From Nasdaq:

Stock indexes on Thursday closed with moderate gains as S&P 500 and Nasdaq 100 hit new record highs. Speculation of Fed and ECB interest rate cuts in June drove the market up. U.S. productivity and trade deficit reports supported stocks. Fed Chair Powell hinted at interest rate reduction this year, while ECB President Lagarde discussed possible monetary easing in June. U.S. weekly initial unemployment claims remained steady at 217,000. The U.S. Jan trade deficit widened to -$67.4 billion, negatively impacting Q1 GDP. U.S. Q4 nonfarm productivity stayed at 3.2% with better than expected results, but Q4 unit labor costs were revised lower. U.S. Jan consumer credit rose above expectations to +$19.495 billion. Fed comments varied, with some suggesting it’s too early to cut rates. Overseas markets settled mixed, with Euro Stoxx 50 and China’s Shanghai Composite up, and Japan’s Nikkei down. Interest rates fell on Thursday as 10-year T-notes hit a 1-month high with a 1-month low yield. European government bond yields varied, with the ECB maintaining deposit facility rate. ECB revised down Eurozone GDP and inflation forecasts. German Jan factory orders experienced a significant decline. Various stocks gained on Thursday, including Kroger, Edwards Lifesciences, Freeport McMoRan, ON Semiconductor, Microchip Technology, and more. However, some stocks like Brown-Forman, Campbell Soup, and Victoria’s Secret experienced losses. Methode Electronics and Ciena also faced significant declines. TriplePoint Venture Growth BDC Corp was downgraded to sell. Earnings reports are expected for many companies on 3/8/24. Rich Asplund does not hold positions in the mentioned securities. All information provided is for informational purposes only.



Read more at Nasdaq: S&P 500 and Nasdaq 100 Post Record Highs on Dovish Powell Comment