The Market News Today: Port of Baltimore Closure Sparks Logistics Concerns

James Hyerczyk
Updated: Mar 27, 2024, 08:52 UTC

Key Points:

  • Port of Baltimore Shutdown: Collision with bridge triggers closure, impacting logistics firms.
  • Pre-Market Rally: Dow, S&P 500, Nasdaq futures up 0.4% after Tuesday's decline.
  • Yen Hits 34-Year Low: Plunges to 151.97 against dollar; Japanese intervention expected.
  • Extended Trading Highlights: GameStop, Direct Digital, Concentrix, nCino face shifts.
  • Bitcoin ETF Reversal: Recent $400 million inflow contrasts with prior outflows, marking market shift.
The Market News Today

Port of Baltimore Shutdown Triggers Logistics Crisis

The closure of the Port of Baltimore, triggered by a cargo ship collision with the Francis Scott Key Bridge, has sent shockwaves through logistics firms. President Biden highlights the port’s significance in auto trade, with 15,000 jobs at stake. Louis Navellier warns of significant disruptions, emphasizing the port’s importance in coal exports and LNG shipments. Secretary of Transportation Buttigieg anticipates prolonged supply chain impacts, as the nation’s major trade artery faces an uncertain future. (CNBC)

Pre-Market: Stock Futures Up After Wall Street Decline

Pre-market trading shows Dow, S&P 500, and Nasdaq futures up by 0.4% after Wall Street’s Tuesday decline. Despite recent setbacks, all three indices are on track to end the month and quarter in positive territory. Investors await Federal Reserve commentary and upcoming economic indicators later in the week. Notable data includes jobless claims, GDP figures, and consumer sentiment. While markets are closed on Good Friday, attention remains on releases related to personal income and spending, along with personal consumption expenditures.

Yen Hits 34-Year Low Against Dollar, Intervention Expected

The yen plunges to its weakest level against the dollar since 1990, hitting 151.97, just below its previous low of 151.95 in October 2022. Japanese officials, led by finance minister Shunichi Suzuki, signal readiness to intervene against disorderly FX moves. Bank of Japan Governor Kazuo Ueda underscores vigilant monitoring of currency shifts and their economic repercussions. Ueda emphasizes the significant impact of currency movements on Japan’s economy and prices, during his parliamentary address. This comes amidst recent policy adjustments by the central bank. (Reuters)

Extended Trading Highlights: GameStop, Direct Digital, Concentrix, nCino

In extended trading, GameStop drops 15% as revenue shrinks to $1.79 billion in Q4. Direct Digital shares plummet 46% after $1.2 million net loss, despite $41 million revenue. Concentrix falls 3% despite $2.57 adjusted EPS and $2.4 billion revenue, reaffirms yearly guidance. nCino stock surges 11% with fourth-quarter revenue hitting $123.7 million, marking a 13% increase from the previous year. (CNBC)

Bitcoin ETF Market Sees Reversal with $400 Million Inflow

Bitcoin’s ETF supply squeeze narrative, initially forecasted by Ki in mid-March with a six-month projection, saw a shift in recent weeks. Despite record-breaking inflows initially, consecutive net outflows were observed. However, new data from UK-based investment firm Farside highlights a reversal, showing a substantial $400 million net inflow on March 25, marking the highest influx in two weeks. This fluctuation underscores the dynamic nature of Bitcoin’s ETF market and its impact on investor sentiment and market trends.

About the Author

James is a Florida-based technical analyst, market researcher, educator and trader with 35+ years of experience. He is an expert in the area of patterns, price and time analysis as it applies to futures, Forex, and stocks.

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