The US markets kicked off the shortened week on a downward trend, with the looming Good Friday holiday. As of 9:00 pm IST, the S&P 500 slipped by 0.19 percent to 5,224.15. Similarly, the Nasdaq Composite saw a decrease of 0.13 percent to 16,406.66, while the Dow Jones Industrial Average experienced a decline of 0.30 percent, settling at 39,357.68.
Earlier in the day, analysts at Goldman Sachs Group Inc. suggested that if the rally in mega-cap stocks persists, the S&P 500 could potentially reach the 6000 mark. Despite this optimism, the index has remained relatively steady throughout the year, consistently above the 5200 level.
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Intel shares led the market downward, dropping 3% following reports from The Financial Times indicating that new Chinese regulations would prohibit the use of Intel chips in government servers and computers. United Airlines stock also declined by 6% after the Federal Aviation Administration announced heightened scrutiny of the airline due to a series of safety incidents.
Despite these setbacks, the market is poised for its fifth consecutive month of gains, with major U.S. stock benchmarks reaching new all-time closing highs last week. The S&P 500 rose approximately 2.3%, while the Dow saw a gain of just under 2%, nearing the 40,000 level for its strongest performance since December. The Nasdaq Composite surged around 2.9% during the same period.
Meanwhile, the GIFT Nifty showed slight gains, trading marginally higher at 22,100.00.
European markets displayed mixed performance today. The FTSE remained flat-to-negative, standing at 7,930.87, whereas the DAX and CAC saw gains. The DAX rose by 0.27 percent to reach 18,255.46, while the CAC increased by 0.11 percent, reaching 8,160.81.
Also read: Holi 2014 to Holi 2024: Nifty 50 zooms over 200%, these 14 stocks skyrocket 3,900%
In earlier trading sessions, the Nikkei retreated from its peak, closing 1.16 percent lower at 40,414.12. Similarly, the Hang Seng declined by 0.16 percent, settling at 16,473.64.
Meanwhile, Indian stock market remained closed today, on account of Holi.
Crude oil prices rebounded from previous losses, commencing the week on a positive trajectory. WTI crude rose by 1.72 percent to $82.02, and Brent crude gained 1.57 percent, reaching $86.77.
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Published: 25 Mar 2024, 10:50 PM IST