Last Week’s Summary
- S&P 500 Index rose 0.99%
- International Equities rose 0.42%
- Emerging Markets fell 0.29%
- U.S. 10-Year Treasury Yield fell to 4.17%
- Initial Jobless Claims rose to 215k
- GDP fell to 3.2%
- PCE fell to 2.4%; Core fell to 2.8%
- U. of Mich. Sentiment fell to 76.9
What to Watch for This Week
- T, 3/5/24 Durable Goods Orders, Factory Orders
- W, 3/6/24 MBA Mortgage Applications, ADP Employment Change
- Th, 3/7/24 Initial Jobless Claims, Trade Balance
- F, 3/8/24 Change in Nonfarm Payrolls, Unemployment Rate
Weekly Market Recap
The stock market surged forward – fueled by a renewed rally in technology firms, propelling the S&P 500 beyond 5,100 and marking its 15th record high of the year. Closing out February with a remarkable 5% rally, the S&P 500 extended its winning streak for the fourth consecutive month.
Meanwhile, the Nasdaq 100 saw a climb of almost 1.5% for the week, buoyed by a robust 4% surge in chipmakers, spearheaded by Nvidia Corp. Mega caps also saw gains, notably with Dell Technologies Inc., soaring by an impressive 32% on the strength of solid sales.
Treasuries rose across the curve, with Two-Year Yields falling nine basis points to 4.53%. Market participants largely shrugged off lackluster economic data, betting on potential rate cuts as early as June. With the majority of S&P 500 companies reporting, fourth-quarter earnings have exceeded expectations, boasting nearly 8% growth compared to the anticipated 1.2% rise at the start of the season. These stellar performances helped counterbalance lingering macroeconomic uncertainties.
The focus also turned to dissecting the latest commentary from a multitude of Federal Reserve speakers, seeking insights into the potential interest-rate trajectory. Over the past two months, traders have adjusted their expectations on when the Fed might begin rate cuts.
The upcoming week promises a fresh batch of jobs data, offering market participants valuable insights as they anticipate the Fed’s decisions at its upcoming meeting later this month.
Download Market Snapshot March 4, 2024
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