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U.S. stock markets closed mixed on Thursday to end a fascinating first-quarter. Market participants were waiting for the key inflation data of February guess about the time of the Fed’s first cut of the benchmark interest rate. Wall Street was closed on Friday to observe Good Friday. The three major stock indexes reported mixed results for the last truncated week. However, the last month was a strong one for Wall Street and the last quarter was a record-breaking one.
How Did The Benchmarks Perform?
The Dow Jones Industrial Average (DJI) rose 0.1% to close at 39,807.37, marking a fresh closing high. Notably, 19 components of the 30-stock index ended in positive territory and 11 ended in negative zone. The blue-chip index is less than 1% away to breach the crucial technical barrier of 40,000 in its history.
The tech-heavy Nasdaq Composite finished at 16,379.46, sliding 0.1% due to weak performance by technology bigwigs. The major loser of the tech-laden index was Moderna Inc. (MRNA - Free Report) . The stock price of the biotech giant tumbled 3.6%. Moderna currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The S&P 500 gained 0.1% to finish at 5,254.35, marking a fresh closing high. In the intraday trading, the benchmark hits an all-time high at 5,264.85. Eight out of 11 broad sectors of the broad-market index ended in positive territory, while three in negative zone. The Energy Select Sector SPDR (XLE) increased 1.1%.
The fear-gauge CBOE Volatility Index (VIX) was up 1.8% to 13.01. A total of 11.17 billion shares were traded on Thursday, lower than the last 20-session average of 12.07 billion. Advancers outnumbered decliners on the NYSE by a 1.87-to-1 ratio. On Nasdaq, a 1.42-to-1 ratio favored advancing issues.
Economic Data
The Department of Labor reported that initial claims fell 2,000 to 210,000 for the week ended Mar 23, lower-than the consensus estimate of 214,000. Previous week’s data was revised upward from 210,000 to 212,000.
Continuing claims (those who have already received government aids and reported a week behind) increased 24,000 to 1.819 million. Previous week’s data was revised downward by 12,000 to 1.795 million.
The Department of Commerce reported that U.S. GDP grew 3.4% in fourth-quarter 2023, beating the consensus estimate of 3.2%. The University of Michigan reported that the final reading of the consumer sentiment index for March came in at 79.4%, beating both the consensus estimate and March’s preliminary reading of 76.5%.
The National Association of REALTORS reported that pending home sales in February increased 1.6%, beating the consensus estimate of 1%. January’s data was revised upward to a decrease of 4.7% from a drop of 4.9%.
The Department of Labor reported that the headline PCE inflation rate rose 0.3% month over month in February compared with 0.4% in the previous month. Year over year, PCE inflation rose 2.5% in February compared with 2.4% in January.
Core PCE inflation rate (excluding volatile food and energy items) – Fed’s favorite inflation gauge - rose 0.3% month over month in February compared with 0.5% in the previous month. Year over year, core PCE inflation rose 2.8% in February compared with 2.9% in January.
Personal consumption expenditure increased 0.8% month over month in February, compared with the consensus estimate of 0.5% and 0.2% increase in January. Personal income rose 0.3% month over month in February, compared with the consensus estimate of 0.5% and 1% increase in January. Personal savings rate dropped to 3.6% in February from upwardly revised 4.1% in January.
Weekly Roundup
Last week was a mixed one for Wall Street. The Dow and the S&P 500 increased 0.8% and 0.4%, respectively. However, the Nasdaq Composite slipped 0.3%. This was primarily due to a shift in investors reference from overvalued technology stocks to other cyclical stocks.
Monthly Roundup
U.S. stock markets have seen a strong February recording five consecutive winning months. The Dow, the S&P 500 and the Nasdaq Composite advanced 2.1%, 3.1% and 1.8%, respectively.
Quarterly Roundup
First-quarter 2024 was an impressive one for Wall Street. The Dow surged 5.6%, reflecting its strongest first-quarter performance since 2021. The S&P 500 rallied 10.2%, marking its best first-quarter performance since 2019. The Nasdaq Composite appreciated 9.1% in same quarter.
