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The three major U.S. stock indexes rose significantly on the day, with the Communication Services sector and the Technology sector leading the gains. By the close, the Dow Jones Industrial Average rose 2.49%, the S&P 500 Index rose 2.91%, and the Nasdaq Composite rose 3.83%. In March, U.S. crude oil recorded a cumulative gain of over 50%, while Brent crude logged its largest month of gains since 1988. On March 31, all three major European stock indexes rose across the board.

International gold and silver prices rose on Tuesday. By the close, the June-delivered gold futures price on the New York Mercantile Exchange (NYMEX) settled at $4,678.60 per ounce, up 2.66%. The May-delivered silver futures price settled at $74.919 per ounce, up 6.16%.

March 31: The three major U.S. stock indexes rose significantly

On Tuesday, local time, according to multiple U.S. media outlets including The Wall Street Journal, U.S. President Trump expressed a willingness to end military actions against Iran. At the same time, Iranian President Pezeshkian said he is willing to end the war as long as it is ensured that Iran will not be attacked again. Investors are hopeful that the war in the Middle East will end as soon as possible, which has driven some funds into risk assets such as the stock market. The three major U.S. stock indexes rose significantly that day, with the Communication Services sector and the Technology sector leading the gains. By the close, the Dow Jones Industrial Average rose 2.49%, the S&P 500 Index rose 2.91%, and the Nasdaq Composite rose 3.83%.

Nvidia’s stock price closed up nearly 5.6% on March 31

Leading U.S. large-cap technology stocks

On individual stocks, Nvidia led large-cap technology stocks in the U.S. stock market with a gain of nearly 5.6%. That day, Nvidia announced that it would invest $2.0 billion in U.S. semiconductor company Mavlir Technology, bringing it into Nvidia’s AI ecosystem. In addition, the two sides will also cooperate on silicon photonics technology to help customers build AI computing infrastructure. Boosted by this news, Mavlir Technology’s stock price surged 12.8% on Tuesday.

Oracle plans to launch a new round of layoffs

The company’s stock price closed up nearly 6% on March 31

In addition, to cope with tight cash flow caused by large-scale expansion of AI data centers, Oracle plans to launch another new round of large-scale layoffs, with the layoff scale possibly reaching several thousand people. Oracle’s stock price rose nearly 6% on Tuesday.

March: The three major U.S. stock indexes fell sharply

Tuesday was also the last trading day of March. Looking back at March, the Dow and the S&P 500 Index recorded cumulative declines of 5.38% and 5.09%, respectively, while the Nasdaq Composite Index, led by technology stocks, fell 4.75% cumulatively.

March 31: All three major European stock indexes rose across the board

March saw sharp declines overall

The U.S. stance on the Middle East conflict, to some extent, eased European investors’ concerns about the war dragging on long term. Market risk appetite rebounded, and all three major European stock indexes rose across the board on Tuesday. By the close, the UK’s FTSE 100 Index rose 0.48%, France’s CAC 40 Index rose 0.57%, and Germany’s DAX Index rose 0.52%. However, when looking at the full month of March, all three major European stock indexes fell sharply: the UK stock market fell by more than 6.7%, France’s stock market fell 8.9%, and Germany’s stock market fell 10.3%.

Elevated oil prices significantly boosted eurozone inflation

Big hit to European consumer companies

The role of high energy prices in lifting eurozone inflation has become evident. Preliminary data released by the European Union’s statistics office on Tuesday showed that in March, the eurozone’s consumer price index (CPI) rose 2.5% year over year, far above the 1.9% year-over-year increase in February and the eurozone’s 2% inflation target. Energy prices jumped 4.9%, becoming the main driver of the rise in inflation that month.

At the corporate level, on Tuesday, Unilever, a well-known European consumer goods company, announced that given uncertainty in the external environment, it will pause hiring worldwide for three months. It will also merge part of its food business with the U.S. seasoning brand, SpiceMates. According to information, during the production and packaging and transportation of Unilever products, large amounts of chemical and plastic resin materials are consumed, and the production of these materials has been affected by turmoil in the Middle East, driving up prices. Unilever’s stock price listed in London fell 7.28% that day.

March 31: International oil prices moved mixed

In terms of crude oil futures, due to continued disruptions to transport via the Strait of Hormuz and nearby shipping routes, uncertainty over how the Middle East conflict will unfold persists, and expectations of tighter supply continue to support gains in international oil prices. During the day, after Iran signaled willingness to end the war, Brent crude’s upside narrowed and U.S. crude switched to decline. By the close, the light sweet crude oil futures price for May delivery on the New York Mercantile Exchange settled at $101.38 per barrel, down 1.46%. The May-delivered London Brent crude oil futures price settled at $118.35 per barrel, up 4.94%.

U.S. crude in March recorded a cumulative gain of over 50%

Brent logged its largest month of gains since 1988

Since the U.S.-led military action against Iran, tensions in the Middle East have continued to escalate, causing international oil prices to swing violently and rise under volatility. From the full month of March, the front-month contract price of New York crude oil futures rose cumulatively 51.27%, the best monthly performance since May 2020. The front-month contract price of Brent crude futures surged more than 60%, the largest month of gains since 1988.

Reuters survey: OPEC’s March crude oil output per day

Fell to a new low since June 2020

According to a Reuters survey, affected by production cuts by some Gulf countries, OPEC member countries’ crude oil output in March decreased by 7.3 million barrels month over month to 215.7 million barrels per day, falling to the lowest level since June 2020.

March 31: International gold and silver prices rose

In the precious metals market, international gold and silver prices rose on Tuesday, supported by safe-haven buying driven by the repeated developments in the Middle East situation, as well as a decline in the U.S. dollar index. By the close, the June-delivered gold futures price on the New York Mercantile Exchange settled at $4,678.60 per ounce, up 2.66%. The May-delivered silver futures price settled at $74.919 per ounce, up 6.16%.

March: New York gold futures cumulative fell by more than 10%

Silver futures plunged nearly 20%

Looking back at the entire month of March, the escalation of the Middle East conflict failed to continue supporting precious metals prices. The front-month contract price of New York gold futures fell cumulatively 10.85%, marking not only the first monthly decline in nine months, but also the largest single-month drop since June 2013. The front-month contract price of silver futures fell cumulatively 19.69%, the worst monthly performance in nearly 15 years. Analysts believe that wars pushed up oil and gas prices, which raised concerns in the market about a surge in inflation, thereby strengthening expectations that major global central banks will raise interest rates. In addition, when markets were volatile, some investors sold gold to gain more liquidity, which also put downward pressure on gold and silver prices.

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