Briefing.com

Stock Market Update

Updated: 28-Mar-24

The market at 16:30 ET
Dow: +47.29...
Nasdaq: -20.06... S&P: +5.86...
NYSE Vol: 1.1 bln.. Adv: 1705.. Dec: 1023
Nasdaq Vol: 5.2 bln.. Adv: 2471.. Dec: 1820
Moving the Market Sector Watch


-- Lack of conviction with extended holiday weekend on tap (market is closed for Good Friday)

-- Contentment at quarter end with S&P 500 sitting at record high

-- Treasuries seeing somewhat mixed action, like equities 
Strong: Real Estate, Health Care, Energy, Financials, Utilities

Weak: Communication Services, Information Technology, Consumer Discretionary
16:30 ET Dow +47.29 at 39807.37, Nasdaq -20.06 at 16379.46, S&P +5.86 at 5254.35

[BRIEFING.COM] Today's trade was mixed. The S&P 500 and Dow Jones Industrial Average each logged a 0.1% gain while the Nasdaq Composite closed 0.1% lower. The Russell 2000 continued its recent outperformance, gaining 0.5%. The major indices all made a sharp turn higher around 3:00 ET with no specific news to account for the move, but ultimately drifted off those levels by the close.

Participation was light in front of the extended holiday weekend, contributing the muted index-level moves. Markets will be closed tomorrow for Good Friday, which makes today the final trading day of the quarter.

Losses in some heavily-weighted names also limited movement at the index level. The Vanguard Mega Cap Growth ETF (MGK) closed with a 0.3% decline. Meta Platforms (META 485.58, -8.28, -1.7%) and Microsoft (MSFT 420.72, -0.71, -0.2%) were among the influential laggards after registering big gains so far this year. META is up 37.2% in the first quarter and MSFT is up 11.9% since the start of the year. 

Still, outsized move in either direction were generally reserved for stocks with specific news items driving the moves. Estee Lauder (EL 154.15, +9.11, +6.3%) was a standout, leading the S&P 500 components after an upgrade to Buy from Neutral at BofA Securities.

Dow component Home Depot (HD 383.60, -2.29, -0.6%) didn't log an outsized move today, but there was some news surrounding the stock after announcing an $18.25 billion acquisition of SRS Distribution. 

The S&P 500 energy sector registered a 1.0% gain while the remaining ten sectors moved less than 0.8% in either direction.

The 2-yr note yield settled five basis points higher today, and two basis points higher this week, at 4.62%. The 10-yr note yield rose one basis point to 4.20%.

  • S&P 500:+10.2% YTD
  • S&P Midcap 400: +9.5% YTD
  • Nasdaq Composite: +9.1% YTD
  • Dow Jones Industrial Average: +5.6% YTD
  • Russell 2000: +4.8% YTD

Reviewing today's economic data:

  • Weekly Initial Claims 210K (Briefing.com consensus 213K); Prior was revised to 212K from 210K; Weekly Continuing Claims 1.819 mln; Prior was revised to 1.795 mln from 1.807 mln
    • The key takeaway from the report is the low (and steady) level of initial jobless claims -- a leading indicator -- that also reinforces the market's belief that employment conditions remain favorable for continued economic growth.
  • Q4 GDP - Third Estimate 3.4% (Briefing.com consensus 3.2%); Prior 3.2%; Q4 GDP Deflator - Third Estimate 1.6% (Briefing.com consensus 1.7%); Prior 1.6%
    • The key takeaway from the report is that it is dated information and won't have market-moving impact other than to reinforce the market's belief that the economy fared much better than expected in the final quarter of 2023 despite the Fed's prior rate hikes.
  • March Chicago PMI 41.4 (Briefing.com consensus 45.4); Prior 44.0
  • March Univ. of Michigan Consumer Sentiment - Final 79.4 (Briefing.com consensus 76.5); Prior 76.5
    • The key takeaway from the report is that overall sentiment was improved in March in conjunction with lessening inflation worries and rising stock prices.
  • February Pending Home Sales 1.6% (Briefing.com consensus 2.1%); Prior was revised to -4.7% from -4.9%

Bond and equity markets are closed tomorrow for Good Friday, but there is still a slate of economic data to get through. The February Personal Income and Spending report, which features the Fed's preferred inflation gauge in the form of the PCE Price Indexes, will be released at 8:30 ET. Other data include the February advance goods trade deficit, advance Wholesale Inventories, and advance Retail Inventories at 8:30 ET. 

