U.S. Stocks Close Mixed On The Day But Sharply Higher For The Week
22 Março 2024 - 5:40PM
IH Market News
After trending higher over the past several sessions, stocks
turned in a relatively lackluster performance during trading on
Friday. The major averages fluctuated over the course of the
session before eventually ending the day mixed.
While the Nasdaq (NASDAQI:COMP) inched up 26.98 points or 0.2
percent to a new record closing high of 16,428.82, the S&P 500
(SPI:SP500) edged down 7.35 points or 0.1 percent to 5,234.18 and
the Dow (DOWI:DJI) slid 305.47 points or 0.8 percent to
39,475.90.
Despite the mixed performance on the day, the major averages all
moved sharply higher for the week. The Nasdaq spiked by 2.9
percent, the S&P 500 surged by 2.3 percent and the Dow jumped
by 2.0 percent.
Profit taking contributed to modest weakness in early trading,
with some traders looking to cash in on the recent strength in the
markets.
Selling pressure remained relatively subdued, however, as
traders remain optimistic about the outlook for interest rates
following the Federal Reserve’s monetary policy announcement
earlier in the week.
While the timing of the first rate remains somewhat uncertain
the chances of a quarter point rate cut in June have rebounded to
66.5 percent, according to CME Group’s FedWatch Tool.
Nvidia (NASDAQ:NVDA) helped lead a subsequent rebound by the
tech-heavy Nasdaq, with the chipmaker surging by 3.1 percent.
The AI darling, which has recently been a key driver of trading
on Wall Street, ended the day at a record closing high.
Shares of FedEx (NYSE:FDX) also spiked by 7.4 percent after the
delivery giant reported fiscal third quarter results that beat
expectations and announced a new $5 billion share repurchase
program.
Meanwhile, shares of Lululemon (NASDAQ:LULU) plunged by 15.9
percent after the athletic apparel retailer reported better than
expected fiscal fourth quarter results but provided disappointing
guidance.
Athletic footwear and apparel giant Nike (NYSE:NKE) also tumbled
by 6.9 percent after reporting fiscal third quarter earnings and
revenues that exceeded estimates but slowing growth in China.
Sector News
Most of the major sectors showed only modest moves on the day,
but financial stocks saw considerable weakness after moving sharply
higher over the two previous sessions.
Reflecting the weakness in the sector, the NYSE Arca
Broker/Dealer Index slid by 1.7 percent and the KBW Bank Index fell
by 1.5 percent.
Notable weakness was also visible among telecom stocks, as
reflected by the 1.5 percent loss posted by the NYSE Arca North
American Telecom Index.
Gold, commercial real estate and airline stocks also moved to
the downside on the day, although selling pressure was relatively
subdued.
Other Markets
In overseas trading, stock markets across the Asia-Pacific
region turned in a mixed performance during trading on Friday.
Japan’s Nikkei 225 Index crept up by 0.2 percent, while China’s
Shanghai Composite Index slumped by 1.0 percent and Hong Kong’s
Hang Seng Index plunged by 2.2 percent.
The major European markets also finished the day mixed. While
the French CAC 40 Index fell by 0.3percent, the German DAX Index
inched up by 0.2 percent and the U.K.’s FTSE 100 Index climbed by
0.6 percent.
In the bond market, treasuries showed a strong move to the
upside after ending the previous session roughly flat.
Subsequently, the yield on the benchmark ten-year note, which moves
opposite of its price, slid 5.3 basis points to 4.218 percent.
Looking Ahead
Next week’s trading may be impacted by reaction to reports on
new home sales, durable goods orders, consumer confidence and
pending home sales.
However, a report on personal income and spending that includes
readings on inflation said to be preferred by the Fed will be
released when the markets are closed for Good Friday.
Source: RTTNEWS
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