Hourly Market Review - Mar 21, 2024 10 AM
1min read Stock Market Performance:
The S&P 500 gained 0.7%, the Nasdaq Composite advanced 0.8%, and the Dow Jones Industrial Average jumped 0.8%.
Micron Technology surged over 14% on strong earnings, boosting the semiconductor sector.
Big tech stocks like Meta Platforms, Microsoft, and Amazon also contributed to gains.
Apple, however, fell nearly 2% on potential antitrust lawsuit concerns.
Federal Reserve and Interest Rates:
The Fed reiterated expectations for three interest rate cuts this year and kept borrowing costs unchanged.
Fed Chairman Jerome Powell indicated that rates could ease if inflation data continues to trend lower.
Markets anticipate a nearly 70% chance of a rate cut by the Fed in June.
Housing Market:
Existing home sales in February jumped 9.5%, the largest monthly increase since February 2023, despite a 5.7% rise in median sales prices to $384,500.
Declining interest rates, with a 30-year fixed-rate mortgage averaging 6.74%, helped support the housing market.
Manufacturing Sector:
U.S. manufacturing activity reached a 22-month high in March, with the S&P Global Flash U.S. Composite reading at 52.5.
The services sector PMI slightly declined to 51.7, just below the expected 51.8.
Overall, the stock market showed robust performance, especially in the technology sector, with positive signals from the Federal Reserve and gains in the housing and manufacturing sectors.