..NYSE Adv/Dec 1705/1023. ..NASDAQ Adv/Dec 2471/1820.
15:30 ET Dow +94.65 at 39854.73, Nasdaq -0.02 at 16399.5, S&P +14.23 at 5262.72

[BRIEFING.COM] The market is little changed over the last half hour. The major indices still trade near their best levels of the day after a sharp move higher.

The Treasury market had a mixed showing today like the stock market. The 2-yr note yield ultimately settled five basis points higher at 4.62% and the 10-yr note yield rose one basis point to 4.20%. 

Bond and equity markets are closed tomorrow for Good Friday, but there is still a slate of economic data to get through. The February Personal Income and Spending report, which features the Fed's preferred inflation gauge in the form of the PCE Price Indexes, will be released at 8:30 ET. Other data include the February advance goods trade deficit, advance Wholesale Inventories, and advance Retail Inventories at 8:30 ET. 

..NYSE Adv/Dec 1823/962. ..NASDAQ Adv/Dec 2507/1721.
15:00 ET Dow +71.73 at 39831.81, Nasdaq +6.65 at 16406.17, S&P +12.73 at 5261.22

[BRIEFING.COM] The major indices turned sharply higher in recent action. The S&P 500 trades at its best level of the day, up 0.2%.

Many stocks are participating in the upside ride with no specific catalyst. The Invesco S&P 500 Equal Weight ETF (RSP) is up 0.5%. 

Only one S&P 500 sector remains in negative territory -- communication services (-0.02%) -- while ten sectors trade higher, led by energy (+1.1%).

..NYSE Adv/Dec 1833/945. ..NASDAQ Adv/Dec 2858/1650.
14:25 ET Dow +24.36 at 39784.44, Nasdaq -21.18 at 16378.34, S&P +4.63 at 5253.12

[BRIEFING.COM] The S&P 500 (+0.09%) is narrowly in front of the DJIA (+0.06%) as we approach the final portion of trading on Thursday.

Elsewhere, S&P 500 constituents Estee Lauder (EL 153.87, +8.83, +6.09%), AES (AES 17.82, +0.57, +3.30%), and Newmont Corporation (NEM 36.16, +0.91, +2.58%) pepper the top of the standings. EL moves higher following this morning's BofA upgrade to Buy, while AES is riding broader strength in utilities which hold gains as investors digest prospects of interest rate cuts, and NEM mirrors broader gains in gold miners.

Meanwhile, Moderna (MRNA 106.91, -3.68, -3.33%) is near the bottom of the index, giving back most of this week's gains.

..NYSE Adv/Dec 1790/989. ..NASDAQ Adv/Dec 2478/1714.
14:00 ET Dow +27.14 at 39787.22, Nasdaq -19.84 at 16379.68, S&P +4.48 at 5252.97

[BRIEFING.COM] With about two hours to go on Thursday the tech-heavy Nasdaq Composite (-0.12%) is today's worst-performing major average.

Gold futures settled less than $25.70 higher (+1.2%) to $2,238.40/oz, up about +3.6% this week as the front month rolled over, notching another record high this week as investors propped up haven demand .

Meanwhile, the U.S. Dollar Index is up about +0.1% to $104.48.

..NYSE Adv/Dec 1825/945. ..NASDAQ Adv/Dec 2515/1671.
13:30 ET Dow +0.56 at 39760.64, Nasdaq -25.93 at 16373.59, S&P +1.87 at 5250.36

[BRIEFING.COM] The Dow Jones Industrial Average (flat) has toyed with flat lines in the last half hour, now narrowly above Wednesday's close.

A look inside the DJIA shows that Apple (AAPL 171.06, -2.25, -1.30%), Home Depot (HD 382.96, -2.93, -0.76%), and Walmart (WMT 60.38, -0.34, -0.56%) are underperforming.

