HomeMarket NewsSmall CapsMomentum Soars: S&P and Nasdaq Hit New Peaks, NYCB Stumbles

Momentum Soars: S&P and Nasdaq Hit New Peaks, NYCB Stumbles

Actionable Trade Ideas

always free

Wall Street bull 3

Embarking on March, Wall Street witnessed a triumphant day as the S&P 500 and Nasdaq 100 indices soared to unprecedented heights. The tech stock frenzy continued its unstoppable rise, propelling the market to new records.

Despite a sharp downturn in the ISM Manufacturing PMI numbers for February, which plunged from 49.5 to 47.8, missing the predicted 49.1, investor sentiment remained surprisingly positive. The disappointing data exerted downward pressure on both the dollar and Treasury yields, solidifying expectations for Federal Reserve rate cuts.

Federal Reserve voices, including Goolsbee, Waller, and Bostic, weighed in with a blend of comments, all acknowledging the ongoing inflation trends. Furthermore, a recent Fed report indicated that inflation expectations are in line with the coveted 2% target.

In the tech sphere, the semiconductor sector stole the show with a stellar performance, driven by the soaring demand for chips linked to artificial intelligence. The iShares Semiconductor ETF (SOXX) escalated by 3.7%, following a 2.7% jump the day before, marking a historic high since its inception.

Among the tech giants, Apple Inc. (AAPL) struggled as Goldman Sachs opted to remove the stock from its conviction list, contrasting with Meta Platforms Inc. (META) soaring to fresh all-time highs surpassing $500.

New York Community Bancorp (NYCB) faced a rough patch after revealing a β€œmaterial weakness” in internal controls concerning its loan review processes, causing a significant drop of over 20% in its share price.

The SPDR Gold Trust (GLD) recorded a 2% surge to $2,085 per ounce, headed for the most robust session since mid-December, and poised to finish at a peak.

Market Performance Highlights on Friday

Major Indices Price 1-Day %Chg
Nasdaq 100 18,246.28 1.1%
Russell 2000 2,076.00 1.1%
S&P 500 5,127.19 0.6%
Dow Jones 39,061.76 0.2%

The SPDR S&P 500 ETF Trust (SPY) advanced by 0.7% to $511.73, the SPDR Dow Jones Industrial Average (DIA) climbed 0.2% to $390.86, and the tech-heavy Invesco QQQ Trust (QQQ) surged 1.2% to $444.43, as per data from Benzinga Pro.

The Technology Select Sector SPDR Fund (XLK) outshined others, rising 1.4%, while the Utilities Select Sector SPDR Fund (XLU) lagged behind with a 1.2% decline.

Record Highs for S&P 500 and Nasdaq

Friday’s Standout Stock Activities

  • NetApp Inc. (NTAP) surged by 22% on the back of stronger-than-expected quarterly results.
  • Dominion Energy Inc. (D) plummeted by 7%, on course for its biggest daily loss since July 2020, after forecasting 2024 adjusted earnings below analyst forecasts.
  • Spirit AeroSystems Holdings Inc. (SPR) skyrocketed by 13% on rumors of Boeing Company (BA) considering acquiring the supplier.
  • Top-performing chipmakers on Friday were Marvell Technologies Inc. (MRVL), Broadcom Inc. (AVGO), and Micron Technologies Inc. (MU), posting gains between 5% and 7%.
  • Stocks reacting to earnings included Zscaler Inc. (ZS) dropping over 9%, The Cooper Companies Inc. (COO) rising 9%, MasTec Inc. (MTZ) climbing 8.5%, NCR Voyix Corp (VYX) falling 18%, Ginkgo Bioworks Holdings Inc (DNA) declining 15%, and Elastic N.V. (ESTC) dropping 12%.

Dive Deeper: Gold, Bitcoin Rally: Is US Debt Surge A Key Driver?

Artificial intelligence was used to create the image via MidJourney.

Swing Trading Ideas and Market Commentary

Need some new swing ideas? Get free weekly swing ideas and market commentary from Jonathan Bernstein here: Swing Trading.

Explore More

Weekly In-Depth Market Analysis and Actionable Trade Ideas

Get institutional-level analysis and trade ideas to take your trading to the next level, sign up for free and become apart of the community.