11d • General discussion
Night Update 3/30
Daily Digest
DOW NASDAQ S&P 500 RUSSELL 2000
US stocks mostly lower as Iran-driven oil surge above $100 fuels growth and inflation worries and delays Fed rate-cut hopes
- S&P 500 (SPY) declines for a third straight session, sitting more than 9% below its record high and near an eight-month low, while the Nasdaq (QQQ) underperforms and the Dow (DIA) ekes out a small gain on defensive and financial strength.
- Escalating Iran conflict tensions push crude oil (@CL) above $100 per barrel for the first time since 2022, pressuring technology and other growth stocks while leaving energy shares mixed.
- Technology sector falls more than 1% as memory-chip names Micron Technology (MU) and Western Digital (WDC) drop sharply.
- Russell 2000 (IWM) lags with a roughly 1.5% decline, underscoring risk-off pressure in small caps.
- Financials and utilities outperform, while technology, industrials and energy rank among the weakest S&P 500 (SPY) sectors.
- Fannie Mae and Freddie Mac surge after Bill Ackman calls the government-sponsored enterprises “stupidly cheap” and highlights potential 10x upside in a Sunday post.
- United Therapeutics (UTHR) advances on positive clinical trial results, bucking broader weakness in biotech.
- Biotech and small-cap names Alumis (ALMS) and Fermi (FRMI) fall around 13% amid the broader risk-off backdrop.
- Fed Chair Jerome Powell reiterates that longer-term inflation expectations remain anchored despite the energy shock, but traders still push back rate-cut expectations as bonds rally.
- With no major after-hours earnings and index futures moves muted, traders head into the shortened week focused on Middle East developments, Powell’s stance on energy supply shocks and economic data due Tuesday.
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Night Update 3/30
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