Today, the S&P 500 Index rose by 0.64%, while the Dow Jones Industrial Average increased by 0.32%, and the Nasdaq 100 climbed 1.08%, reaching a new all-time high. Key drivers of this upswing include a more than 3% decline in WTI crude oil prices and significant gains in technology stocks, particularly Intel, which surged over 10% following discussions with Apple regarding processor production in the U.S.
The U.S. trade deficit for March widened to $60.3 billion, slightly better than expected compared to February’s $57.8 billion. Internationally, calming conditions resumed in the Persian Gulf following a brief conflict involving U.S. and Iranian forces. U.S. Central Command is providing military support to aid the passage of vessels through the Strait of Hormuz, a crucial route for one-fifth of the world’s oil supply.
Goldman Sachs estimates that current disruptions could reduce global crude stockpiles by nearly 500 million barrels, potentially reaching 1 billion barrels by June. As of now, 82% of S&P 500 companies that reported Q1 earnings have exceeded analyst expectations, with projected earnings growth of 12% year-over-year.
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