US markets kick off the second trading day of the week, optimism reigns supreme, with US stocks poised to extend their record-setting spree.
The S&P 500 index (^GSPC) has opened with a 0.3% uptick, while the Dow Jones Industrial Average (^DJI) saw a modest climb of approximately 0.1%. Notably, the Nasdaq Composite (^IXIC) takes the lead, boasting a robust surge of nearly 0.5%.
After a brief pause in the rally witnessed on Monday, Wall Street seems to have resumed its bullish momentum. A testament to this optimism is the recent update from Oppenheimer Asset Management strategist John Stoltzfus, who boldly raised the 2024 S&P 500 price target to an unprecedented 5,500, marking a Street high.
Today’s market action pivots around key economic indicators. The Commerce Department’s Census Bureau reports a notable rebound in durable goods orders for February, showcasing a 1.4% surge, buoyed by increased demand in transportation equipment and machinery.
However, amidst the economic upturn, a shade of caution emerges from the latest consumer confidence data. The Conference Board’s Consumer Confidence Index for March hovers around 104.7, exhibiting marginal stability compared to the revised figure of 104.8 in February. Yet, the “Expectations Index” paints a slightly worrisome picture, dipping to 73.8 from last month’s 76.3, a trend historically indicative of impending recession when below the 80-mark.
Eyes are now set on Friday’s unveiling of the Personal Consumption Expenditures Price Index (PCE), a pivotal metric that offers insight into the Federal Reserve’s preferred gauge of inflation. Investors keenly await the core PCE growth data, anticipating its implications on monetary policy and market sentiment.
In corporate developments, all eyes are on the much-anticipated debut of Trump Media & Technology Group Corp. (DJT) following its merger with Digital World Acquisition Corp. Early trading sees a staggering rise of over 40% in DJT shares, marking a significant market event.
As the trading day unfolds, investors remain captivated by the resilience and vigor displayed by the US markets in their ongoing record-setting spree.
