To The Moon

Market Recap

The US stock market endured its longest losing streak since January, with the $S&P 500(.SPX)$ sliding over 4% from its all-time high as big tech companies faced significant sell-offs. Chipmakers, particularly $ASML Holding NV(ASML)$ , bore the brunt of the downturn. Despite ASML's declining orders, strong sales to China persisted, even amidst export curbs imposed by the Biden administration. Meanwhile, European Central Bank President Christine Lagarde hinted at a hopeful economic recovery in the euro zone, signaling potential interest rate cuts in June.

SPX

Key Events:

• President Biden's call to triple tariffs on Chinese steel and aluminum stirred market attention, though the White House downplayed inflation concerns.

  U.S. President Joe Biden speaks at a campaign event at the Scranton Cultural Center in Scranton, Pennsylvania, U.S., April 16, 2024. REUTERS.

Biden

• The Beige Book offered modest economic growth insights, providing the Fed with leeway in its monetary policy decisions.

• Additionally, job cuts loomed at UBS Group following Credit Suisse's rescue.

Current and Future Market Outlook

Amidst inflation worries and geopolitical tensions, market sentiment remains cautious.

The impact of Biden's tariff proposal on inflation and global trade dynamics is uncertain, while ongoing economic recovery efforts and upcoming corporate earnings reports add complexity to market forecasts.

Blackstone, D.R. Horton, Elevance Health, Genuine Parts, Intuitive Surgical, KeyCorp, Marsh & McLennan, $Netflix(NFLX)$ , Snap-On, and $Taiwan Semiconductor Manufacturing(TSM)$ report quarterly results.

$TSM

The Conference Board releases its Leading Economic Index for March. Expectations are for a 0.1% month-over-month drop. The LEI increased 0.1% in February, ending a streak of 23 consecutive monthly declines.

The National Association of Realtors reports existing-home sales for March. The consensus estimate is for a seasonally adjusted annual rate of 4.2 million homes sold, 180,000 less than previously. Existing-home sales unexpectedly jumped 9.5% in February, the largest percentage increase in a year.

Conclusion

As markets navigate through tech volatility, tariff proposals, and economic indicators, investors brace for continued uncertainty while seeking clarity on the trajectory of inflation and global economic recovery.

The information provided is for educational and informational purposes only and should not be construed as financial advice. Investors should conduct their own research and consult with a qualified financial advisor before making any investment decisions.

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