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Stock Market Today: S&P 500 clinches fresh record high as Treasury yields stumble

AuthorYasin Ebrahim
Published 03/26/2024, 08:08 PM
Updated 03/27/2024, 04:05 PM
© Reuters.

Investing.com-- The S&P 500 clinched a fresh record closing high Wednesday, as Treasury yields slipped ahead of a speech from Federal Reserve governor Christopher Waller due later in the day and more cues on inflation.

By 16:00 ET (21:00 GMT), the S&P 500 gained 0.4% to a record close of 5,250.96, the NASDAQ Composite climbed 0.1%, and the Dow Jones Industrial Average was up 477 points, or 0.7%, 

Treasury yields slip ahead Fed's Waller speech, pushing utilities higher

Treasury yields fell ahead of closely anticipated remarks from Fed governor Waller even as some Wall Street warn that the Fed governor may lean hawkish to rein in dovish Fed expectations. 

"While not dismissing the prospect of a June cut, Waller may point to sturdy US aggregate demand and 'sticky' inflation in the January and February data to justify fewer rate cuts than the median 'dots' imply," Macquarie said a note ahead of Waller's speech at 18:00 EST.

The remarks are slated just ahead of Friday's release of PCE price index data, the Fed’s preferred inflation gauge, and speeches from Fed officials, Chair Jerome Powell and rate-setting committee member Mary Daly.

Utilities, which are used as a bond proxy given the sector's steady dividends and tend trend higher when rates are falling, were up more than 3% leading the broader market higher, with Dominion Energy Inc (NYSE:D), Eversource Energy (NYSE:ES) and CenterPoint Energy Inc (NYSE:CNP) in rally mode.

Merck shines, GameStop plummets; Trump Media & Technology continues gains 

In corporate news, pharmaceutical giant Merck (NYSE:MRK) jumped 5% to an indicated record high after the U.S. Food and Drug Administration approved its treatment for a rare lung disease. 

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Trump Media & Technology Group (NASDAQ:DJT) jumped over 14%, a day after its stellar debut on the Nasdaq, while Robinhood Markets (NASDAQ:HOOD) advanced more than 3%, after the online trading app launched a new credit card, in an effort to expand its foothold in the personal finance market.

On the flip side, GameStop (NYSE:GME) slid 15% after the struggling video game retailer reported a decline in fourth-quarter revenue on the back of a spending slowdown and rising competition from online firms. It also said it had cut an unspecified number of jobs to reduce costs. 

Carnival reports Q1 results beat, Shockwave Medical in deal fever, Kimberly-Clark to streamline operations 

Carnival Corporation (NYSE:CCL) was 1% higher after reporting better-than-expected fiscal Q1 results, and lifted its full-year earnings estimate to 98 cents per share from 93 cents per share, previously. But the cruise operator did, however, flag a $10M hit to full-year income following the collapse of the The Francis Scott Key bridge in Baltimore. The company, however,

Shockwave Medical (NASDAQ:SWAV) rose 2%, extending gains after a 10% jump on reports that Johnson & Johnson (NYSE:JNJ) was in talks to buy the medical device maker.

Kimberly-Clark (NYSE:KMB) stock closed nearly 1% higher after the consumer goods maker announced plans to reorganize into three business units as it looks to simplify operations and cut costs. 

Rising energy stocks capped by falling oil prices after sharp rise in US inventories 

Energy stocks were in the green, though gains were limited a fall in oil prices following the release of industry data showing a hefty increase in weekly U.S. crude inventories. 

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Data from the Energy Information Administration showed inventories for the week ended Mar. 22 rose by 3.2M barrels, confounding expectations for a draw of 700,000 barrels. 

(Peter Nurse, Ambar Warrick contributed to this article.)

