Stock Market Weekly Update (February 26th – March 1st, 2024)

Market Recap

  • U.S. stocks closed higher on Friday, March 1st as of the close, with the Nasdaq and S&P 500 reaching new record closing highs.
  • The Dow Jones Industrial Average (DJIA) rose 0.23% for the week, to 39,087.38.
  • The S&P 500 jumped .87% to 5,137.08, setting a new record.
  • The Nasdaq also claimed a fresh all-time record, closing the week up 1.63% to 16,274.94, This is an all-time fresh record, surpassing the level we saw in November of 2021.

Key Events

  • Personal consumption expenditures (PCE) data for January showed a rise of .4%, potentially indicating continued inflationary pressures.
  • Federal Reserve speakers are scheduled throughout the week, and their comments on the economic and monetary policy outlook will be closely watched by investors.
  • China’s official manufacturing PMI for February slipped slightly to 49.1, remaining in contraction territory.

Sector Performance

  • Nine of the 11 S&P 500 sectors ended the week in positive territory.
  • The technology sector performed well, with the Technology Select Sector SPDR (XLK) gaining 2.24%.
  • The communication services sector also saw gains, with the Communication Services Select Sector SPDR (XLC) rising 0.78%.

Looking Ahead

  • Investors will continue to monitor comments from Fed officials for clues on the future path of interest rates.
  • Earnings season is also in full swing, with reports from several major companies expected in the coming days.
  • Global economic data will also be important, as investors assess the potential for a slowdown in major economies.

This has been an official summary of the market activity for the week ending March 1st, 2024. Have a great weekend!

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