Today’s Market Recap: Powell Sends Dovish Signal, US Stocks Open High and Close Low, Dollar Index Rises for Fifth Straight Day

TradingKey - Middle East conflict continues to escalate. Despite Powell's dovish signals indicating that rate cuts remain the primary focus for the year, the market continued to sell on rallies. The Nasdaq Composite closed down 0.73%, the S&P 500 dropped 0.39%, and the Dow Jones edged up 0.11%.

Among them, the Philadelphia Semiconductor Index fell nearly 5% at one point, while the financial index rose 1.1%.

Influenced by Powell's remarks, the 10-year benchmark U.S. Treasury yield fell 8.95 basis points to 4.3383%. The two-year U.S. Treasury yield dropped 9.22 basis points to 3.8197%, trading in a range of 3.8955%-3.8054% during the session.

WTI May crude oil futures closed up 3.25% at $102.88 per barrel, the first close above $100 since July 2022. Brent May crude oil futures rose 0.18% to $112.78 per barrel.

Spot gold rose 0.22% to $4,503.88 per ounce, while spot silver rose 0.36% to $70 per ounce.

Regarding individual stocks: Memory stocks were hit hard again, with Micron falling nearly 10% and Western Digital down 8.6%. Asset management firms saw their share prices rise, with Blackstone up 3.3% and KKR up 2.1%. Bill Ackman touted a "ten-fold opportunity," causing Fannie Mae and Freddie Mac to surge by approximately 50%.

Market Headlines

Powell signals a dovish stance. Powell stated that Fed interest rates are "well-positioned," allowing the central bank to ignore Iran-related oil price shocks while remaining alert to changes in inflation expectations. Powell reversed trader bets, suggesting rate cuts remain possible this year; U.S. Treasury gains widened as they once again decoupled from oil prices.

Hedge fund titan touts a "10x opportunity" as Fannie Mae and Freddie Mac shares soar 53% and 47%. Boosted by Bill Ackman's public bullishness, Fannie Mae and Freddie Mac both recorded their largest single-day intraday gains in nearly a year on Monday, surging as much as 53% and 47%, respectively. Ackman described the two agencies as the "best asymmetric opportunity" on social media and predicted a potential tenfold return.

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