Market Recap (3/31/24)
Market Recap of the Week of March 25, 2024 - March 28, 2024
Source: Apple Stocks Application
Overall Market Trends:
Last week was shortened due to markets being closed on Friday for the holiday Good Friday. The market started off down last week but rebounded and three out of the four major indices finished the week up significantly. The New York Stock Exchange Composite rose 201 points (+1.11%), the S&P 500 increased 20 points (+0.38%), and the Dow Jones Industrial Average climbed 338 points (+0.86%). On the other side of the spectrum, the NASDAQ finished the week down 47 points (-0.30%). The market mostly moved around in anticipation of the release of the major inflation indicator, the Personal Consumption Expenditures Price Index (PCE), on Good Friday when U.S. markets were closed.
On Monday, the market digested the economic news and gains from the prior week. Austan Goolsbee, the Chicago Fed President, said that he expects three rate cuts by the end of this year while Fed Governor Lisa Cook said that she believes that the central bank should proceed with caution. With all this news in mind, the market tilted slightly on Monday. This cooling continued into Tuesday’s trading session.
On Thursday, data was released that indicated that the U.S. economy grew faster than expected in the fourth quarter.
Past Earnings Report:
Looking Towards the Future
Upcoming Important Economic Events:
Monday: S&P U.S. manufacturing PMI (final); ISM manufacturing; Fed Governor Lisa Cook speaks
Tuesday: Various Fed Speakers (See Below)
Fed Governor Michelle Bowman speaks
Cleveland Fed President Loretta Mester speaks
San Francisco Fed President Mary Daly speaks
Wednesday: S&P U.S. services PMI (final); ISM services; Various Fed Speakers (See Below)
New York Fed President John Williams moderates discussion
Fed Chair Jerome Powell speaks
Fed Vice Chair for Supervisions Michael Barr speaks
Fed Governor Adriana Kugler speaks
Thursday: Initial jobless claims; U.S. trade balance; Various Fed Speakers (See Below)
Philadelphia Fed President Patrick Harker speaks
Richmond Fed President Tom Barkin speaks
Chicago Fed President Austan Goolsbee speaks
Cleveland Fed President Loretta Mester speaks
Minneapolis Fed President Neel Kashkari speaks
Fed Governor Adriana Kugler speaks
Friday: U.S. nonfarm payrolls; U.S. unemployment rate; U.S. hourly wages; Consumer Credit; Various Fed Speakers (See Below)
Richmond Fed President Tom Barkin speaks
Dallas Fed President Lorie Logan speaks
Fed Governor Michelle Bowman speaks
Future Earnings Reports: