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Indices

• The NASDAQ and S&P 500 close with mixed results in the United States.
• The major US indices are closing mixed, with the Dow industrial average higher and the S&P, NASDAQ, and Russell 2000 all lower.
• The NASDAQ and S&P are down for the third time in four trading days.
• The S&P and NASDAQ have their first weekly loss in four weeks. The Russell 2000 is also down.
• Transportation is on track to have its worst week since October 20.
• The NASDAQ is down nearly 4% on the week, according to the final figures.

A look at the final figures for the major indices reveals:

• The Dow Jones Industrial Average gained 137.55 points, or 0.4 percent, to 34721.11.
• The S&P 500 index fell -11.93 points, or 0.27 percent, to 4488.27.
• The NASDAQ index dropped -186.29 points, or 1.34 percent, to 13711.01.
• At 1994.56, the Russell 2000 fell -15.23 points, or -0.76 percent.
• For the coming trading week:
• Dow industrials, -0.28 percent
• S&P 500, -1.2 percent
• The NASDAQ index is down 3.86 percent.
• Russell 2000 (-4.68%)

The S&P 500 index closed below its 200-day moving average, which is currently at 4492.89. (green line on the chart below). The price closed below that moving average on Wednesday, but rebounded back above it yesterday before rotating back to the downside today.

So overall, the market is saying it is a bit unsure as to the direction, but with the price below the 100 day moving average, the sellers are a little bit more in control.

Oil

Oil receives a late bid into settlement, gaining 2.3 percent.

Oil settles at $98.26 per barrel, up $2.23 on the day.

Oil was teetering on the technical precipice yesterday, testing the March low. It held and bounced, though. Today, another dip was purchased, with some strength kicking in before settlement.

This highlights some physical demand as well as the market’s resilience in the face of massive global releases from strategic reserves. It gained $1.30 in the final 40 minutes of trading before closing at $98.24.

Keep an eye out for news about Iran’s nuclear negotiations over the weekend.

The bigger picture is technical, with the March low of $93.50 serving as the pivot point.

China

• As the number of covid cases continues to rise, there is no sign of China relaxing its lockdown policies. The PBOC is considering
• Another day of infection records
• China reported 24,101 covid cases for the seventh consecutive day, with 21,222 of those in Shanghai, as the outbreak spreads.
• Mass testing is still ongoing, and there is no end in sight to the lockdown, which was supposed to end on April 5. The airport is mostly closed, and the world’s largest port is only operating at half capacity. Four rounds of mass testing have already occurred, and a fifth round began today.
• There are signs of spreading infections elsewhere, and officials in Beijing have tightened control measures, with 64 patients in the city currently receiving treatment.
• “Beijing is at a critical juncture in pandemic control,” said Pang Xinghuo, deputy director of Beijing’s disease prevention and control centre, at a press conference on Thursday. “Global infections are at an all-time high. Domestically, the pandemic is rapidly spreading. We will follow the ‘dynamic zero strategy.’
• There is growing dissatisfaction in Shanghai, as well as complaints about a lack of food access.
• As the rate of infection rises, so do the risks to global growth and the global supply chain.
• To soften the blow of the lockdowns, an increasing number of market observers expect the PBOC to lower interest rates next Friday. Whatever they decide will set the tone for the rest of the week and into the next.