S&P 500 (SPY) Report – 03/28/24

Good morning, traders!

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

The stock market has seen significant activity in the last quarter, with the S&P 500 leading the way with a 10% increase, marking its best first-quarter gain since 2019. This comes as the trading week is shortened due to a holiday, yet the Dow Jones Industrial Average and the Nasdaq have also posted gains of 5.5% and 9.3%, respectively. Notably, Nvidia, a leading chipmaker, has seen an exceptional rise, soaring 82% for the quarter and 14% in March alone, highlighting the tech sector’s strong performance.

On the last trading day, U.S. stocks showed a remarkable rebound, with the S&P 500 setting a new record and the Dow Jones surging more than 475 points. This recovery follows a three-day losing streak, during which the S&P 500 broke its record closing high more than 20 times throughout the year. The continuous monthly gains since the start of 2024 suggest a robust outlook for the stock market, according to financial analysts.

Investors are also closely watching the Personal Consumption Expenditures (PCE) price index, set for release later in the week. This index is crucial as it contains the Federal Reserve’s preferred inflation measure. The anticipation around this data underscores the market’s sensitivity to economic indicators that could influence the Federal Reserve’s monetary policy decisions.

Moreover, the resurgence of meme stocks has captivated the market’s attention, with Reddit’s platform playing a central role in the trading frenzy around such stocks. While Reddit stock has recently seen a notable increase, GameStop, the original meme stock, experienced a significant drop after announcing a sales decline and job cuts. This volatility in meme stocks, alongside the performance of companies like Trump Media and Technology, demonstrates the diverse factors influencing the current stock market dynamics.

Thursday Economic Events:
GDP 8:30am ET – High Volatility Expected
Jobless Claims 8:30am ET – High Volatility Expected
Corporate Profits 8:30am ET
Chicago PMI 9:45am ET – High Volatility Expected
Michigan Consumer Sentiment 10:00am ET
Michigan Inflation Exp. 10:00am ET
Pending Home Sales 10:00am ET – High Volatility Expected
EIA Natural Gas Report 10:30am ET

Fed Speaker Scheduled:
No Fed Speakers Scheduled

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