As we wrap up the week, markets remain choppy as traders weigh the Federal Reserve’s next moves against ongoing tariff concerns. With Quadruple Witching set for today, expect heightened volatility as $4.5 trillion worth of options expire, with rumors suggesting that a majority are puts. If market makers look to avoid massive payouts, we could see a push higher into the close.
Market Recap: Tariffs, Fed Uncertainty, and Volatility
The major averages ended slightly lower Thursday after a session of wild swings. Despite no significant fundamental developments, stocks traded erratically, reflecting uncertainty around Fed policy and trade negotiations. However, some optimism emerged as the European Union delayed retaliatory tariffs on U.S. whiskey, buying time for further negotiations and easing fears of an imminent trade conflict.
Despite the tariff-related jitters, the tech-heavy $QQQ index closed at 479.26, well below the 200-day moving average at ~493. A rally of about 2.9% would be needed to reclaim this critical level. Above that, traders will be eyeing 500 (psychological resistance), 502 (initial pivot), and 515 (bullish pivot) to signal a return to the long-term uptrend.
For now, uncertainty looms, and caution is warranted until at least a decisive reclaim of 493. Bulls will need to defend support levels at 475, 470, and 467, with a potential downside target of 450 if selling pressure accelerates.
Key Stock Developments: FedEx, Nike, Tesla, and Accenture
📉 FedEx (FDX) Slashes Annual Forecast
- Shares dropped in extended hours after FedEx lowered its profit and revenue outlook.
- CFO John Dietrich cited “continued weakness and uncertainty in the U.S. industrial economy” as demand for B2B services declines.
- Tariff concerns and economic slowdown are pressuring the logistics sector.
📉 Nike (NKE) Disappoints with Q4 Revenue Estimate
- Nike shares fell 4% after hours as its fiscal Q4 revenue estimate missed expectations.
- The company expects a mid-teens percentage decline in sales, worse than the forecasted 12.22% drop.
- CEO Elliott Hill is banking on new shoe launches to counterbalance weaker inventory clearance sales.
📉 Accenture (ACN) Faces Government Spending Cuts
- ACN saw its biggest one-day percentage drop in a year after warning of rising uncertainty due to U.S. government spending cuts.
- The firm flagged that recent policy shifts have made the business environment more unpredictable.
📈 Tesla (TSLA) Trade-Ins Hit Record Levels
- Data from Edmunds suggests that Tesla trade-ins are on pace for an all-time high this month.
- Tesla models 2017 or newer made up 1.4% of all trade-ins through March 15, up from 0.4% last year.
- Tesla faces growing backlash over Elon Musk’s involvement in the Trump administration’s Department of Government Efficiency (DOGE), which has triggered federal workforce cuts and protests.
Today’s Key Economic Data Releases
📌 FOMC Williams Speaks – 9:05 AM ET
📌 U.S. Baker Hughes Oil Rig Count – 1:00 PM ET
📌 U.S. Baker Hughes Total Rig Count – 1:00 PM ET
Tech & Consumer Stocks to Watch
Tech Stocks:
- Microsoft (MSFT) – AI and cloud growth keep bullish momentum intact.
- NVIDIA (NVDA) – U.S. chip investments could boost long-term sentiment.
- Intel (INTC) – Undervalued, with major U.S. chip manufacturing and AI expansion ahead.
- Pure Storage (PSTG) – Flash storage leader benefiting from AI-driven data center growth.
Consumer Stocks:
- Tesla (TSLA) – Upcoming self-driving features and new EV models could provide upside.
- Target (TGT) – Improving margins and strategic shifts may drive a turnaround.
- Disney (DIS) – Streaming profitability and potential theme park expansion in focus.
Quad Witching: What to Expect Today
Quad Witching can trigger large swings as options expiration forces traders to close positions. Market makers will try to push prices toward max pain levels—where the most options expire worthless. This means that despite broader bearish sentiment, a short-term bounce is possible if major indices gravitate toward key strike prices.
With volatility at its peak today, be sure to monitor key support/resistance levels and the live watchlist for the biggest gainers. As always, we’ll be in chat breaking it all down. Stay sharp, and Stack Your GAINS!
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