In Thursday morning’s market update, Stephen Whiteside notes a quiet pre-market session, with stock index futures slightly below fair value. Key economic reports, including U.S. GDP and initial jobless claims, are set for release at 8:30 AM and could influence market direction. Wednesday saw aggressive selling, with the Nasdaq leading the decline. While there were no major trend reversals in key indices, Nvidia and semiconductor ETFs ended the day with fresh sell signals. The VIX rose for the S&P 500, Nasdaq, and Russell 2000, but no significant trend changes occurred. In Canada, the TSX 60 and Vanguard Canada ETF pulled back slightly without shifting their overall trends.
The auto sector was in focus due to new tariffs, though the impact on stock prices was mixed. General Motors, Honda, Stellantis, and Toyota saw minor declines, while Ford remained flat. Among auto parts manufacturers, Luminar ended on a sell signal, while BorgWarner and Magna International held steady. In commodities, crude oil and gasoline prices moved higher, while natural gas had an inside day. Copper continued its rally due to preemptive stockpiling ahead of upcoming tariffs rather than economic expansion. Gold dipped slightly but was up in pre-market trading, while palladium and silver held their buy signals.
Stephen Whiteside
Thursday, March 27, 2025
