Hourly Market Review - Mar 22, 2024 12:30 PM

Stocks experienced a slight decline on Friday, but the major indexes were still on track for a positive week. The Dow Jones Industrial Average dropped by 200 points (0.5%), while the S&P 500 fell by 0.2% and the Nasdaq Composite remained nearly unchanged. Despite this, all three indexes were set for significant weekly gains, with the S&P 500 up 2.3%, the Nasdaq up 2.6%, and the Dow leading with a 2.3% increase, marking its best week since December.

The market's overall positive trend was attributed to a recent Federal Reserve meeting where interest rates were left unchanged. Fed Chair Jerome Powell's comments suggested that rate cuts might be on the horizon, despite recent high inflation readings that had caused some investors to worry about a delayed easing timeline.

Notable company performances included FedEx, which rose over 8% after beating earnings estimates, while Nike and Lululemon faced declines due to disappointing guidance and sales issues. The major indexes had reached record levels on Thursday, with the Dow nearing the 40,000 mark after four consecutive days of gains.