Meanwhile, Walt Disney (DIS 122.43, +1.45, +1.20%) is atop the average.

The DJIA is on pace to end this holiday-shortened week up about +0.72%.

Elsewhere, at the top of the hour, Baker Hughes (BKR 33.43, +0.34, +1.03%) announced a weekly U.S. rotary rig count of 621, -3 w/w and -134 yr/yr.

..NYSE Adv/Dec 1852/917. ..NASDAQ Adv/Dec 2553/1616.
13:00 ET Dow +9.37 at 39769.45, Nasdaq -24.04 at 16375.48, S&P +1.73 at 5250.22

[BRIEFING.COM] Today's trade has been mixed at the index level. The S&P 500 is sporting a modest gain while the Nasdaq Composite and Dow Jones Industrial Average trade near prior closing levels. The Russell 2000, meanwhile, continues to outperform with a 0.7% gain.

The limited index-level movement reflects a lack of participation in front of the holiday weekend. Markets will be closed tomorrow for Good Friday, which makes today the final trading day of the quarter.

Losses in some heavily-weighted names have also contributed to the muted feeling at the index level. Apple (AAPL 171.10, -2.21, -1.3%), Microsoft (MSFT 419.78, -1.63, -0.4%), Meta Platforms (META 485.85, -8.01, -1.6%), and Tesla (TSLA 177.69, -2.12, -1.2%) are among the influential laggards so far.

Moves in either direction have been modest for many stocks. Estee Lauder (EL 154.43, +9.39, +6.5%) is an exception, leading the S&P 500 components after an upgrade to Buy from Neutral at BofA Securities. Meanwhile, Carnival (CCL 16.55, -0.64, -3.7%) is the worst performing stock in the S&P 500, giving back all of yesterday's earnings-related gain.

In other corporate news, Dow component Home Depot (HD 384.01, -1.88, -0.5%) made a splash with an $18.25 billion acquisition of SRS Distribution while former Dow component Walgreens Boots Alliance (WBA 21.44, +0.42, +2.0%) reported better-than-expected fiscal Q2 earnings.

None of the S&P 500 sectors are moving more than 0.8% in either direction. The energy sector leads the pack, up 0.8%, amid rising commodity prices. WTI crude oil futures are up 1.7% to $82.71/bbl and natural gas futures are up 1.3% to $1.74/mmbtu.

The heavily-weighted information technology sector, meanwhile, sports the largest decline, down 0.3%.

Reviewing today's economic data:

  • Weekly Initial Claims 210K (Briefing.com consensus 213K); Prior was revised to 212K from 210K; Weekly Continuing Claims 1.819 mln; Prior was revised to 1.795 mln from 1.807 mln
    • The key takeaway from the report is the low (and steady) level of initial jobless claims -- a leading indicator -- that also reinforces the market's belief that employment conditions remain favorable for continued economic growth.
  • Q4 GDP - Third Estimate 3.4% (Briefing.com consensus 3.2%); Prior 3.2%; Q4 GDP Deflator - Third Estimate 1.6% (Briefing.com consensus 1.7%); Prior 1.6%
    • The key takeaway from the report is that it is dated information and won't have market-moving impact other than to reinforce the market's belief that the economy fared much better than expected in the final quarter of 2023 despite the Fed's prior rate hikes.
  • March Chicago PMI 41.4 (Briefing.com consensus 45.4); Prior 44.0
  • March Univ. of Michigan Consumer Sentiment - Final 79.4 (Briefing.com consensus 76.5); Prior 76.5
    • The key takeaway from the report is that overall sentiment was improved in March in conjunction with lessening inflation worries and rising stock prices.
  • February Pending Home Sales 1.6% (Briefing.com consensus 2.1%); Prior was revised to -4.7% from -4.9%
..NYSE Adv/Dec 1913/847. ..NASDAQ Adv/Dec 2596/1557.
12:30 ET Dow +11.79 at 39771.87, Nasdaq -15.53 at 16383.99, S&P +2.50 at 5250.99

[BRIEFING.COM] The major indices are moving in relatively narrow trading ranges near prior closing levels. 

Market breadth reflects an underlying positive bias driving today's price action. Advancers lead decliners by a nearly 3-to-1 margin at the NYSE and by a 2-to-1 margin at the Nasdaq.

