Market Recap 3/25/24

bitcoin holders

The world’s largest corporate holders of Bitcoin.

Dow -162.26 at 39313.64, Nasdaq -44.35 at 16384.47, S&P -15.99 at 5218.19

Alphabet (GOOG 151.15, -0.62, -0.4%), Meta Platforms (META 503.02, -6.56, -1.3%), and Apple (AAPL 170.85, -1.43, -0.8%) were among the influential laggards after news that the EU commission opened non-compliance investigations against them.

Weakness in the semiconductor space was related to news that China will not allow chips from AMD (AMD 178.63, -1.02, -0.6%) and Intel (INTC 41.83, -0.74, -1.7%) to be used in government computers.

The market started the week on a soft note after last week’s move higher. A sharp move lower in the late afternoon with no specific catalyst left the S&P 500 near its worst level of the session, down 0.3%. The Nasdaq logged a 0.3% decline, and the Dow fell 0.4% while the Russell 2000 eked out a 0.1% gain.

Eight of the 11 S&P 500 sectors registered losses ranging from 0.2% (health care) to 0.7% (industrials). The energy sector (XLE/ERX) logged the biggest gain by a wide margin amid rising oil prices ($81.95/bbl, +1.33, +1.7%).

Rising Treasury yields acted as another headwind for stocks today. The 10-yr note yield rose four basis points to 4.25% and the 2-yr note yield rose three basis points to 4.63%. On a related note, today’s $66 billion 2-yr note auction was met with soft demand.

Bitcoin was back in rally mode Monday amid recent declines. It was trading near 24-hour highs after moving back above the $70,000-per-token level. Our CLSK holding triggered and popped almost 20% today with the overall strength in crypto.

SYM, ARM, DIS, ERX, and DXCM all had nice days.

Check the P&L for any adjustments.

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