Wall Street edges higher ahead of Easter break with strong Q1 gains expected

From Nasdaq: 2024-03-28 10:24:18

Wall Street edged higher on Thursday before the Easter break, with strong gains expected in the first quarter. The Dow was close to hitting 40,000 for the first time, driven by optimistic sentiment and AI-fueled rally. Earnings season will likely dictate market sentiment moving forward.

Recent data showed faster U.S. economic growth in Q4 and a drop in initial jobless claims. The focus now shifts to the upcoming Personal Consumption Expenditures Price Index. Fed Governor Waller hinted at a possible rate cut later this year, boosting market confidence despite disappointing inflation data.

Tech stocks weighed on the Nasdaq, while chipmaker Nvidia struggled for direction. The Philadelphia Semiconductor Index was on track for another strong quarter. Cryptocurrency and blockchain-related firms rose, with Coinbase Global, MicroStrategy, and Riot Platforms gaining nearly 2% each. Market breadth remained positive.

Overall, U.S. stocks are set for a robust quarterly performance, driven by positive economic data and investor optimism. Earnings season and inflation data will be key drivers moving forward. Tech stocks and cryptocurrencies are attracting investor interest, despite some volatility in the market. Market breadth continues to show positive sentiment.



Read more at Nasdaq: US STOCKS-Wall St ticks up ahead of Easter break, eyes sharp Q1 gains