3/25/2024

The S&P 500 is up 2.3% since the start of 2024

Scroll down

ХОЧЕШЬ УЗНАТЬ КАК ЗАРАБАТЫВАТЬ НА НОВОСТЯХ?

Проходи бесплатную регистрацию и получи консультацию эксперта, доступ к обучающему курсу и вебинарам.

Key points:

  • S&P 500: minimal swing on Friday, but biggest weekly gain since early 2024 (+2.3%).
  • Traders see a 71% chance of a June interest rate cut.
  • Nike: down 6.9% after warning of revenue decline.

On Friday, March 22, the S&P 500 index showed minimal fluctuations at the end of the day, ending trading at almost the same level. However, at the end of the week it recorded the most significant increase since the beginning of 2024. This was a consequence of the Federal Reserve’s continued forecast of cutting interest rates three times before the end of the year.

The Nasdaq Composite Index, as well as the semiconductor index, showed moderate growth at the end of the day. Over the week, the semiconductor index also showed impressive gains, driven by continued optimism regarding the development of artificial intelligence. On the contrary, the Dow Jones index ended the day with a decline.

The Dow Jones dropped 305.47 points (0.77%) to 39,475.90. The S&P 500 lost 7.35 points, or 0.14%, to 5,234.18. The Nasdaq Composite added 26.98 points (0.16%) to close at 16,428.82.

The Fed is a friend, not an enemy for traders

Earlier this week, the Fed left rates unchanged but signaled it was still on track for three rate cuts this year.

“The market took this as a statement that the Fed is no longer the enemy of investors and will eventually become their friend.”

– said Matt Stuckey, chief portfolio manager at Northwestern Mutual Wealth Management Company.

Traders now see about a 71% chance the first rate cut will occur in June, up from 56% earlier this week, according to CME’s FedWatch Tool.

Consumer stocks declined

The S&P 500, Dow and Nasdaq indices showed strong growth over the week, recording their most significant weekly gains since the beginning of 2024. Thus, the S&P 500 added 2.3%, the Dow – 2%, and the Nasdaq – 2.9%. Among the growth leaders were shares of FedEx, which rose in price by 7.4%. This comes after the company beat Wall Street’s expectations for quarterly profit.

On Friday there was a decline in shares of the consumer sector. Nike shares fell 6.9% after the world’s largest sportswear maker warned of lower revenue in the first half of fiscal 2025. Lululemon Athletica shares also fell, down 15.8%. The company forecast full-year revenue and earnings below analysts’ expectations.

ХОЧЕШЬ УЗНАТЬ КАК ЗАРАБАТЫВАТЬ НА НОВОСТЯХ?

Проходи бесплатную регистрацию и получи консультацию эксперта, доступ к обучающему курсу и вебинарам.

Заполните форму и получите бесплатную консультацию!

Add review

Name *

Review *

Recommend to read