The Market News Today: US GDP Forecast at 3.2%, Eyes on Fed and Market Response

US Data: Stable GDP, Higher Job Claims, Home Sales Up Affect Markets & Fed

Today’s pivotal U.S. economic data, including Final GDP q/q steady at 3.2%, an anticipated rise in Unemployment Claims to 212K, a rebound in Pending Home Sales m/m to 1.4% from -4.9%, and steady Revised UoM Consumer Sentiment at 76.5, is set to significantly influence Federal Reserve policy, stock markets, interest rates, the U.S. Dollar, and gold prices. These indicators offer insights into economic health and consumer confidence, pivotal for shaping investor sentiment and monetary policy decisions.

Stock Futures Stable as S&P 500 Eyes Best Q1 in Years, Key Economic Data Due

Stock futures are steady as the S&P 500 nears its best first-quarter in five years. RH shares surged 8% post-market, despite a weak outlook and missed estimates, buoyed by anticipated demand in fiscal 2024. Markets are driven by a risk-on attitude, according to Art Hogan of B. Riley Wealth. Both the S&P 500 and Dow are on track for robust quarterly gains, with key economic data on jobless claims, GDP, and consumer sentiment due Thursday, and personal income and spending data set for release on Good Friday.

Massive $15.2B Crypto Options Expiry May Trigger Big Moves in Bitcoin, Ether

The upcoming settlement of $15.2 billion in Bitcoin and Ether options at Deribit is poised to shake up the market. This event marks one of Deribit’s biggest option expiries, with Bitcoin contracts making up $9.5 billion of it. Traders are bracing for potential bullish swings, as a significant chunk of these options are likely to expire profitably. Key market players are watching how dealer hedging near the crucial $70,000 mark could amplify price movements. (CoinDesk)

Japan Poised for Yen Intervention as Currency Nears 34-Year Low Against Dollar

Japan is on the brink of intervening in the yen’s value, as the currency hits 34-year lows against the U.S. dollar, reaching 151.47. Steven Englander of Standard Chartered Bank predicts imminent action by Japanese authorities to stabilize the yen, with political discussions already in place against further weakening. Japan’s finance minister and other officials have expressed readiness to counter disorderly FX movements, indicating a high sense of urgency. This intervention aims to bridge time until potential shifts in U.S. Federal Reserve and Bank of Japan policies. (CNBC)

Yellen Warns of China’s Clean Energy Export Dominance, Plans Trade Pressure

Treasury Secretary Janet Yellen cautioned against China’s dominance in exporting cheap clean energy products, impacting U.S. green manufacturing. Speaking at Suniva, a solar company, Yellen expressed concern over China’s excess capacity in solar power, electric vehicles, and lithium-ion batteries, distorting global market prices. She plans to address these trade practices with Chinese officials soon. This comes as the U.S. invests in clean energy through the Inflation Reduction Act and CHIPS Act, trying to catch up with China’s advanced clean energy sector. (CNBC)