Elsewhere, Treasury yields are moving slightly lower, but that hasn't translated into support for equities. The 10-yr note yield is down one basis point from yesterday at 4.19% after hitting 4.23% earlier.

..NYSE Adv/Dec 1999/742. ..NASDAQ Adv/Dec 2746/1346.
12:05 ET Dow +23.06 at 39783.14, Nasdaq +1.15 at 16400.67, S&P +5.13 at 5253.62

[BRIEFING.COM] The Nasdaq Composite continues to lag other major indices, trading at its prior closing level. 

Losses in some heavily-weighted names have contributed to the muted feeling at the index level. Apple (AAPL 171.16, -2.14, -1.2), Microsoft (MSFT 420.87, -0.54, -0.1%), Meta Platforms (META 487.52, -6.35, -1.3%), Alphabet (GOOG 151.67, -0.27, -0.2%), and Tesla (TSLA 176.75, -3.06, -1.7%) are among the influential laggards so far. 

The Vanguard Mega Cap Growth ETF (MGK) is down 0.2%. 

..NYSE Adv/Dec 2070/682. ..NASDAQ Adv/Dec 2788/1318.
11:25 ET Dow -1.80 at 39758.28, Nasdaq +2.91 at 16402.43, S&P +6.08 at 5254.57

[BRIEFING.COM] The S&P 500 is trading modestly higher, up 0.1% from yesterday. 

Outsized moves in either direction have been reserved for individual stocks with specific catalysts. Estee Lauder (EL 152.88, +7.84, +5.4%) leads the S&P 500 components after an upgrade to Buy from Neutral at BofA Securities. 

On the flip side, Carnival (CCL 16.53, -0.66, -3.8%) is the worst performing stock in the S&P 500, giving back all of yesterday's earnings-related gain. 

..NYSE Adv/Dec 2050/674. ..NASDAQ Adv/Dec 2664/1389.
11:00 ET Dow -3.98 at 39756.1, Nasdaq +2.22 at 16401.74, S&P +4.72 at 5253.21

[BRIEFING.COM] The major indices have not moved much in either direction in recent action. The Russell 2000 continues its recent outperformance, up 0.6%. 

Earlier, the weekly EIA Natural Gas Inventories showed a draw of 36 bcf vs a build of 7 bcf last week. Natural gas futures are trading 0.6% higher to $1.73/mmbtu.

Other commodity futures are also trading higher. WTI crude oil futures are up 1.7% to $82.71/bbl and copper futures are up 0.3% to $4.01/lb.

10:30 ET Dow -24.40 at 39735.68, Nasdaq -11.65 at 16387.87, S&P +2.00 at 5250.49

[BRIEFING.COM] The major indices moved slightly lower recently, trading either right above or right below prior closing levels. There is not a lot of conviction driving today's trade with the extended holiday weekend looming.

The final reading for the University of Michigan Consumer Sentiment Index for March came in at 79.4 (Briefing.com consensus 76.5) versus the preliminary estimate of 76.5. The final February reading was 76.9. In the same period a year ago, the index stood at 62.0.

The key takeaway from the report is that overall sentiment was improved in March in conjunction with lessening inflation worries and rising stock prices.

..NYSE Adv/Dec 2001/688. ..NASDAQ Adv/Dec 2398/1578.
10:10 ET Dow +0.78 at 39760.86, Nasdaq +4.57 at 16404.09, S&P +3.06 at 5251.55

[BRIEFING.COM] The stock market opened to modest gains after yesterday's record high close for the S&P 500. 

Only one of the S&P 500 sectors is trading lower -- communication services (-0.1%) -- while the real estate (+0.6%) sector leads the outperformers.

The University of Michigan Consumer Sentiment survey jumped to 79.4 in March (Briefing.com consensus 76.5) from 76.5 in the prior reading. 

Pending home sales rose 1.6% in February (Briefing.com consensus 2.1%) following a prior 4.7% decline (revised from 4.9%). 

..NYSE Adv/Dec 1962/700. ..NASDAQ Adv/Dec 2378/1532.
09:11 ET Market is Closed
[BRIEFING.COM] S&P futures vs fair value: flat. Nasdaq futures vs fair value: -5.00.

