The stock market wrapped up the first quarter with the Dow ahead 5.6% for the quarter and the Nasdaq up 9.1%. The S&P 500 rallied 10.2% in its best first-quarter performance since 2019. For the Nasdaq, it was not near last year’s 16.8% Q1 rally. The Dow’s advance narrowly topped its 3.8% first quarter gain from last year. Howard Silverblatt, analyst with S&P Global, reports that the S&P 500 set record closing highs on 22 of this year’s 61 trading days through Thursday.
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General Electric (GE) shares ran up nearly 38% in the first quarter ahead of its long-awaited final act as a diversified company on Tuesday. March payrolls and other jobs data during the coming week will be closely watched by all concerned with the Fed’s interest rate strategy. And a handful of fast-moving names report, including PVH (PVH) and Kura Sushi (KRUS), as the fourth-quarter earnings season ebbs toward its finish.
5 Leaders Near Buy Points To Watch In Stock Market
With tech leaders pausing, a number of other stocks are stepping up, including On Holding (ONON), Medpace (MEDP), Uber Technologies (UBER), M/I Homes (MHO) and Axon Enterprise (AXON). On Holding is taunting a cup-with-handle buy point following some wild post-earnings swings. M/I Homes flashed some early buy signals and is climbing toward a traditional cup-base entry. Medpace, Uber and Axon are consolidating tightly following strong earnings moves. Medpace is holding tight to its 21-day exponential moving average. Uber dipped below its 21-day to bounce off its 50-day moving average. Axon is trading above its 21-day level, with no clear pattern emerging.
Stock Market Econ: Job Strength Vs. Rate Cuts
As long as the labor market appears solid, the Federal Reserve will need to see clearer progress on inflation before cutting rates, and the stock market receives a hefty serving of jobs data in the coming week. The monthly employment report, out Friday, is expected to show that employers added 180,000 payroll positions in March, including 157,500 in the private sector, according to FactSet’s consensus estimate.
The jobless rate is seen dipping to 3.8%, while 12-month wage growth is expected to ease to 4.1% from 4.3%. The Job Openings and Labor Turnover Survey for February is out Tuesday. Wall Street sees job openings slipping to 8.7 million from 8.86 million. The ADP employment report is out Wednesday. The estimate of private hiring from the payroll processing giant is expected to show 150,000 new jobs.
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GE Final Transformation Set
General Electric will split in two on Tuesday. GE Aerospace will keep the GE stock ticker on the stock market. GE Vernova, a gas power and wind energy business, actually went public on Thursday as GEV. It is trading on a when-issued basis and therefore probably not active until Tuesday. GE will remain on the S&P 500 index, while GE Vernova will join it. The first portion of the division, GE HealthCare Technologies (GEHC), debuted in January 2023. In the past year, GE stock has soared almost 89%. It’s a remarkable turnaround for a stock that collapsed in 2017-18 amid fears of a possible bankruptcy. The company then underwent an extensive reorganization under the leadership of CEO Larry Culp, who took the reins in October 2018. GEHC stock has risen 18% in the past 12 months, vs. a 32% gain for the S&P 500 index.
GE Stock Flies Near High Amid Countdown To GE Aerospace — Is It A Buy?
Late Earnings-Season Hot Tickets Report
As the stock market’s first quarter ends, the December-January quarter’s earnings season slows to a crawl. But there remain a few important names to watch in the coming week. Apparel brands PVH (PVH) and Levi Strauss (LEVI) have shown strong stock action this year. Payroll servicer Paychex (PAYX) is sticking close to support in a three-month base. And Kura Sushi (KRUS) is rebounding, up 54% this year.
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