Wall Street Today | S&P 500 Marks Strongest Q1 Performance in Five Years
RECAP
The $S&P 500 Index (.SPX.US)$ ended the final, holiday-shortened week of the first quarter at a new all-time high Thursday.
The $Dow Jones Industrial Average (.DJI.US)$ gained about 0.12%, also ending at a record, near 39,807. The S&P 500 index rose 0.11%. The $Nasdaq Composite Index (.IXIC.US)$ fell 0.12%. The market is awaiting February PCE PCE data, coming out on Friday.
SECTORS
Oil prices had a quarter gain of 16%, driven by export curbs by OPEC and its allies are reducing global supplies.
MACRO
The US economy grew faster than expected in Q4, fueled by strong consumer spending and business investments in nonresidential structures such as factories and healthcare facilities. Final GDP data came in Thursday at 3.4% growth, compared to Q3's 4.9% climb.
Another report from the Labor Department showed that the number of people applying for state unemployment benefits decreased by 2,000 to 210,000 for the week ending March 23. This was lower than the expected 212,000 claims predicted by economists.
COMPANIES
Reddit Shares Dropped Over 14% Following Sell-Off in the Stock
$Reddit (RDDT.US)$'s stock fell over 14% as more investors started betting against it, especially after some top executives sold their shares.
AMC Shares Sank 14% After the Movie Theater Chain Announced Stock Sale
$AMC Entertainment (AMC.US)$, known for its status as an original meme stock, filed for a stock sale of up to $250 million.
Nikola Unveils First Commercial Hydrogen Fueling Station. Shares Surged Thursday
$Nikola (NKLA.US)$'s shares surged over 14% after the company said a unit of the company collaborated with players, including trucker rest stop Blackjacks Roadhouse, to unveil the first commercial hydrogen fueling station in Alberta, Canada.
Tesla's Q1 Deliveries Set to Hit by Softness Sales in China, Deutsche Bank Says
Deutsche Bank revised down its delivery forecasts for $Tesla (TSLA.US)$for the second time in less than three weeks. This adjustment was made due to lower-than-expected sales in China and the electric vehicle manufacturer's decision to reduce production in the region. Tesla's stock went down 2% on Thursday.
Source: Bloomberg, Dow Jones, CNBC
Disclaimer: This presentation is for informational and educational use only and is not a recommendation or endorsement of any particular investment or investment strategy. Indexes are unmanaged and cannot be directly invested in. Past performance is no indication of future results. Investing involves risk and the potential to lose principal. Investment information provided in this content is general in nature, strictly for illustrative purposes, and may not be appropriate for all investors. It is provided without respect to individual investors’ financial sophistication, financial situation, investment objectives, investing time horizon, or risk tolerance. You should consider the appropriateness of this information regarding your relevant personal circumstances before making any investment decisions. Past investment performance does not indicate or guarantee future success. Returns will vary, and all investments carry risks, including loss of principal. Moomoo makes no representation or warranty regarding its adequacy, completeness, accuracy, or timeliness for any purpose of the above content. See thislinkfor more information.
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
Read more
Comment
Sign in to post a comment
Moomoo News Official Account
In 10 minutes it’s history. At four I’m a dinosaur!
39KFollowers
26Following
46KVisitors
Follow