The S&P 500 futures are flat and are trading in line with fair value, the Nasdaq 100 futures are down five points and are trading fractionally below fair value, and the Dow Jones Industrial Average futures are up 35 points and are trading 0.1% above fair value.

The third estimate for Q4 GDP was a good one -- or we should say a better one than either the first estimate or the second estimate. The third estimate came in at 3.4% (Briefing.com consensus 3.2%; prior 3.2%), up from 3.2% in the second estimate and 3.3% in the advance estimate, helped by an upward revision to consumer spending. The GDP Price Deflator held steady at 1.6% (Briefing.com consensus 1.7%).

The key takeaway from the report is that it is dated information and won't have market-moving impact other than to reinforce the market's belief that the economy fared much better than expected in the final quarter of 2023 despite the Fed's prior rate hikes.

Initial jobless claims for the week ending March 23 decreased by 2,000 to 210,000 (Briefing.com consensus 213,000) while continuing claims for the week ending March 23 increased by 24,000 to 1.819 million.

The key takeaway from the report is the low (and steady) level of initial jobless claims -- a leading indicator -- that also reinforces the market's belief that employment conditions remain favorable for continued economic growth.

Treasury yields moved lower in response. The 10-yr note yield was at 4.23% a short time ago, but sits at 4.21% now. The 2-yr note yield was at 4.62% earlier, but moved to 4.60% after the data.

08:34 ET Market is Closed
[BRIEFING.COM] S&P futures vs fair value: flat. Nasdaq futures vs fair value: +5.00.

The S&P 500 futures are flat and are trading in line with fair value, the Nasdaq 100 futures are up five points and are trading fractionally above fair value, and the Dow Jones Industrial Average futures are up 21 points and are trading 0.1% above fair value.

Weekly initial jobless claims totaled 210,000 (Briefing.com consensus 213,000) following last week's revised total of 212,000 (from 210,000). Continuing claims came in at 1.819 million following last week's revised total of 1.795 million (from 1.807 million).

Q4 GDP rose to 3.4% in the third estimate (Briefing.com consensus 3.2%) from 3.2% in the prior estimate. The Q4 GDP Deflator was unchanged at 1.6% in the third estimate (Briefing.com consensus 1.7%). 

08:03 ET Market is Closed
[BRIEFING.COM] S&P futures vs fair value: -1.00. Nasdaq futures vs fair value: -5.00.

The S&P 500 futures are down one point and are trading in line with fair value, the Nasdaq 100 futures are down five points and are trading 0.1% below fair value, and the Dow Jones Industrial Average futures are up 12 points and are trading 0.1% above fair value.

The market is indicated to open flat or slightly lower than prior closing levels on the final day of this holiday-shortened week. There are ongoing calls among some participants that the market is due for some consolidation. Yesterday's afternoon surge left the S&P 500 at another record high close. 

An increase in Treasury yields has contributed to the muted action in equities this morning. The 10-yr note yield is up two basis points to 4.22% and the 2-yr note yield is up five basis points to 4.62%. 

Today's calendar features a slate of economic data, including:

  • 8:30 ET: Q4 GDP -- third estimate (Briefing.com consensus 3.2%; prior 3.2%), Q4 GDP Deflator -- third estimate (Briefing.com consensus 1.7%; prior 1.6%), Weekly Initial Claims (Briefing.com consensus 213,000; prior 210,000), and Continuing Claims (prior 1.807 mln)
  • 10:00 ET: Final March University of Michigan Consumer Sentiment (Briefing.com consensus 76.5; prior 76.5) and February Pending Home Sales (Briefing.com consensus 2.1%; prior -4.9%)
  • 10:30 ET: Weekly natural gas inventories

In corporate news:

