Fed Rate Cut Delay Weighs On Asia Stocks, Europe Markets Rise, Gold Hits $2,290 - Global Markets Today While US Slept

Author: Akanksha Bakshi | April 03, 2024 07:01am

On Tuesday, April 2nd, the U.S. stock markets ended lower as concerns grew over a potential delay in Federal Reserve rate cuts, and Tesla shares fell after reporting a decline in quarterly deliveries for the first time in nearly four years.

Tesla’s shares fell after announcing its first annual delivery drop since 2020 on Tuesday, citing the Model 3 update, factory closures from the Red Sea conflict, and an arson attack at its German plant as reasons.

In economic data, U.S. factory orders rose 1.4% to $576.8 billion in February after January’s 3.8% drop. Job openings slightly increased by 8,000 to 8.756 million in February, aligning with market predictions.

Most S&P 500 sectors ended lower Tuesday, led by declines in health care, consumer discretionary, and real estate stocks. Utilities and energy sectors were exceptions, closing higher.

The Dow Jones Industrial Average declined 1.00% to close at 39,170.24. The S&P 500 was down 0.72%, ending the day at 5,205.81, while the Nasdaq Composite slipped 0.95%, finishing the session at 16,240.45.

Asian Markets Today

• On Wednesday, Japan’s Nikkei 225 index closed the session lower by 0.98% at 39,476.50, led by losses in the Shipbuilding, Chemical, Petroleum & Plastic, and Financial Services sectors.
• In Australia, the S&P/ASX 200 was down 1.34% and closed at 7,782.50, led by losses in the IT, A-REITs, and Consumer Discretionary sectors.
• India’s Nifty 50 closed lower by 0.08% at 22,434.65, and the Nifty 500 rose 0.17% to 20,605.70.
• China’s Shanghai Composite declined 0.18% to 3,069.30, and the Shenzhen CSI 300 was down 0.36%, closing at 3,567.80.
• Hong Kong’s Hang Seng Index fell 1.22%, concluding the day at 16,725.10.
• Asian stocks dropped Wednesday, hit by a major earthquake in Taiwan and U.S. interest rate uncertainties. Broader market declines also reflected concerns over the Federal Reserve’s rate decisions, with Japan’s Nikkei 225 retreating amid regional profit-taking.

Eurozone at 06:15 AM ET

• The European STOXX 50 index was up 0.20%.
• Germany’s DAX gained 0.28%.
• France’s CAC rose 0.27%.
• U.K.’s FTSE 100 traded lower by 0.33%.

Commodities at 06:15 AM ET

• Crude Oil WTI was trading higher by 0.32% at $85.43/bbl, and Brent was up 0.39% at $89.27/bbl.
• Natural Gas was up 0.16% to $1.865.
• Gold was trading higher by 0.45% at $2,292.50, Silver rose 1.95% to $26.418, while Copper was up 0.21% at $4.0790.

US Futures at 06:15 AM ET       

Dow futures were down 0.10%, S&P 500 futures slipped 0.23%, and Nasdaq 100 Futures fell 0.32%.

Forex at 06:15 AM ET

The U.S. dollar index declined 0.01% to 104.81, the USD/JPY rose 0.12% to 151.73, and the USD/AUD rose 0.18% to 1.5369.

Photo via Shutterstock

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