Yes, the Nasdaq and the S&P 500 again led the stock market for the week. But the Dow Jones Industrial Average ended 1% away from 40,000 in its first weekly gain in March. As of Friday, the S&P 500 held a 2.7% gain for March and was up not quite 5% for the year. The Nasdaq was ahead 2.1% in March, up more than 9% YTD. The Dow’s gain for March was 1.4%, and it’s even with the S&P 500 for the year. All three indexes are tracking toward their fifth monthly gain.
decisions on interest rates impact both the economy and the stock market. IBD News Editor Ed Carson shares how reactions by each can differ and what investors need to know.” data-nosnippet=”true” data-permalink=”https://www.investors.com/ibd-videos/videos/fed-interest-rate-cuts-hikes” jw-video-key=”cReAVOpP” vid-authors=”MEREDITH HEYMAN” vid-cat=”Industry Insights” vid-date=”03/20/2024″ vid-date-tmsp=”1710938202″ vid-dom-id=”9029322-65fe12e756896″ vid-id=”9029322″ vid-image=”https://10xwealthreport.com/wp-content/uploads/2024/03/echo/cReAVOpP-640×360.jpg65fe12e7dab6e.jpg” vid-name=”Fed Interest Rate Decisions: Market Influence And Investor Psychology Impact Of Cuts And Hikes” vid-repeat=”1″ vid-top=”false” vid-url=”https://content.jwplatform.com/manifests/cReAVOpP.m3u8″ vid-width=”50″> X
The final week appears set to be a quiet one, but there is still room for more than a few surprises. A key Fed indicator, some fresh housing data, and stocks near buy points ahead of earnings (like Cintas (CTAS) and Jefferies Financial (JEF)) are enough to suggest that March may not go out like a lamb.
Stocks To Watch: Stocks Flashing Buy Signals
With the market rally at record highs, a number of stocks are breaking out or flashing buy signals, including Neurocrine Biosciences (NBIX), Royal Caribbean (RCL), Dexcom (DXCM), Blackstone (BX) and CyberArk Software (CYBR). Neurocrine, Royal Caribbean and Blackstone broke out of traditional bases in the past few days, with all three either still in buy range or back below their buy point. Dexcom is consolidating tightly in a buy zone. Israel-based CyberArk flashed an early entry and is working toward the top of a brand-new base — its first since a breakout in November. All the charts show first- or second-stage bases, with the exception of Royal Caribbean. It shows a third-stage base.
Economic Calendar: Key Data in A Quiet Week
The coming week will be a light one for economic data, with the most anticipated release, the PCE price index, coming at week’s end, before the market opens. Fed Chair Jerome Powell said that the core PCE price index likely rose “well below 30 basis points” on the month, putting the 12-month increase at 2.8%. Markets, once they’re open, would likely react if the outcome is different.
New home sales for February are due Monday. The FactSet consensus sees a 1% rise to a 667,500 annual rate. On Tuesday, durable goods orders are seen rising 1% and 0.8% ex-transportation. Pending home sales — existing-home sales at the front end of the drawn-out closing period — are out Thursday.
Fed Chair Powell Just Blessed The S&P 500 Rally — And Ignored This
Earnings Season: Still Some Fireworks Possible
The earnings onslaught quiets down in the final week of March, but there are still companies of interest due to report. Amazon AI partner Braze (BRZE) reports Wednesday. Analyst call for steady revenue gains but still no profit. Uniform company Cintas is expected to keep up its modest but very steady earnings and sales streak. The stock was rebounding from 10-week support and clearing a three-weeks-tight pattern on Friday.
On Thursday, Jefferies Financial — extended from a February breakout — will be closely watched as financial issues rally across the market. Paychex (PAYX), Carnival (CCL) and RH (RH) are also among the names due to report.
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