The S&P/BMV IPC index dropped 0.68% at the market open, settling at 68,763 points. This decline reflects the cautious tone currently prevailing in global markets, according to expansion.mx.
Investor attention is focused on a pivotal week for the technology sector. Upcoming earnings reports from Alphabet, Microsoft, Amazon, Meta Platforms, and Apple will be critical in determining whether the recent market rally is built on solid fundamentals.
Market movements are closely tracking the performance of semiconductor-related companies. Stocks such as Intel, Qualcomm, and Micron Technology have recently led the Nasdaq's gains, driven by chip demand and the artificial intelligence boom.
Pressure on Crude Prices and Strength in the Peso
On the international stage, ongoing tensions are keeping pressure on energy prices. Stalled negotiations between the United States and Iran, along with uncertainty regarding the reopening of the Strait of Hormuz, are weighing on the market, expansion.mx reports.
Against this backdrop, oil prices are trading higher. WTI crude rose 0.7% to $95.03 per barrel, while Brent advanced nearly 1% to reach $106.30. The Mexican Export Blend remains at elevated levels, hovering around $97.53 per barrel due to the regional risk premium.
In the foreign exchange market, the Mexican peso showed strength, appreciating 0.10% to trade at 17.36 per dollar. This gain comes as the US Dollar Index retreated 0.20%, buoyed by potential diplomatic breakthroughs in the Middle East.
The Mexican peso has accumulated a monthly gain of over 4%, supported by interest rate differentials and moderating global nervousness. In fixed income, sovereign bond yields saw moderate increases, with the US 10-year Treasury at 4.32% and its Mexican counterpart at 9.04%.
Globally, Asian markets closed with mixed results, highlighted by a 1.38% rise in the Nikkei 225. Meanwhile, European markets are trending upward, led by a 0.80% gain in the Euro Stoxx 50.
In macroeconomic news, Mexico reported a trade surplus of $5.932 billion in March, a figure that exceeded market expectations. In contrast, the GfK index shows a decline in consumer confidence in Germany, while in Asia, the Bank of Japan is expected to keep its benchmark interest rate unchanged.