Latest comments

DJT DJT $1 Trillion
Bidenomics baby!
Once mortgage rates drop, get ready for huge price increases in the existing home real estate market.
more doom and gloom from you.. a 'huge' increase is unlikely, and I'm sure most homeowners won't mind the value of their properties going up whilst paying less on their mortgage..
Trump is now to Frobes 500 Richest People lists thanks to Joe Biden and the democrats. His Truth Social stock has added several billions to his net worth and he is now richer than ever. This Wall Street bubble was entirely brought by Joe Biden's high inflation policies that benefit the wealthy and have significantly widened the wealth gap since he took office. This is why the wealthy elite vote democrat, socialism raises the wealth of the rich while pushing middle class into poverty. Trump is rich because of democrat policies. A big selling point of his is that he is former democrat and he is hated because he calls them out for what they are doing. His billions are from Biden while most US households struggle to even pay their monthly bills now under Biden.
*now on
Seems like you watch Fox News. the statement is utterly false.
At least get the numbers right 5,248.49 was the close today not 5,250.96.
This is bigger than 1929. Just buy no one can as stop it.
Stock market has gone up a lot since the Great Depression.
first.. since before the great depression even..
Ahh get over yourself...you say the same stupid thing everyday. If you're a pioneer then come up with something original, and tag it with a logical thought. Educate us instead of dragging us down to that mundane level. Ya know what all of this volatility isn't going anywhere. The extremes are only going to be more frequent. Big banks, hedge funds definitely move the markets but a lot of new money is playing the game now too, so called "dumb money". And that new money also writes algo buy sell bots. This ain't the old Wall Street anymore. Hope to hear from you again. Sure we will.
As is goes its a mish mosh of possibilities, the many levers that define direction, a multitude of variables that are constantly changing. But we do know AI is hot and it is just getting started. It offers applications that can, will, and already have affected all industries. It's incredibly disruptive and a catalyst for the generation of fresh investments. Its something that doesn't just offer value in and of itself but utility that can be outsourced and possibly bring life back to a business that is on life support and make a strong business even stronger. And with the nearing of the fed likely to lower the fed funds rate it makes for a easier investment environment. Just those two big forces alone give reason for an outlook of an exteded bull market. On the short term we have been riding on rate cut hopes and AI fuel, primarily NVDA. People have been waiting for a pullback, some calling for a correction, the heavy footers warning about a crash. It was ever since the final runup with NVIDIA earnings that the market has basically sat on a cloud. I honestly don't see us correcting yet and I think this market wants to go higher, really its the euphoria hasn't worn off and we still got the fed party around the corner. But it doesnt know what should be its next move, what will lead it higher. Eventually boredom of staying in the same place for too long will sit in and it's gonna make a move. The money wants to move. These leaps forward may be subdued but little treks will get us there. That is if the sky doesn't fall and the world doesn't go to hell in a handbasket. By the looks of it we aren't walking there, we are sprinting. Countries at war, more possibly on the horizon, trade disruptions in the seas, religious warfare, and tyranical governments throwing away everything that should be honored and sacred and shoving new ideoligies down peoples throughts, threatening the people if they don't agree. What more can be added to the list. Probably not hard to think of a few more entries. Mixed bag for the future of business, future of the world, future of the people. There is so much good and so much bad at the same time. So risk management is always paramount. Have your strategy, set your horizon, but protect your capital and protect yourself. Nuff said. If you can predict the markets, you can predict the weather.
sam I was talking about the guy predicting a move in the markets like the move in the beginning of 1929... mitch is ether some nut looking for attention or someone paid to create doubt and little panic among the amateurs and people new to trading.
Mitchel irritates me too.......
Bubble is huge
you haven't seen a real bubble...yet...
7th day of yields slip is today the reason to rise stocks.
Another "late trade" miracle in the laughingstock of the investing world. Fraudulent, criminally manipulated JOKE.
today was prob the worst joke ever. good thing you can make a few bucks going down and up. Market rigged by hedge funds definitely hysterical
Ahh get over yourself...you say the same stupid thing everyday. If you're a pioneer then come up with something original, and tag it with a logical thought. Educate us instead of dragging us down to that mundane level. Ya know what all of this volatility isn't going anywhere. The extremes are only going to be more frequent. Big banks, hedge funds definitely move the markets but a lot of new money is playing the game now too, so called "dumb money". And that new money also writes algo buy sell bots. This ain't the old Wall Street anymore. Hope to hear from you again. Sure we will.
another example of laughing stockMitch's ignorance.
Inflation trending back up, Fed continues to delay rate drops (there were suppose to be 6 this year and so far have been zero now going into Q2), and DOW casually up 500 points for no reason at all even in light of P/Es hitting levels not seen since 2000 and debt to GDP ration signaling impending recession/depression.
what a surprise all record highs
Stocks rebound means uneducated buying again.
yes I am the uneducated bull, and I love the educated bears so much!
As simple as it is. Election year!
chaitanya if you check out market history 4 year cycles have relevance even in countries that don't have 4 year election cycles....
“It gave us this ruinous debt, chronic disease, endless wars, lockdowns, mandates, agency capture. The same Trump-Biden uniparty has captured and appropriated democracy and turned it over to BlackRock, State Street, and Vanguard,” Kennedy said, naming the three biggest institutional investors in the country.
don you should really seek help if you believe the propaganda and conspiracies of the religious nationalists.
don.. people will take you more seriously if you leave the weird religious conspiracy nonsense out of it.. just a friendly advice.
Don't listen to Max, I prefer nuts to not hide their nuttiness ;-).
Waller said 4 rate cuts...hurry
Who this Me Waller? I do not hear of him. I'm from Africa 🌍
https://pay.ababank.com/ktt39ekznczqzej18
23693187
It doesn't matter what any FED members say. Any cues will be interpreted as rate cuts are imminent.
miniscule.25 increments
Rebound??...stocks are up almost 10K on 'Hopes' since November!!
so lets get this straight. Germany is in recession but the DAX has been breaking record highs everyday??
got to reprice in real terms after the latest failed Marxist money printing experiment.
this rally is about perceived future economic conditions in the German economy, not the present state of its economy. tolomey, Germany is not experimenting with Marxism...you might want to take a course in comparative economic systems before you make another foolish statement.
It's the same with Japan.
Regardless of the narrative, the market has zero integrity and is completely rigged.
Rigged by whom?
@Brad Rigged by successful traders! ;-)
Inflation ain't going nowhere as the Government continues with it insane deficit spending. They don't appear to get the connection or conveniently ignore it because there is no other solution than to spend spend spend
The current administration is outspending the inevitable recession to buy votes this November.
Jerome needs to say rate cuts .25
He'll say it when economic data say it.
what is moving the gold price
The Comex...
gold is signaling a possible major technical move to the upside over the next few months.this signal also appeared in October but there was no real follow through, so we'll see if we can get some momentum started and a possible breakout... this could be another 2016.
ee tt if your trading gold technicals are more important than fundamentals in the shorter time frames.
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