As the market navigated the final session leading up to Easter, U.S. equity indices maintained their composure, mirroring the somber mood about potential interest rate maneuvers.
Federal Reserve Governor Christopher J. Waller’s recent remarks opposing premature rate cuts due to uncertain inflation forecasts resonated across the trading sphere, causing some jitters among investors.
Thursday greeted traders with an unexpected upbeat revision in the U.S. gross domestic product for the fourth quarter, a promising sign of economic resilience with a 3.4% expansion, outshining initial estimates.
Market sentiment took a slight shift as traders dialed back their expectations of a June rate cut, now pegging the likelihood at 64% compared to Wednesday’s 70%, according to data from the CME Group’s FedWatch tool.
While the S&P 500 and Dow Jones indices maintained their ground, the Nasdaq 100 slipped by 0.2%, driven by recalibrated rate cut anticipations and soaring commodity prices that weighed on tech stocks.
In a dazzling display of strength, gold surged to $2,225 per ounce, breaching new all-time highs, as WTI light crude prices edged up by 1.2% to $82.50 per barrel, underscoring the market’s diverse appetite.
Bitcoin rallied above $70,700, showcasing remarkable resilience despite subdued enthusiasm for stocks, captivating the attention of crypto enthusiasts and traditional investors alike.
In the backdrop of March’s closing trading day, major U.S. indices gear up to conclude their fifth consecutive month of gains, with small caps outshining large-cap brethren, mirroring a David and Goliath narrative in the financial realm.
Thursday’s Market Overview
| Major Indices | Price | 1-day %chg | MTD %chg |
| Russell 2000 | 2,127.97 | 0.6% | 3.5% |
| S&P 500 | 5,255.38 | 0.0% | 2.9% |
| Dow Jones | 39,790.12 | 0.0% | 2.0% |
| Nasdaq 100 | 18,261.57 | -0.2% | 1.2% |
The SPDR S&P 500 ETF Trust (SPY) stood still at $523.34, while the SPDR Dow Jones Industrial Average (DIA) mirrored the stability at $397.73. The tech-heavy Invesco QQQ Trust (QQQ) danced down by 0.2% to $444.33, painting a diversified canvas of market movements.
In a sectoral ballet, the Energy Select Sector SPDR Fund (XLE) took the lead with a 0.9% climb, while the Technology Select Sector SPDR Fund (XLK) waltzed as the laggard, dipping by 0.2% in the day’s performance art.
Thursday’s Noteworthy Stocks
- Gold mining stocks glittered as the precious metal hit record highs, with Newmont Corp. (NEM) rising by 2.8%, Barrick Gold Corp. (GOLD) by 2.2%, and Agnico Eagle Mines Ltd. (AEM) by 2.7%, creating a kaleidoscope of gains.
- Nikola Corp. (NKLA) surged over 11%, buoyed by whispers of a short squeeze percolating through the Reddit community, adding a touch of meme-worthy drama to the day’s narrative.
- The Estée Lauder Company (EL) bloomed by more than 6% following an announcement of a partnership with Amazon.com Inc. (AMZN) to distribute the Clinique brand, blending traditional and e-commerce worlds seamlessly.
- RH (RH) soared over 17% after reporting stellar results, showcasing a spotlight moment akin to a theatrical crescendo in the world of retail earnings.
- Post-earnings reactions featured Walgreens Boots Alliance Inc. (WBA) climbing by 2.5%, MSC Industrial Direct Company Inc. (MSN) taking a 2% dip, REX American Resources Corp. (REX) crescendoing by 30%, and Perspective Therapeutics Inc. (CATX) taking a 1% bow.
- Anticipation grew for after-hours reports from Semtech Corp. (SMTC), Oxford Industries Inc. (OXM), and Immunome Inc. (IMNM), adding an air of mystery and suspense to the closing hours of trading.
Explore further: More Than A Third Of Gen Z, Millennials Lean On Family Support For Home Purchases: ‘Many Get Help From Mom And Dad,’ Reveals Redfin
Photo via Shutterstock.
