Market Recap (3/3/24)
Market Recap of the Week of February 26, 2024 - March 1, 2024
Source: Apple Stocks Application
Overall Market Trends:
Last week the market started off relatively stable. The New York Stock Exchange Composite (NYSE), S&P 500, and the NASDAQ Composite all posted weekly gains of 103 points (+0.58%), 42 points (+0.82%), and 257 points (+1.60%), respectively. However, the Dow Jones Industrial Average finally saw some losses last week, decreasing 106 points (-0.27%).
On Monday, the market fell as the two-year treasury yield hit its 3-month high. When treasury bond yields rise, the stock market generally decreases because it indicates that the stock market has more competition. If an investor can make more money in a safe government bond, then they are better off investing in those bonds rather than the risky and volatile stock market.
Additionally, markets on Monday, Tuesday, and Wednesday declined as investors were cautious about inflation data that would be released on Thursday. However, when the Fed’s preferred inflation gauge, the PCE (U.S. Personal Consumer Expenditures), was reported, it showed little surprise marking the smallest inflation increase in nearly 3 years. This data keeps the June rate cut hope on the table. This news sparked an increase in market prices on Thursday and Friday.
Past Earnings Report:
Looking Towards the Future
Future Earnings Reports: