US Stock Reports, Quotes and News
Trump Media & Technology Group closed down 18.4% at $26.61 as more of the euphoria that surrounded the stock fades. It\’s a sharp comedown since nearing $80 after the owner of Truth Social merged with a shell company to get its stock trading on the Nasdaq under the symbol \”DJT,\” for Trump\’s initials.
Rising geopolitical tensions kept risk sentiment in check, lifting prices of gold and oil, while investor focus in Asia turns to China with GDP data due at 0200 GMT.
With the S&P 500 coming off its biggest one-day percentage drop since Jan. 31 in the prior session, stocks opened higher in part after data showed retail sales increased by more than expected in March.
San Francisco Federal Reserve Bank President Mary Daly said on Monday there is no urgency to cut U.S. interest rates, with the economy and labor market strong, and inflation still above the Fed\’s 2% target.
Taiwan Semiconductor Manufacturing Co, the dominant producer of advanced chips used in artificial intelligence applications, is expected to report a 5% rise in first-quarter profit on Thursday thanks to strong demand.
India’s oil purchases from Russia jumped after the war as New Delhi purchased discounted crude. The share of Russian oil in India’s total imports rose to 35% in 2023-24 from 23% in the previous year, according to energy cargo tracker Vortexa.
The Nifty fell 246.9 points, or 1.1%, to 22,272.50. The Sensex declined 845.12 points, or 1.14%, to 73,399.78 in a volatile trading session that saw mixed responses across the Asia-Pacific to this weekend\’s Iranian drone attacks on Israel. China advanced 1.26%, Hong Kong fell 0.73%, South Korea declined 0.42%, and Taiwan dropped 1.38%.
\”The BJP manifesto has a strong positive read-through for Indian equities,\” said Seshadri Sen, head of research at Emkay Global Financial Services. \”Railways, defence, housing mortgages, tourism, and aviation are direct beneficiaries; while textiles and pharma API are probable winners.\”
Reliance Industries Ltd will announce its March quarter results on April 22. Along with the quarterly numbers, the company\’s board will also consider and approve a dividend.
\”We expect domestic markets to witness near-term headwinds amid rising volatility. With the start of result season and poll promises by several political parties, we may continue to see sector & stock-specific action,\” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal.
Vidya Bala advises cautious optimism in market investments, with focus on specific sectors for potential growth. Monitoring commodity prices, market corrections, and sector shifts for strategic investment decisions amidst evolving market conditions. Bala further says: \”Moving into FY25, we are not sure if the earlier growth momentum can be maintained.\”
Vipul Bhowar\’s insights suggest continued market growth driven by government spending and private investment. Factors like inflation, oil prices, and equity market reactions play crucial roles in shaping India\’s economic landscape. Bhowar also says: \”The rise in SIPs shows a strong focus on retail investor growth, more so a shift towards small cities that contribute to the industry growth and showcase a broader financialisation of savings in smaller towns.\”