From Nasdaq: 2024-04-12 18:12:54

Stock indexes closed sharply lower on Friday, with the S&P 500 and Dow Jones Industrials hitting multi-week lows. Gold prices hit a record high and oil prices rallied on safe-haven demand. Geopolitical tensions increased amid potential Iran attacks on Israeli assets. Mixed Q1 bank earnings and weaker than expected Chinese trade data added to the bearish sentiment.

Federal Reserve officials expressed a patient approach to interest rates, with no urgency for cuts at this time. Overseas stock markets settled mixed, with European government bond yields moving lower. T-note yields fell as war jitters in the Middle East boosted demand for safe-haven assets. ECB officials hinted at possible rate cuts in June.

US stock movers included Arista Networks, ON Semiconductor, and JPMorgan Chase among losers. Cruise line operators fell, and Corteva was downgraded. Globe Life and State Street saw gains. Apple plans to overhaul its Mac line, while Progressive Corp reported strong Q1 net premiums written.

Earnings reports to watch include Bright Green Corp, Goldman Sachs, M&T Bank Corp, and Vuzix Corp, among others. Market volatility is expected to continue as geopolitical tensions persist and economic data remains in focus. Make sure to monitor key developments and company updates during the trading week.



Read more at Nasdaq: Stocks End Sharply Lower on War Jitters in the Middle East