S&P 500 (SPY) Report – 03/04/24

Good morning, traders!

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

U.S. stock futures experienced a minor decline on Monday, marking a pause in the recent surge that saw the stock market reach new heights. This downturn follows a significant rally in the stock market, particularly driven by enthusiasm surrounding artificial intelligence, which has notably boosted the technology-heavy Nasdaq Composite to a new all-time high.

In the premarket, shares of Lyft surged by more than 5% following an upgrade by RBC, while Super Micro Computer and Deckers Outdoor also saw significant increases after being announced as new additions to the S&P 500. This comes after a period where the S&P 500 and the Nasdaq recorded their seventh weekly gain in eight weeks, contrasting with the slightly negative performance of the Dow.

Investor focus is shifting towards macroeconomic updates and the job market, following a season of better-than-expected earnings and a consumer price index report indicating higher inflation. Key events this week include Federal Reserve Chair Jerome Powell’s updates to the U.S. Congress and the release of various employment data, which could provide insights into future interest rate directions and the overall health of the labor market.

Other notable developments include the continued rise of bitcoin, nearing a record high, and Japan’s Nikkei 225 index passing the 40,000 mark for the first time. However, the tech sector faces scrutiny, as evidenced by a substantial EU fine on Apple for App Store restrictions, and the upcoming Federal Reserve updates and jobs data could significantly impact market sentiment and the ongoing rally in tech stocks.

Monday Economic Events:
3 and 6 Month Bill Auction 11:30am ET

Fed Speaker Scheduled:
Patrick Harker 11:00am 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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