  • Home Depot (HD 385.96, +0.07, +0.02%): to acquire SRS Distribution for a total enterprise value (including net debt) of approximately $18.25 billion
  • RH (RH 325.00, +28.01, +9.4%): misses by $0.95, misses on revs; guides FY25 revs above consensus; expects revenue to lag demand during the year
  • TD Synnex (SNX 110.50, -5.50, -4.7%): prices secondary offering of 10.5 mln shares of common stock and concurrent share repurchase
  • Chemours (CC 26.40, -2.48, -8.6%): reports Q4 (Dec) results, beats on revs; determines internal control over financial reporting was not effective as of December 31, 2023
  • MillerKnoll (MLKN 25.49, -5.04, -16.8%): beats by $0.01, misses on revs; guides Q4 EPS below consensus, revs below consensus
  • Walgreens Boots Alliance (WBA 20.69, -0.33, -1.6%): beats by $0.38, beats on revs; guides FY24 EPS in-line
  • Braze (BRZE 48.01, -2.57, -5.1%): beats by $0.01, beats on revs; guides Q1 EPS below consensus, revs above consensus; guides FY25 EPS below consensus, revs in-line
  • Bank of America (BAC 37.70, -0.11, -0.3%): downgraded to Hold from Buy at HSBC
  • Discover Financial Services (DFS 127.50, -0.50, -0.4%): CEO Michael G. Rhodes to resign, effective April 1; J. Michael Shepherd appointed interim CEO upon Mr. Rhodes' resignation
  • Walt Disney (DIS 120.90, -0.07, -0.07%): urges shareholders to vote for only Disney's 12 director nominees

Reviewing overnight developments:

  • Equity indices in the Asia-Pacific region ended Thursday on a mostly higher note. Japan's Nikkei: -1.5%, Hong Kong's Hang Seng: +0.9%, China's Shanghai Composite: +0.6%, India's Sensex: +0.9%, South Korea's Kospi: -0.3%, Australia's ASX All Ordinaries: +1.0%.
    • In economic data:
      • Australia's March ANZ Business Confidence 22.9 (last 34.7). February Housing Credit 0.4% m/m (last 0.4%) and Private Sector Credit 0.5% m/m (expected 0.4%; lats 0.5%). February Retail Sales 0.3% m/m (expected 0.4%; last 1.1%). MI Inflation Expectations 4.3% (last 4.5%)
    • In news:
      • Japan's Nikkei (-1.5%) underperformed, dipping from record levels, ahead of tonight's release of Tokyo CPI.
      • The Japanese government will stop subsidizing electricity and gas in June.
      • China's largest copper smelters are planning to reduce output by up to 10% in Q2.
      • Standard & Poor's affirmed Japan's A+ rating with a Stable outlook.
      • Markets in Australia, Singapore, Hong Kong, India, and New Zealand will be closed for Good Friday tomorrow.
  • Most major European indices trade in positive territory. STOXX Europe 600: +0.3%, Germany's DAX: +0.2%, U.K.'s FTSE 100: -0.3%, France's CAC 40: +0.5%, Italy's FTSE MIB: +0.2%, Spain's IBEX 35: -0.1%.
    • In economic data:
      • Eurozone's February M3 Money Supply 0.4% yr/yr (expected 0.3%; last 0.1%)
      • Germany's February Retail Sales -1.9% m/m (expected 0.4%; last -0.4%); -2.7% yr/yr (expected -0.8%; last -1.4%). March Unemployment Change 4,000 (expected 10,000; last 11,000) and Unemployment Rate 5.9%, as expected (last 5.9%)
      • U.K.'s Q4 GDP -0.3% qtr/qtr, as expected (last -0.1%); -0.2% yr/yr, as expected (last 0.3%). Q4 Business Investment 1.4% qtr/qtr (expected 1.5%; last -2.8%); 2.8% yr/yr (expected 3.7%; last 1.9%). Q4 Current Account deficit GBP21.20 bln (expected deficit of GBP21.30 bln; last deficit of GBP18.50 bln)
      • Italy's Business Confidence 88.6 (expected 87.6; last 87.5) and Consumer Confidence 96.5 (expected 97.5; last 97.0)
      • Swiss March KOF Leading Indicators 101.5 (expected 102.1; last 102.0)
    • In news:
      • Overall action has been on the quiet side due to the looming Easter weekend.
      • European Central Bank policymaker Panetta said that the conditions for loosening of policy are getting closer while Bank of England policymaker Haskel cautioned against premature cuts due to high wage growth.
      • Markets in the region will be closed for Good Friday and will remain closed for Easter Monday.
06:18 ET Market is Closed
[BRIEFING.COM] S&P futures vs fair value: +1.00. Nasdaq futures vs fair value: -10.00.
06:18 ET Market is Closed
[BRIEFING.COM] Nikkei...40168.07...-594.70...-1.50%.  Hang Seng...16541.42...+148.60...+0.90%.
06:18 ET Market is Closed
[BRIEFING.COM] FTSE...7974.77...+42.80...+0.50%.  DAX...18506.23...+29.10...+0.20%.
16:20 ET Dow +477.75 at 39760.08, Nasdaq +83.82 at 16399.52, S&P +44.91 at 5248.49

