24 March 2026 — Today’s Market News — Energy IPO Momentum Builds with $231M Baker Hughes-Backed Listing as Tesla Jumps ~3–4% on AI Expansion.
HDFC issues; gold and silver retreat amid rising yields.
Global markets fell sharply, with equities under pressure as yields rose and geopolitical tensions escalated. The Nifty dropped over 5% while U.S. stocks declined more than 1%, led by weakness in growth sectors. Commodities saw heavy selling, with gold and silver plunging on dollar strength and rising yields.
Today’s Snapshot
• Nifty 50: 22,512.65 (-5.32%)
• Nasdaq Composite: 21,647.61 (−1.27%)
• S&P 500: 6,506.48 (−1.39%)
• Gold: $4,406.87/oz (-10.28%)
• Silver: $69.15/oz (-14.52%)
Global Markets
(A) Precious Metals
Gold: $4,406.87/oz (-10.28%)
Gold fell sharply by 10.28% as higher U.S. yields and a stronger dollar reduced demand, with selling accelerated by position unwinds.
Silver: $69.15/oz (-14.52%)
Silver fell sharply by 14.52%, tracking gold’s decline as higher yields and a stronger dollar pressured metals, with additional weakness from position unwinds and risk-off sentiment.
(B) FX
Dollar Index (DXY): 99.36 (+0.27%)
The dollar edged higher as cautious sentiment persisted amid Middle East tensions, after U.S. President Donald Trump postponed strikes on Iran by five days, with conflicting signals on talks keeping uncertainty—and safe-haven demand—elevated.
USD/JPY: 158.43 (+5.77%)
USD/JPY was little changed, with the yen s strengthening as markets reassessed rate differentials. Japan’s core inflation slowed to 1.6%, below the BOJ’s 2% target,
(C) Stock Market — What Happened Today
U.S. Equities
- S&P 500: 6,506.48 (−1.39%)
- Nasdaq Composite: 21,647.61 (−1.27%)
U.S. equities fell as rising yields and Middle East tensions pressured valuations, particularly in growth stocks. However, the decline was relatively contained, with U.S. markets outperforming global peers due to stronger economic resilience and lower exposure to energy shocks.
HMH Holding (IPO)
The oilfield equipment company is seeking to raise up to $231 million through a U.S. IPO, with shares expected to be priced between $19 and $22, implying a valuation of around $948 million. The company plans to list on the Nasdaq Global Select Market under the ticker “HMH,” with backing from Baker Hughes.
Tesla (TSLA)
Shares rose around 3–4% after Elon Musk unveiled the “Terafab” project, a large-scale AI chip manufacturing initiative integrating Tesla, SpaceX, and xAI.
The development reinforced Tesla’s positioning beyond electric vehicles into AI, robotics, and computing, supporting long-term growth expectations.
India
Nifty 50: 22,512.65 (-5.32%)
HDFC (HDFCBANK)
Shares had fallen sharply around 12% in recent sessions after the abrupt resignation of former chairman Atanu Chakraborty, who cited differences over “values and ethics,” raising governance concerns among investors. former chairman Atanu Chakraborty, who cited differences over “values and ethics,” raising governance concerns among investors.
The bank has now appointed external law firms to review the resignation letter and assess the situation, aiming to reinforce governance standards and restore investor confidence.
The move helped the stock stabilize, with shares rebounding after losing over $16 billion in market value in the prior selloff.
Volatility & Positioning
VIX closed at 18.63, indicating cautious conditions.
What Traders Are Watching
- U.S. inflation data — Critical for shaping Federal Reserve rate expectations and bond yields.
- Central bank signals — Any shift in Fed or BOJ guidance could impact global rate differentials and FX markets.
- Treasury yield direction — Continued upward pressure could further weigh on equity valuations, especially in growth sectors.
Yesterday’s Market News — March 23, 2026
Markets were mixed, with U.S. equities near highs (S&P 500 ~6,900, flat), while commodities firmed, led by silver (+1–2%). The dollar remained stable (DXY ~99, little changed) and the yen held near 150–151 per dollar.
Catch up on: KOSPI Plunges 6%, Iran–U.S. Energy Strike Threats Shake Markets, Oil Risks Surge.
Sources
- Reuters — Global Markets — Shares jittery, oil resumes climb as fragile relief rally sours
- Reuters — Currencies — Dollar nurses losses as markets weigh Trump delay in Iran strikes
- Reuters — Global Markets — Morning Bid: Little relief from Trump
- Reuters — Business — HMH Holding seeks to raise up to $231 million in U.S. IPO
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