Daily Summary: calm midweek and consolidation in the markets 🔎

8:02 PM 27 March 2024
  • Wall Street indexes experienced modest gains today, following a series of slight declines. The S&P 500 is close to yesterday's close, remaining about 1% below its historic highs. The Russell 2000 saw significant gains today, adding 1% to its value.

  • Goldman Sachs indicates that after a very strong quarter, which brought over 9% growth in the S&P 500, pension funds are likely to rebalance their portfolios soon, which could lead to a correction.

  • The WIG20 index continued its rise from yesterday, mainly motivated by a rebound in LPP shares and the rise of CD Projekt shares, which will publish its Q4 results tomorrow.

  • A very strong session took place today on the German DAX, which reached new historic highs.

  • WTI crude oil ultimately lost slightly today, extending yesterday's correction. This could be the result of a significant increase in reserves. Crude oil inventories increased by 3.1 million barrels per day, while gasoline inventories rose by 1.3 million barrels. However, distillate inventories fell by 1.2 million barrels.

  • EURUSD continues its sell-off from yesterday, with the pair falling below the 1.0820 level.

  • Bitcoin experienced a significant drop today, after almost reaching USD 72,000. The decline was related to the emergence of articles about the stablecoin Tether, which is still being used by criminals. On the other hand, there were many positive news related to Tether's involvement in artificial intelligence.

  • The price of gas fell by up to 4% today, testing USD 1.7/MMBTU amid forecasts indicating an exit from low temperatures. It is expected that the heating season in the USA has just ended.

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