Chapter 1: Weekly Business Overview

In the latest financial landscape, the S&P 500 saw a slight uptick on Friday, concluding a holiday-shortened week where investors remained cautious amid adjustments for the quarter-end. On Good Friday, during the trading holiday, the core personal consumption expenditures price index—the Federal Reserve's favored inflation measure—revealed a deceleration in February.

Fed Chair Jerome Powell, at a conference in San Francisco, commented favorably on these figures, stating it was "encouraging to see data aligning with predictions." As the first quarter wrapped up, Wall Street celebrated a strong performance, with the S&P achieving a notable 10% increase, marking its best Q1 performance since 2019. Throughout the week, the S&P 500 climbed by +0.4%, the Dow rose by +0.8%, while the Nasdaq Composite experienced a slight decline of -0.3%.

Next week, attention will shift to the release of U.S. non-farm payroll data on Friday, where economists anticipate an addition of 216,000 jobs for March—a decrease from February's 275,000. Furthermore, Fed Chair Jerome Powell is scheduled to speak on the economic outlook at a Stanford forum on Wednesday.

The U.S. Dollar Index (DXY) is approaching a potential new high for March, currently resting just below at 104.72. There is bullish momentum, as the Greenback has enjoyed a four-day winning streak. The critical resistance level of 104.60, which capped the previous week's rally, has been exceeded, indicating further upward movement. The next significant challenge will be 104.96, with the psychological milestone of 105.00 following closely behind.

Beyond that, 105.12 signifies the last resistance point before the Relative Strength Index (RSI) enters the overbought zone. Despite supportive moving averages such as the 200-day Simple Moving Average (SMA) at 103.75, the 100-day SMA at 103.48, and the 55-day SMA at 103.72, their importance as support levels has not been validated, as traders have not awaited pullbacks to these levels before acting.

The weekend mirrored recent trends, with minimal price movements. However, a surge in the leading cryptocurrency occurred on Monday and Tuesday, as Bitcoin soared over four thousand dollars, reclaiming the $70,000 mark for the first time in weeks. The bullish trend persisted into Wednesday, pushing BTC to a 15-day high of nearly $72,000.

Despite this, bearish sentiment emerged, prompting a $3,000 retracement before Bitcoin began to recover, aided by positive net flows in spot ETFs. As the week drew to a close and the weekend commenced, market activity was relatively calm, yet Bitcoin remained above $70,000. Among larger-cap altcoins, BCH and ICP stood out as notable gainers, with Bitcoin Cash experiencing over a 30% increase, reaching $600 just prior to its second halving.

As numerous companies approach or surpass the $1 trillion market capitalization threshold, we've compiled a graphic to illustrate the top five firms listed on the Nasdaq, New York Stock Exchange (NYSE), and global exchanges, with data sourced from Companiesmarketcap.com as of March 12, 2024.

Chapter 2: Emerging Trends in Quantum Computing and Debt Dynamics

In 2023, funding in the quantum computing sector reached an unprecedented milestone, defying the overall decline in venture funding for the second year running. Despite being a nascent technology, startups are actively exploring diverse applications for quantum computing, which fundamentally processes information differently from traditional computers. These applications span a range of industries, including enhanced AI model training, simulating complex chemical reactions, and solving intricate logistics challenges.

For a long time, the trends surrounding debt dynamics were favorable, primarily due to real interest rates being significantly lower than growth rates. This situation reduced the urgency for fiscal consolidation, allowing public deficits and debt levels to rise. However, the pandemic exacerbated this trend, leading to further increases in debt as governments implemented substantial emergency aid measures.

Consequently, the ratio of public debt to gross domestic product has surged in recent years across both advanced and emerging economies. Projections suggest that by 2028, this ratio will reach 120% and 80% of output, respectively.

Chapter 3: Oil Production and Fintech Unicorns

Despite ongoing efforts to transition to a low-carbon global economy, oil continues to be one of the world's vital resources, predominantly sourced from a limited number of countries that wield substantial economic and political power. The accompanying infographic details global crude oil production in 2023, measured in million barrels per day, with data from the U.S. Energy Information Administration (EIA).

The growth of global fintech unicorns appears to have plateaued. According to the latest unicorn market map by CB Insights, there are currently 219 unicorns in the financial services sector, reflecting a modest increase of three from the previous update in October 2023. Notably, only 12 new fintech unicorns emerged in 2023, a stark contrast to the 111 that debuted in 2021.

In the U.S., the creation of new fintech unicorns has dwindled. Globally, just seven new fintech unicorns have emerged in the past six months, with only one from the U.S.—Vestwell, an investment platform for workplaces. In comparison, Asia accounts for five of the seven new unicorns: Tabby and Tamara in MENA, Perfios and InCred in India, and HashKey in Hong Kong.

Chapter 4: The Rise of Bitcoin ETFs and Apple's Ecosystem

The emergence of Bitcoin exchange-traded funds (ETFs) in the U.S. has sparked growing concerns within the global crypto sector, highlighted by a debate among Japan's digital asset exchanges about the advantages and disadvantages of these funds. Since their launch on January 11, a group of 10 U.S. spot Bitcoin funds has attracted over $11 billion in net inflows, marking the most successful debut of a new ETF category to date.

Apple has long been celebrated for its strategy of seamlessly integrating its products and services, creating an ecosystem where devices work together effortlessly. While this integration has bolstered the appeal of Apple's devices, particularly among less tech-savvy users, it has also raised challenges. The line between cohesive product integration and establishing unlawful barriers for competitors has become increasingly blurred, raising concerns for Apple.

Chapter 5: The Luxury Goods Market and Investment Returns

The ultra-wealthy indulge in luxury items like fine wines, expensive watches, and unique art pieces, sometimes driven by passion and at other times as investments—often yielding profitable returns. A look into the 10-year performance of various luxury asset classes as of Q4 2023, as reported by the Knight Frank Luxury Investment Index within the 2024 Wealth Report, provides valuable insights. The 10-year return of the S&P 500 is also included for context.

Market Comic: Reddit's Price Surges as Investors Assess Valuation