US stocks experienced a mixed performance on Thursday following the release of crucial labor market and GDP data. Let’s delve into the key highlights shaping today’s stock market movements.
Strong Quarter Outlook
The S&P 500 has showcased an impressive year-to-date gain of 10.66%, positioning itself for its best quarter since 2019, barring any intraday downturns. Concurrently, the Dow and Nasdaq have surged by 5.5% and 11%, respectively, during the same period. These robust performances put all three indexes on track to achieve their fifth consecutive month of gains.
Positive Economic Indicators
The latest weekly jobless claims data, ending March 16, revealed a lower-than-expected figure of 210,000 initial filings for unemployment. This beat the forecast of 211,000 by Dow Jones economists.
Additionally, the US Department of Commerce reported a revised estimated 3.4% year-over-year increase in real gross domestic product for the fourth quarter of 2023. This figure surpassed last month’s estimate of 3.2%, marking a positive trend in economic growth.
Focus on Inflation Data
Investors are eagerly awaiting Friday’s inflation data, which is anticipated to provide insights into the Federal Reserve’s future policy moves. Despite potential fluctuations in inflation reports, experts like Jeremy Straub, chief investment officer of Coastal Wealth, believe that as long as the Personal Consumption Expenditures (PCE) data aligns with expectations, the Federal Reserve is likely to proceed with its plan of three interest rate cuts in 2024.
Opening Market Figures
At the market’s opening at 9:30 a.m. on Thursday, US indexes displayed the following figures:
- S&P 500: 5,247.19, down 0.02%
- Dow Jones Industrial Average: 39,817.89, up 0.15% (+57.81 points)
- Nasdaq Composite: 16,361.96, down 0.23%
Additional Market Highlights
Apart from the market’s performance, notable developments include Trump Media’s impressive start in trading, strategies for identifying potential meme-stock opportunities, evaluations regarding the stock market’s valuation, and observations on Bitcoin’s halving effect on miners.
Commodity, Bonds, and Crypto Movements
- Oil prices saw an uptick, with West Texas Intermediate rising 1.25% to $82.36 a barrel and Brent crude increasing by 1.4% to $87.29 a barrel.
- Gold prices climbed by 1.08% to $2,236.50 per ounce.
- The 10-year yield edged up three basis points to 4.226%.
- Bitcoin recorded a 3% jump to $70,690.
These diverse movements and updates reflect the dynamic nature of today’s financial landscape, with investors closely monitoring economic indicators and market trends to make informed decisions.
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