On "Three Witches Day," combined with tariff concerns, the futures of the three major U.S. stock indices fell, European stocks opened lower collectively, and the Turkish stock index experienced another circuit breaker

Wallstreetcn
2025.03.21 08:31
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Due to concerns over tariffs and corporate earnings reports falling short of expectations, the futures of the three major U.S. stock indices fell, European stocks opened lower collectively, and the Turkish stock index experienced another circuit breaker. Goldman Sachs expects over $4.7 trillion in options to expire on the 21st, impacting market sentiment. Chinese concept stocks generally declined, FedEx lowered its earnings guidance, and Nike's earnings report was disappointing. The U.S. dollar index rose slightly, U.S. Treasury bonds remained stable, and Brent crude oil and gold prices fluctuated slightly

Due to concerns over tariffs and disappointing corporate earnings reports dampening market sentiment, investors are facing an increasingly gloomy outlook for the global economy. The "Triple Witching Day" adds further uncertainty to the market.

Goldman Sachs estimates that over $4.7 trillion in notional options will expire on the 21st, including $2.8 trillion in SPX options and $645 billion in notional individual stock options.

On Friday the 21st, European stock futures opened lower, and U.S. futures dipped slightly. The U.S. dollar index rose slightly, while U.S. Treasury yields remained stable. The Turkish stock market triggered a circuit breaker again this week after Istanbul Mayor Ekrem İmamoğlu was arrested, leading to panic selling of Turkish assets.

  • In pre-market trading, most Chinese concept stocks fell, with Pinduoduo down about 2%, Li Auto down about 2%, JD.com down about 2%, and XPeng down about 3%.
  • FedEx fell about 6% after the company lowered its full-year earnings guidance and capital expenditure expectations. Micron Technology rose about 1%, with the company’s Q2 data center revenue doubling and Q3 guidance significantly exceeding expectations. Nike fell about 5% after the company released its third-quarter earnings report.
  • European stocks opened lower across the board, with the Euro Stoxx 50 index down 0.5%, the German DAX index down 0.5%, the UK FTSE 100 index down 0.3%, and the French CAC 40 index down 0.4%.
  • Turkey's main stock index fell 5%, triggering a circuit breaker. The Turkish stock market will resume trading at 11:22 AM local time.
  • The U.S. dollar spot index rose 0.2% to 104.
  • The yield on the 10-year U.S. Treasury rose 1 basis point to 4.2%.
  • UK bonds fell, with the yield on the 10-year government bond rising 5 basis points to a one-week high of 4.69%.
  • Brent crude oil rose 0.2% to $72.17 per barrel.
  • Spot gold fell 0.5% to $3031.17 per ounce.

The U.S. dollar spot index rose 0.2%.

The yield on the 10-year U.S. Treasury rose 1 basis point to 4.2%.

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