing Award

 

The ACM has awarded the 2025 Turing Award to IBM researcher Charles Bennett and University of Montreal professor Gilles Brassard for their foundational contributions to quantum information science. The prize, often called the "Nobel Prize of Computing," includes a $1 million grant funded by Google.

Forex & Commodities

International oil prices climbed on March 18.

 

By the close, WTI crude oil futures rose $3.52, or 3.68%, to $99.05 per barrel. COMEX gold futures plunged $184.30, or 3.68%, to $4,823.9 per ounce.

 

COMEX silver futures dropped 5.63% to $75.42 per ounce. Spot gold fell $186.87 to $4,818.88 per ounce, and spot silver declined 4.96% to $75.37 per ounce.

Key Events

Global Energy Crisis Reaches 40-Year High, Says Russian Deputy PM

 

Russian Deputy PM Alexander Novak stated on Wednesday that the world is facing its most severe energy crisis in four decades. He warned that a blockade of the Strait of Hormuz would disrupt one-third of global oil trade and keep 20% of global gas production off the market.

 

Middle East Conflict Escalates as Israel Strikes Iranian Gas Facilities

 

Iran's massive South Pars gas field was targeted on Wednesday, marking the first strike against Iranian energy infrastructure in the Gulf during the current conflict. Reports indicate storage tanks and refining facilities were hit, prompting Iran to warn neighbors to evacuate their own energy sites.

Cryptocurrency

The crypto market saw broad negative momentum.

 

Bitcoin (BTC) is trading at $71,187.92 (-3.80%), and Ethereum (ETH) fell 5.20% to $2,201.20.

 

Other Notable Performances:

• Solana (SOL): $90.04 (-5.07%)
• Hyperliquid (HYPE): $42.02 (+1.54%)
• Cardano (ADA): $0.2740 (-5.30%)

Key Events

Bitrefill Hacked by Lazarus Group; BTC Resistance at $75,000

 

Crypto platform Bitrefill suffered a cyberattack linked to North Korea's Lazarus Group, resulting in stolen funds from hot wallets and the leak of 18,500 customer records.

 

Starbridge Capital notes that the market remains in a state of stagnant volatility, with Bitcoin facing stiff resistance at the $75,000 level due to a lack of regulatory tailwinds and heightened security concerns.