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U.S. stock markets closed higher on Friday, the first trading day of March, maintaining the momentum of the first two months of 2024. Market participants were assessing strong earnings results. All three major stock indexes ended in positive territory. However, the last week was a mixed one for the U.S. stock markets.
How Did The Benchmarks Perform?
The Dow Jones Industrial Average (DJI) was up 0.2% to close at 39,087.38. Notably, 16 components of the 30-stock index ended in positive territory and 14 ended in negative zone. The blue-chip index is currently 0.5% below its all-time high recorded on Feb 23.
The tech-heavy Nasdaq Composite finished at 16,274.94, rising 1.1% or 183.02 points due to strong performance by technology bigwigs. The tech-laden index has recorder a new all-time high in 2024 and has joined the bull market with its peers.
The S&P 500 gained 0.8% to finish at 5,137.08. Wall Street’s benchmark posted its first closing above 5,100 in its history. In the intraday trading, the index posted a new all-time high of 5,140.33. Nine out of 11 broad sectors of the broad-market index ended in positive territory while two in negative zone.
The Health Care Select Sector SPDR (XLV), the Technology Select Sector SPDR (XLY), the Energy Select Sector SPDR (XLE) and the Real Estate Select Sector SPDR (XLRE) advanced 1.1%, 1.8%, 1.2% and 1.1%, respectively.
The fear-gauge CBOE Volatility Index (VIX) was down 2.2% to 13.11. Advancers outnumbered decliners on the NYSE by a 2.29-to-1 ratio. On Nasdaq, a 1.55-to-1 ratio favored advancing issues. The S&P 500 posted 87 new 52-week highs and 2 new 52-week lows while the Nasdaq recorded 363 new 52-week highs and 88 new 52-week lows.
Strong Earnings Results
Dell Technologies Inc. (DELL - Free Report) reported non-GAAP earnings of $2.20 per share in fourth-quarter fiscal 2024, beating the Zacks Consensus Estimate by 27.17%. The bottom line increased 22% year over year. Revenues, on a non-GAAP basis, declined 11% year over year to $22.3 billion and beat the consensus mark by 0.84%.
Hewlett Packard Enterprise Co. (HPE - Free Report) reported non-GAAP earnings of $0.48 per share for the first quarter of fiscal 2024, which beat the Zacks Consensus Estimate by 6.3%. Revenues of $6.75 billion decreased 14% from the prior-year quarter and 8% sequentially. The top line missed the Zacks Consensus Estimate of $7.06 billion.
Autodesk Inc. (ADSK - Free Report) reported fourth-quarter fiscal 2024 non-GAAP earnings of $2.09 per share, which beat the Zacks Consensus Estimate by 7.18% and improved 12.4% year over year. The company reported revenues of $1.46 billion, which beat the consensus mark by 2.66%. The figure rose 11.5% year over year.
Consequently, stock prices of Dell, Hewlett Packard Enterprise, and Autodesk rallied 31.6%, 2.2% and 12.6%, respectively. Dell Technologies currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Economic Data
The Institute of Supply Management (ISM) reported that the reading for U.S. manufacturing PMI (purchasing managers’ index) came in at 47.8 in February, compared with 49.1 the previous month. The consensus estimate was 49.5. Notably, any reading below 50 indicates a contraction in manufacturing activities.
Construction spending in January fell 0.2% in contrast to the consensus estimate of an increase of 0.3%. December’s reading was revised upward to 1.1% from 0.9% reported earlier.
The University of Michigan reported that the final reding of the consumer sentiment index for February came in at 76.9. However, both the consensus final reading and the preliminary reading for February was 79.6.
Weekly Roundup
Last week was a mixed bag for Wall Street. The S&P 500 and the Nasdaq Composite gained 1.7% and 1%, respectively, following strong performance of tech behemoths. Both indexes notched their seventh positive week over the last eight. However, the Dow fell 0.1% based on negative news on some of its key cyclical components.
