To The Moon

The S&P 500 started the second quarter in the red, with positive factory activity data and Chinese stocks rising as a surge in U.S. Treasury yields dented bull market momentum.

🇺🇸 S&P 500: -0.20% 📉

🇺🇸 Nasdaq: 0.11% 📈

🇪🇺 Stoxx 600: Market closed

🇯🇵 Nikkei 225 Index: -1.40% 📉

🇭🇰 Hang Seng Index: Market closed

🇨🇳 CSI 300 Index: 1.64% 📈

• Stocks ended mixed on Wall Street, with the S&P 500 down -0.2% as investors responded to strong manufacturing data, pushing U.S. Treasury yields higher, while the Nasdaq Composite rallied as Microsoft, Shares of Alphabet and Micron rose 0.1%.

• The U.S. ISM manufacturing PMI returned to the expansion range in March, reaching 50.3, far exceeding the 47.8 in February. Production rebounded sharply and demand strengthened. The final value of the S&P Global manufacturing PMI in March was 51.9, lower than the previous value of 52.2. .

• Japan's March AU Jibun Bank PMI final reading was 48.2, recovering from February's 47.2, helped by slower contraction in output and orders, while global demand remained the main headwind as new export orders in major markets such as China and North America dramatically drop.

• Asia-Pacific stocks rose, with China's CSI 300 index rising 1.6%, as materials and industrial stocks rose after a surge in manufacturing activity data.

• China's Caixin manufacturing PMI for March showed Chinese factory activity expanded at the fastest pace in 13 months, rising to 51.1 from 50.9 in February, beating expectations and suggesting the country's economy is showing signs of stabilizing.

💡 Things you need to know today: 💡

1. Gold prices soared to a record high of $2,260 per ounce on Monday, driven by expectations of U.S. interest rate cuts and gold's appeal as a safe-haven asset. Worth to monitor $SPDR Gold Shares(GLD)$   and $SPDR Gold MiniShares Trust(GLDM)$ .

Gold

2. Microsoft will sell its chat and video app Teams separately from its Office products globally. The company split the two products in Europe six months ago to avoid possible EU antitrust fines.

Microsoft Teams

3. During talks with French Foreign Minister Stephane Sejourne in Beijing, Chinese Foreign Minister Wang Yi urged Europe to maintain free trade and open relations, emphasizing the mutual benefit of China-EU partnership, while also Concern over Europe's efforts to "reduce risks in relations with China".

Stephane Sejourne

4. Beijing-based Naura Technology Group is increasing research and development efforts to apply self-aligned quadruple patterning (SAQP) technology to manufacture precision 5nm chips to reduce exposure to extreme ultraviolet radiation provided only by ASML (EUV) lithography machine dependence.

Naura Technology

✅ KEY TAKEAWAYS:

With 13 of 19 Fed officials set to speak this week and a monthly U.S. jobs report due on Friday, investors will get better market direction from the U.S. central bank's thinking.

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