To The Moon

Commodity prices rose as Fed officials curbed expectations of a rate cut, leading to a selloff on Wall Street.

🇺🇸 S&P 500: -1.22% 📉

🇺🇸 Nasdaq: -1.40% 📉

🇪🇺 Stoxx 600: 0.17% 📈

🇯🇵 Nikkei 225 Index: 0.81% 📈

🇭🇰 Hang Seng Index: Market closed

🇨🇳 CSI 300 Index: Market closed

* U.S. markets fell on Thursday, with the S&P 500 and Nasdaq Composite down -1.2% and -1.4%, respectively, as Fed officials sounded cautious on comments on the prospect of rate cuts, however investors braced for Friday's U.S. monthly Get ready for the jobs report.

* U.S. unemployment claims rose 9K to 221K in the week ended March 30, well above market expectations of 214K, reflecting a gradual slowdown in labor market conditions.

* The Nikkei 225 index rose 0.8% on the back of bargain hunting after suffering heavy profit-taking earlier in the week as the new fiscal year begins.

💡 Things you need to know today: 💡

1. As the market expects U.S. interest rate cuts, demand from China and central banks increases, and gold prices rise to US$2,300/ounce; due to shortages of raw materials, Chinese smelters plan to reduce production, and copper prices rise to US$9,344/ton; while tensions in the Middle East may Evolving into a broader regional war, Brent crude oil prices stabilized above $90/barrel.

Gold

2. Ford Motor $Ford(F)$   is shifting production plans for new all-electric large SUVs and pickup trucks to launch a full range of hybrid models in North America by 2030. The rationale was the need to further develop the consumer market for such vehicles and take advantage of emerging battery technology.

Ford

3. TSMC quickly resumed operations within 10 hours of a deadly earthquake in Taiwan, calming concerns about global chip supply disruptions, with the company reporting minimal damage to its facilities and leaving critical extreme ultraviolet lithography equipment intact.

Lithography machine

4. During a visit to Guangzhou, U.S. Treasury Secretary Janet Yellen warned that the U.S. would take steps to protect its green technology sector from China flooding the global market with cheap batteries and solar panels.

✅ KEY TAKEAWAYS:

A slew of economic data released this week showed signs of cooling in the U.S. labor market, with investors remaining cautious about the U.S. market as they look ahead to Friday's key non-farm payrolls report.