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Wall Street ended lower on Monday to start a holiday-shortened week as investors looked forward to key inflation data scheduled for release later this week. All three major indexes finished in negative territory.
How Did The Benchmarks Perform?
The Dow Jones Industrial Average (DJI) slid 0.4% or 162.26 points to close at 39,313.64 points.
The S&P 500 fell 0.3% or 15.99 points, to end at 5,218.19 points. Tech and industrial stocks were the worst performers.
The Technology Select Sector SPDR (XLK) dropped 0.7%, while the Industrials Select Sector SPDR (XLI) declined 0.6%. The Communication Services Select Sector SPDR (XLC) lost 0.3%. Eight of the 11 sectors of the benchmark index ended in negative territory.
The tech-heavy Nasdaq declined 0.3% or 44.35 points to finish at 16,384.47 points.
The fear-gauge CBOE Volatility Index (VIX) was up 1% to 13.19.
Stocks Taking Breather Ahed of Inflation Data Release
U.S. stocks ended mostly lower on Friday but the week turned out to be this year’s best for all three major indexes after Federal Reserve Chairman Jerome Powell in his first post-FOMC meeting statement said that the central bank still plans three rate cuts by the end of this year.
Investors’ sentiment is bullish and indexes are on track to wrap up March and the first quarter on a high. The S&P 500 is on track to end the quarter up 9.4%, with the economy on solid ground and robust optimism around earnings growth.
On Monday, stocks took a breather ahead of the release of key inflation data that will give them a better idea about the timing of the first interest rate cut. However, Wall Street is on track for its fifth straight quarterly gains. Investors’ sentiment is currently above its historical average, according to the American Association of Individual Investors’ sentiment survey.
Investors also focused on The Boeing Company ((BA - Free Report) ) after it announced that its CEO Dave Calhoun will resign from his position by the end of the year as the planemaker continues to grapple with multiple safety-related issues. Shares of Boeing end 1.4% higher.
Economic Data
In economic data released on Monday, declined in February as mortgage rates increased during the month. The Commerce Department reported that new single-family home sales declined 0.3% in February to a seasonally adjusted annual rate of 662,000 units, its lowest level in two-and-a-half years.
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Stock Market News for Mar 26, 2024
Wall Street ended lower on Monday to start a holiday-shortened week as investors looked forward to key inflation data scheduled for release later this week. All three major indexes finished in negative territory.
How Did The Benchmarks Perform?
The Dow Jones Industrial Average (DJI) slid 0.4% or 162.26 points to close at 39,313.64 points.
The S&P 500 fell 0.3% or 15.99 points, to end at 5,218.19 points. Tech and industrial stocks were the worst performers.
The Technology Select Sector SPDR (XLK) dropped 0.7%, while the Industrials Select Sector SPDR (XLI) declined 0.6%. The Communication Services Select Sector SPDR (XLC) lost 0.3%. Eight of the 11 sectors of the benchmark index ended in negative territory.
The tech-heavy Nasdaq declined 0.3% or 44.35 points to finish at 16,384.47 points.
The fear-gauge CBOE Volatility Index (VIX) was up 1% to 13.19.
Stocks Taking Breather Ahed of Inflation Data Release
U.S. stocks ended mostly lower on Friday but the week turned out to be this year’s best for all three major indexes after Federal Reserve Chairman Jerome Powell in his first post-FOMC meeting statement said that the central bank still plans three rate cuts by the end of this year.
Investors’ sentiment is bullish and indexes are on track to wrap up March and the first quarter on a high. The S&P 500 is on track to end the quarter up 9.4%, with the economy on solid ground and robust optimism around earnings growth.
On Monday, stocks took a breather ahead of the release of key inflation data that will give them a better idea about the timing of the first interest rate cut. However, Wall Street is on track for its fifth straight quarterly gains. Investors’ sentiment is currently above its historical average, according to the American Association of Individual Investors’ sentiment survey.
Separately, shares of Intel Corporation ((INTC - Free Report) ) fell 1.7% on reports that according to new guidelines in China, the company’s chips would be blocked in government servers and computers. Intel has a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
Investors also focused on The Boeing Company ((BA - Free Report) ) after it announced that its CEO Dave Calhoun will resign from his position by the end of the year as the planemaker continues to grapple with multiple safety-related issues. Shares of Boeing end 1.4% higher.
Economic Data
In economic data released on Monday, declined in February as mortgage rates increased during the month. The Commerce Department reported that new single-family home sales declined 0.3% in February to a seasonally adjusted annual rate of 662,000 units, its lowest level in two-and-a-half years.