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year, GDP was up 2.1%, or a quarter point lower than its prior reading. According to the U.S. Bureau of Economic Analysis (NBEA), the downward revision came due to adjustments in consumer and government spending and exports. A decline in imports, which technically subtract from GDP, also was less than the previous estimate, as noted by CNBC.
The roller coaster ride continues.
After a vicious pullback on Thursday, the major indices are all green today. The S&P 500 is up 0.34%, or by 23 points. The SPDR S&P 500 ETF (SPY) is up 0.62%, or by $4.12. The Dow is up 0.36%, or by 166 points. The NASDAQ is up 0.34%, or by 83 points. Gold is $2.37 to $5,120. And Bitcoin is up about $2,140 at $72,633.
Unfortunately, markets will remain volatile, with no real end in sight to the war.
In fact, President Trump has hinted that an end to the war is not imminent. “We have unparalleled firepower, unlimited ammunition, and plenty of time,” he said, before calling on his followers to “watch what happens” to the Iranian regime on Friday, as noted by CNBC.
With oil, it’s pulling back today after the U.S. temporarily removed sanctions on Russian oil to help expand supply. Treasury Secretary Scott Bessent announced that “This narrowly tailored, short-term measure applies only to oil already in transit and will not provide significant financial benefit to the Russian government, which derives the majority of its energy revenue from taxes assessed at the point of extraction.”
Market Movers: Daiwa reiterated an outperform rating on Nvidia
Analysts at Daiwa reiterated a buy rating on Nvidia, with a $215 price target. That’s ahead of Nvidia’s GTC Conference being held next week. The event is considered to be a premier annual tech conference hosted by Nvidia. It’s where developers, researchers, and business leaders meet to explore what’s ahead for artificial intelligence innovation.
It’s being held from March 16 to 19 in San Jose.
In addition, analysts at Jefferies upgraded Nutrien (NTR) to a buy with a price target of $96 a share. The same bottleneck in the Strait of Hormuz that’s causing headaches for oil is also creating volatility in liquid fertilizer prices. “With the Strait of Hormuz closed and Middle East producers halting production, global fertilizer markets have tightened with prices rising sharply,” the firm added. “While North American producers, like Nutrien and LSB Industries, are geographically insulated from fighting, the conflict has forced domestic spot prices higher as the spring planting season begins.”
Here’s hoping tensions with Iran cool so we can get back to the rally.
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