[BRIEFING.COM] Today's trade had a positive bias. Advancers led decliners by a 9-to-2 margin at the NYSE and by a 5-to-2 margin at the Nasdaq. The upside moves were driven by an ongoing inclination to buy on weakness following yesterday's afternoon slide. 

Some normal consolidation activity in heavily-weighted names kept a limit on index gains in the early going. By the close, though, many stocks were participating in upside moves, sending the major indices sharply higher. The market ultimately closed at or near session highs, which had the S&P 500 at a fresh all-time high. 

NVIDIA (NVDA 902.50, -23.11, -2.5%), Meta Platforms (META 493.86, -2.03, -0.4%), Microsoft (MSFT 421.43, -0.22, -0.1%), and Broadcom (AVGO 1318.79, -12.70, -1.0%), which are all sitting on large gains since the start of the year, were left out of the broad afternoon rally. 

Meanwhile, the Russell 2000 continued its recent outperformance today, climbing 2.2%. The small cap index benefitted from strength in regional bank stocks, which also boosted the SPDR S&P Regional Banking ETF (KRE) (+3.7%). Other bank stocks outperformed, too, as evidenced by a 3.2% gain in the SPDR S&P Bank ETF (KBE).

Regional banks received some extra attention after Standard & Poor's lowered the outlook on First Commonwealth Bank (FCF 13.80, +0.47, +3.5%), M&T Bank (MTB 144.80, +3.57, +2.5%), Synovus Financial (SNV 39.82, +1.32, +3.4%), Trustmark (TRMK 28.06, +0.81, +3.0%), and Valley National Bancorp (VLY 7.90, +0.29, +3.8%) to Negative from Stable due to ongoing stress in commercial real estate, but that didn't deter buying activity in the space.  

On a related note, the S&P 500 financial sector jumped 1.2%. Eight of the 11 S&P 500 sectors gained more than 1.0% from yesterday's close. The rate-sensitive utilities (+2.8%) and real estate (+2.4%) sectors were the top performers, responding to a drop in yields.

The 10-yr note yield settled four basis points lower at 4.20% and the 2-yr note yield fell three basis points to 4.57%.

  • S&P 500:+10.0% YTD
  • Nasdaq Composite: +9.3% YTD
  • S&P Midcap 400: +9.1% YTD
  • Dow Jones Industrial Average: +5.5% YTD
  • Russell 2000: +4.3% YTD

Reviewing today's economic data:

  • Weekly MBA Mortgage Applications Index declined 0.7% with purchase applications falling 2% and refinance applications down 0.2% from the prior week
  • Weekly EIA Crude Oil Inventories had a build of 3.17 million barrels; prior week showed a draw of 1.95 million barrels 

Thursday's calendar features a slate of economic releases, including:

  • 8:30 ET: Q4 GDP -- third estimate (Briefing.com consensus 3.2%; prior 3.2%), Q4 GDP Deflator -- third estimate (Briefing.com consensus 1.7%; prior 1.6%), Weekly Initial Claims (Briefing.com consensus 213,000; prior 210,000), and Continuing Claims (prior 1.807 mln)
  • 10:00 ET: Final March University of Michigan Consumer Sentiment (Briefing.com consensus 76.5; prior 76.5) and February Pending Home Sales (Briefing.com consensus 2.1%; prior -4.9%)
  • 10:30 ET: Weekly natural gas inventories
..NYSE Adv/Dec 2271/487. ..NASDAQ Adv/Dec 3104/1156.

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