Cautious Trading as Markets Brace For Data Onslaught
On a rather lackluster Monday, traders on Wall Street are treading cautiously as they prepare for a week brimming with crucial data releases. All eyes are set on Wednesday’s unveiling of March inflation figures, with economists anticipating a rise in the annual inflation rate. The possible uptick to 3.4% could lead to increased turbulence in expectations regarding future Fed rate adjustments, with a near 50-50 chance estimated between a hold and a cut in June according to the CME Group Fed watch tool.
Stagnation in Main Indices
The S&P 500, Dow Jones, and Nasdaq 100 indices remained relatively stagnant at midday trading in New York, while small caps managed a modest increase amidst the cautious atmosphere prevailing in the markets.
Treasury Yields Surge as Tech Stocks Shine
The bond market witnessed a surge in Treasury yields, with the 30-year yield surpassing 4.55%, aiming to close at its highest level since late November 2023. Meanwhile, tech giant Tesla Inc. (TSLA) outshone other mega-cap stocks, rallying 4.5% on the heels of Elon Musk’s announcement regarding the planned launch of a ‘Robotaxi’ in August.
Bitcoin Breaks Through $71,500 Mark
In the volatile cryptocurrency realm, Bitcoin (BTC/USD) emerged as the market’s beacon of hope, surging over 3.5% to reach $71,700 and reclaim its position as a formidable force.
Tracking Monday’s Performance Across US Indices and ETFs
| Major Indices | Price | 1-day %chg |
| Russell 2000 | 2,073.61 | 0.6% |
| S&P 500 | 5,204.24 | 0.0% |
| Dow Jones | 38,895.21 | 0.0% |
| Nasdaq 100 | 18,098.48 | -0.1 % |
Notable Market Movers on Monday
- Shares of Apartment Income REIT Corp. (AIRC) surged 23% following Blackstone Inc. (BX)’s announcement of acquiring AIRC for $39.12 per share, representing a premium of 25% compared to Friday’s closing price.
- Taiwan Semiconductor Manufacturing Company Ltd. (TSM) rose by 1.6% after revealing a $6.6 billion subsidy from the US Commerce Department to boost advanced semiconductor production at its Phoenix-based plants.
- Crypto-centric stock Coinbase Global Inc. (COIN) led the charge with a 6.9% rally, surpassing industry counterparts like Marathon Digital Holdings Inc. (MARA) and Riot Platforms Inc. (RIOT), which remained neutral for the day.
Read Now: Jamie Dimon Warns Of Stickier Inflation, Higher Interest Rates In Annual JPMorgan Letter: ‘There Will Be Plenty Of Stress’
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