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Stock Market News for Mar 4, 2024
U.S. stock markets closed higher on Friday, the first trading day of March, maintaining the momentum of the first two months of 2024. Market participants were assessing strong earnings results. All three major stock indexes ended in positive territory. However, the last week was a mixed one for the U.S. stock markets.
How Did The Benchmarks Perform?
The Dow Jones Industrial Average (DJI) was up 0.2% to close at 39,087.38. Notably, 16 components of the 30-stock index ended in positive territory and 14 ended in negative zone. The blue-chip index is currently 0.5% below its all-time high recorded on Feb 23.
The tech-heavy Nasdaq Composite finished at 16,274.94, rising 1.1% or 183.02 points due to strong performance by technology bigwigs. The tech-laden index has recorder a new all-time high in 2024 and has joined the bull market with its peers.
The S&P 500 gained 0.8% to finish at 5,137.08. Wall Street’s benchmark posted its first closing above 5,100 in its history. In the intraday trading, the index posted a new all-time high of 5,140.33. Nine out of 11 broad sectors of the broad-market index ended in positive territory while two in negative zone.
The Health Care Select Sector SPDR (XLV), the Technology Select Sector SPDR (XLY), the Energy Select Sector SPDR (XLE) and the Real Estate Select Sector SPDR (XLRE) advanced 1.1%, 1.8%, 1.2% and 1.1%, respectively.
The fear-gauge CBOE Volatility Index (VIX) was down 2.2% to 13.11. Advancers outnumbered decliners on the NYSE by a 2.29-to-1 ratio. On Nasdaq, a 1.55-to-1 ratio favored advancing issues. The S&P 500 posted 87 new 52-week highs and 2 new 52-week lows while the Nasdaq recorded 363 new 52-week highs and 88 new 52-week lows.
Strong Earnings Results
Dell Technologies Inc. (DELL - Free Report) reported non-GAAP earnings of $2.20 per share in fourth-quarter fiscal 2024, beating the Zacks Consensus Estimate by 27.17%. The bottom line increased 22% year over year. Revenues, on a non-GAAP basis, declined 11% year over year to $22.3 billion and beat the consensus mark by 0.84%.
Hewlett Packard Enterprise Co. (HPE - Free Report) reported non-GAAP earnings of $0.48 per share for the first quarter of fiscal 2024, which beat the Zacks Consensus Estimate by 6.3%. Revenues of $6.75 billion decreased 14% from the prior-year quarter and 8% sequentially. The top line missed the Zacks Consensus Estimate of $7.06 billion.
Autodesk Inc. (ADSK - Free Report) reported fourth-quarter fiscal 2024 non-GAAP earnings of $2.09 per share, which beat the Zacks Consensus Estimate by 7.18% and improved 12.4% year over year. The company reported revenues of $1.46 billion, which beat the consensus mark by 2.66%. The figure rose 11.5% year over year.
Consequently, stock prices of Dell, Hewlett Packard Enterprise, and Autodesk rallied 31.6%, 2.2% and 12.6%, respectively. Dell Technologies currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Economic Data
The Institute of Supply Management (ISM) reported that the reading for U.S. manufacturing PMI (purchasing managers’ index) came in at 47.8 in February, compared with 49.1 the previous month. The consensus estimate was 49.5. Notably, any reading below 50 indicates a contraction in manufacturing activities.
Construction spending in January fell 0.2% in contrast to the consensus estimate of an increase of 0.3%. December’s reading was revised upward to 1.1% from 0.9% reported earlier.
The University of Michigan reported that the final reding of the consumer sentiment index for February came in at 76.9. However, both the consensus final reading and the preliminary reading for February was 79.6.
Weekly Roundup
Last week was a mixed bag for Wall Street. The S&P 500 and the Nasdaq Composite gained 1.7% and 1%, respectively, following strong performance of tech behemoths. Both indexes notched their seventh positive week over the last eight. However, the Dow fell 0.1% based on negative news on some of its key cyclical components.