Nvidia successfully hosted a quantum computing event during its GTC Conference, boosting quantum stock prices prior to the event as investors anticipated positive developments even with scepticism from CEO Jensen Huang in January, when he doubted quantum computers would be useful within 15 years. However, during the event on Thursday, Huang’s attempt to clarify his earlier stance accidentally cast doubt on quantum viability by emphasising its complexities and long-term timeline, sending quantum stocks falling, which he did not realise were publicly traded. In response, Huang attempted to make amends by admitting his January remarks were misinterpreted, expressing surprise at their market impact, and reframing quantum computers as scientific instruments with the potential to accelerate instead of replace traditional computing.

EQUITY

Stocks closed slightly lower today even after President Trump's call for a lower interest rate, with healthcare and restaurant businesses ahead while the IT sector dragged. Accenture notes a significant loss of revenue in consulting from Trump's cost-cutting policy, while Olive Garden parent company Darden becomes a top performer on Wells Fargo upgrades.

GOLD

Gold pulled back from record highs from profit-taking activity as traders are getting used to dealing at new heights. The Federal Reserve's recent decision had no immediate effect, but its plan for later cuts kept gold price afloat. Escalating tensions in the Middle East and President Trump’s trade policies were also a big help, with safe-haven demand still prevalent. As a result, gold is set for its third consecutive weekly gain, with prices hovering near $3,030.

OIL

Oil prices rallied almost 2% on Friday, marking their second consecutive weekly gain after fresh U.S. sanctions on Iran and a new OPEC+ plan to cut output, tightening global supply. The U.S. Treasury targeted an independent Chinese refiner, among other entities involved in Iranian oil trade, a significant escalation in sanctions policy. Analysts predict these measures could reduce Iran's crude exports by 1 million barrels per day, while OPEC+ announced additional production cuts of up to 435,000 barrels per day through June 2026.

CURRENCY

The U.S. dollar gained slightly as the Fed said it was in no rush to cut interest rates further this year due to uncertainties around U.S. tariffs, while fresh sanctions on Iran may raise dollar usage in trades. Some analysts believe the dollar's strength may not last, particularly as the idea of U.S. exceptionalism fades and with upcoming reciprocal tariff announcements expected on April 2nd.