S&P 500 (SPY) Report – 03/27/24

Good morning, traders!

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

Stock futures experienced an upswing on Wednesday, recovering from the previous day’s losses which had moved Wall Street indexes further away from recent record highs. This rebound contrasts with the slight declines faced by these indexes on Tuesday, with technology stocks notably dragging down the Nasdaq.

Despite a recent pullback from peak levels, the major stock indexes are still projected to conclude the month and quarter on a positive note. Comments from Robert Schein, chief investment officer at Blanke Schein Wealth Management, suggest that while valuations could bring some realism to the markets, the long-term outlook remains positive due to strong liquidity and momentum. By Tuesday’s close, the S&P 500, Nasdaq, and Dow have all seen notable gains during March and the first quarter, potentially marking the best first-quarter performance for the S&P 500 and Dow since 2019 and 2021, respectively.

Investors and traders are looking ahead to remarks from Federal Reserve Governor Christopher Waller, with an absence of significant economic data expected on Wednesday. The week will continue to bring important indicators, with updates on jobless claims, GDP, and consumer sentiment due on Thursday, while the market’s closure on Good Friday shifts the focus to personal income and spending updates as well as the Personal Consumption Expenditures Price Index.

Economic updates have been a mix, with durable goods orders showing growth and the S&P CoreLogic Case-Shiller National Home Price Index indicating an increase in January. However, US consumer confidence remains shaky, with the Conference Board’s Consumer Confidence Index showing a slight decline in expectations, hinting at potential recession concerns. Additionally, market watchers noted the Wall Street debut of former President Donald Trump’s social media company, which saw significant stock price movements.

Wednesday Economic Events:
MBA Mortgage Applications 7:00am ET
EIA Petroleum Report 10:30am ET – High Volatility Expected
2-Yr FRN Note Auction 11:30am ET
7-Yr Note Auction 1:00pm ET

Fed Speaker Scheduled:
Christopher Waller 6:00pm ET

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