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Stock Market News for Apr 1, 2024
U.S. stock markets closed mixed on Thursday to end a fascinating first-quarter. Market participants were waiting for the key inflation data of February guess about the time of the Fed’s first cut of the benchmark interest rate. Wall Street was closed on Friday to observe Good Friday. The three major stock indexes reported mixed results for the last truncated week. However, the last month was a strong one for Wall Street and the last quarter was a record-breaking one.
How Did The Benchmarks Perform?
The Dow Jones Industrial Average (DJI) rose 0.1% to close at 39,807.37, marking a fresh closing high. Notably, 19 components of the 30-stock index ended in positive territory and 11 ended in negative zone. The blue-chip index is less than 1% away to breach the crucial technical barrier of 40,000 in its history.
The tech-heavy Nasdaq Composite finished at 16,379.46, sliding 0.1% due to weak performance by technology bigwigs. The major loser of the tech-laden index was Moderna Inc. (MRNA - Free Report) . The stock price of the biotech giant tumbled 3.6%. Moderna currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The S&P 500 gained 0.1% to finish at 5,254.35, marking a fresh closing high. In the intraday trading, the benchmark hits an all-time high at 5,264.85. Eight out of 11 broad sectors of the broad-market index ended in positive territory, while three in negative zone. The Energy Select Sector SPDR (XLE) increased 1.1%.
The fear-gauge CBOE Volatility Index (VIX) was up 1.8% to 13.01. A total of 11.17 billion shares were traded on Thursday, lower than the last 20-session average of 12.07 billion. Advancers outnumbered decliners on the NYSE by a 1.87-to-1 ratio. On Nasdaq, a 1.42-to-1 ratio favored advancing issues.
Economic Data
The Department of Labor reported that initial claims fell 2,000 to 210,000 for the week ended Mar 23, lower-than the consensus estimate of 214,000. Previous week’s data was revised upward from 210,000 to 212,000.
Continuing claims (those who have already received government aids and reported a week behind) increased 24,000 to 1.819 million. Previous week’s data was revised downward by 12,000 to 1.795 million.
The Department of Commerce reported that U.S. GDP grew 3.4% in fourth-quarter 2023, beating the consensus estimate of 3.2%. The University of Michigan reported that the final reading of the consumer sentiment index for March came in at 79.4%, beating both the consensus estimate and March’s preliminary reading of 76.5%.
The National Association of REALTORS reported that pending home sales in February increased 1.6%, beating the consensus estimate of 1%. January’s data was revised upward to a decrease of 4.7% from a drop of 4.9%.
The Department of Labor reported that the headline PCE inflation rate rose 0.3% month over month in February compared with 0.4% in the previous month. Year over year, PCE inflation rose 2.5% in February compared with 2.4% in January.
Core PCE inflation rate (excluding volatile food and energy items) – Fed’s favorite inflation gauge - rose 0.3% month over month in February compared with 0.5% in the previous month. Year over year, core PCE inflation rose 2.8% in February compared with 2.9% in January.
Personal consumption expenditure increased 0.8% month over month in February, compared with the consensus estimate of 0.5% and 0.2% increase in January. Personal income rose 0.3% month over month in February, compared with the consensus estimate of 0.5% and 1% increase in January. Personal savings rate dropped to 3.6% in February from upwardly revised 4.1% in January.
Weekly Roundup
Last week was a mixed one for Wall Street. The Dow and the S&P 500 increased 0.8% and 0.4%, respectively. However, the Nasdaq Composite slipped 0.3%. This was primarily due to a shift in investors reference from overvalued technology stocks to other cyclical stocks.
Monthly Roundup
U.S. stock markets have seen a strong February recording five consecutive winning months. The Dow, the S&P 500 and the Nasdaq Composite advanced 2.1%, 3.1% and 1.8%, respectively.
Quarterly Roundup
First-quarter 2024 was an impressive one for Wall Street. The Dow surged 5.6%, reflecting its strongest first-quarter performance since 2021. The S&P 500 rallied 10.2%, marking its best first-quarter performance since 2019. The Nasdaq Composite appreciated 9.1% in same quarter.