Gold Shines as Bitcoin Struggles 04/02/2026

HOT stories for today

Market wrap:

• U.S. equities retreated in the prior session as investors rotated out of higher-risk growth stocks and into more cyclical names. The S&P 500 slid about 0.8%, while the Nasdaq Composite dropped 1.4%. The Dow Jones Industrial Average fell roughly 167 points, or 0.3%, paring gains after setting an intraday record. Technology shares bore the brunt of the selloff. NVIDIA and Microsoft each fell more than 2%, while major AI-infrastructure plays, including Broadcom, Oracle, and Micron Technology, also finished lower. Software stocks underperformed, with ServiceNow and Salesforce tumbling nearly 7%. The technology sector was the weakest in the S&P 500, sinking more than 2%.
• Private-credit names such as Blue Owl and TPG declined amid concerns that artificial intelligence could disrupt the software industry’s business models. After the close, Chipotle Mexican Grill slid almost 6% after reporting a fourth consecutive quarter of declining traffic and forecasting flat same-store sales growth in 2026. Advanced Micro Devices fell 8% after issuing a first-quarter outlook that missed some analysts’ expectations. Elsewhere, Bitcoin briefly dropped below $73,000, touching its lowest level since November 2024 as selling pressure intensified. Asian software stocks fell sharply following the U.S. tech rout, while headlines also included the resignation of Federal Reserve official Stephen Miran from a White House role.

Gold, Silver Jump on Softer Dollar

• Gold and silver rebounded, with bullion jumping 6.1% to settle at $4,935 an ounce and silver climbing 8.2% to $83.30. A 0.2% pullback in the dollar index to 97.42 helped underpin the move, though some strategists cautioned the support may prove fleeting. ICE U.S. Dollar Index slipped after two sessions of gains, offering what one analyst described as a short-term “breather” rather than a shift driven by policy or a durable change in the risk backdrop. The bounce marked the first advance in two sessions for both metals following last week’s record volatility. Gold posted its strongest one-day gain since March 2009, according to Dow Jones Market Data, after shedding about 13% over the prior two trading days. Silver outpaced peers after a roughly 33% two-session slide.
• Some analysts also flagged an unusual dynamic: gold strength arriving even as risk appetite appears to be improving. With equities in Asia pushing higher, including a sharp advance in South Korea and a fresh peak for Japan, one strategist said gold has been trading less like a haven and more like a risk asset, a shift blamed in part on speculative, leveraged positioning and volatility that can ripple through diversified portfolios.

Stocks on the move:

• Chipotle Mexican Grill (CMG): Shares sank 6% after the burrito chain said restaurant traffic fell for a fourth consecutive quarter and guided to flat same-store sales growth in 2026. Adjusted fourth-quarter earnings and revenue still topped estimates, according to LSEG.
• Corteva (CTVA): The agriculture company slid 5% after missing on fourth-quarter sales, with softer crop prices and geopolitical tensions weighing on demand for crop-protection products and seeds.
• Advanced Micro Devices (AMD): The chipmaker dropped about 7%. AMD forecast first-quarter revenue of $9.8 billion, plus or minus $300 million, and guided to a non-GAAP gross margin of about 55%, roughly in line with expectations.
• Clorox (CLX): The maker of Glad trash bags and Clorox bleach fell 2% after adjusted fiscal second-quarter earnings came in below consensus. The company maintained its outlook for full-year gross margin to decline 50 to 100 basis points.
• Enphase Energy (ENPH): The solar-and-storage supplier jumped about 19% after issuing stronger-than-expected first-quarter revenue guidance and posting fourth-quarter results that beat estimates.

Watchlist: CMG, CLX, AMD, ENPH, TTWO, AMGN, MDLZ, LLY, NVO

Key Economic Events Today:

EST time

08:15 am: USD ADP Non-Farm Employment Change
09:45 am: USD Final Services PMI
10:00 am: USD ISM Services PMI
06:30 pm: USD FOMC Member Cook Speaks


Earnings

BMO ( Before Market Open): Eli Lilly (LLY), AbbVie (ABBV), Novartis  (NVS), Novo Nordisk (NVO), Uber Technologies (UBER)

AMC (After Market Close): Google (GOOGL), Qualcomm (QCOM)


The TEFS Analyst team wishes you a successful day!