S&P 500 (SPY) Report – 03/01/24

Good morning, traders!

The S&P 500 ($SPY) is trading near yesterday’s close. Let’s get into it…

US stock futures experienced a period of uncertainty on Friday, following a month marked by significant gains and optimistic market responses to inflation data. The S&P 500 futures were relatively stagnant, indicating a pause after the index’s record performance and its best February in nearly ten years. Futures for both the Dow Jones Industrial Average and the Nasdaq 100 showed minimal changes, reflecting a cautious market mood at the beginning of March. This comes after a positive reaction to recent inflation data, which suggested a cooling in inflation and reduced fears of aggressive rate hikes by the Federal Reserve. However, concerns remain over persistent, “sticky” inflation that may be more challenging to reduce.

In company-specific news, New York Community Bancorp’s stock plunged by 20% in premarket trading following the departure of its CEO, a significant quarterly loss, and the discovery of critical weaknesses in its loan processing procedures. Conversely, Dell Technologies saw a near 25% increase in its share price after reporting strong quarterly sales and profits, buoyed by the growing demand for AI capabilities in its server products. Additionally, significant developments were noted at OpenAI, where Elon Musk filed a lawsuit against the company and its CEO, Sam Altman, for breach of contract, amidst rumors of upcoming board changes.

The market’s performance in February was strong, with the Nasdaq leading the gains due to the AI sector boom and anticipations of rate cuts, marking its first record close since November 2021. The S&P 500 and the Dow also reported substantial gains, contributing to a continued positive trend in the markets. Analysts remain optimistic, expecting the Federal Reserve to cut rates by June due to declining inflation pressures.

Bitcoin also displayed remarkable performance, rallying nearly 45% in February to surpass $62,000, marking its best month since December 2020 and its sixth consecutive month of gains. The overall weekly market trends showed the S&P 500 and Nasdaq making slight advances, while the Dow experienced a minor decline, reflecting mixed sentiments among investors.

Friday Economic Events:
PMI Mfg Finals 9:45am ET – High Volatility Expected
ISM Mfg Index 10:00am ET – High Volatility Expected
Construction Spending 10:00am ET
Michigan Consumer Sentiment 10:00am ET
Michigan Inflation Expectations 10:00am ET
Baker Hughes Rig Count 1:00pm ET

Fed Speaker Scheduled:
Thomas Barkin 8:30am ET
Christopher Waller 10:15am ET
Raphael Bostic 12:15pm ET
Mary Daly 1:30pm ET
Adriana Kugler 3:30pm ET

 

DailyBubble’s Disclaimer
This article provided by the DailyBubble team should only be considered as informational and/or entertainment by the reader. DailyBubble makes no representation to buy or sell any security or financial instrument within the article. Readers seeking investment advice should seek independent financial advice from a professional, and independently research and verify. The DailyBubble team wrote this article and may express its own opinions therein.

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