S&P 500 (SPY) Report – 03/26/24

Good morning, traders!

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

U.S. stock futures showed an upward trend on Tuesday, signaling a potential continuation of the significant gains seen on Wall Street in the first quarter of the year. After a slight dip on Monday, the futures tied to major indexes such as the S&P 500, Dow Jones Industrial Average, and the Nasdaq Composite experienced increases, with the tech-heavy Nasdaq leading the rise. This movement suggests investors are eager to resume the recent rally that took stocks to record highs.

Amid this optimistic market sentiment, Wall Street’s focus has shifted to upcoming economic data expected to be released. These include reports on durable goods orders and U.S. consumer confidence, along with the Case-Shiller home price index. Moreover, all eyes are on the end of the week when the government is set to publish the Personal Consumption Expenditures Price Index, offering a key insight into inflation trends, which is crucial for future Federal Reserve decisions.

In individual company news, the spotlight is on former President Donald Trump’s social media company, which is expected to make its Wall Street debut after merging with Digital World Acquisition Corp. The news has stirred significant interest, with shares of Trump Media & Technology Group Corp. seeing a notable increase in premarket trading.

Analysts and investors are maintaining a watchful eye on the stock market’s direction, considering the solid performance so far, marked by five consecutive months of gains for major U.S. stock indexes. Despite concerns of the market being overbought, there is a consensus among some analysts that the momentum could continue, driven by factors such as favorable economic conditions and under-investment by strategists and institutions, which could lead to increased buying activity.

Tuesday Economic Events:
Durable Goods Orders 8:30am ET – High Volatility Expected
Redbook Sales 8:55am ET
CaseShiller HPI 9:00am ET
FHFA HPI 9:00am ET
Consumer Confidence 10:00am ET – High Volatility Expected
Richmond Fed Mfg Index 10:00am ET
Money Supply 1:00pm ET
API Crude Oil Data 4:30pm ET

Fed Speaker Scheduled:
No Fed Speakers Scheduled

 

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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