Traders reacted after the New York Stock Exchange closed on March 20, 2024.
Brendan McDermid | Reuters
Overnight stock futures were trading near flatline as the S&P 500 neared its best first-quarter performance in five years.
Futures and Dow Jones Industrial Average It fell 29 points, or 0.07%. S&P 500 Index Futures fell slightly by 0.07%, while Nasdaq 100 Futures down 0.1%.
In after-hours trading, shares of the luxury homewares retailer Relative humidity The company’s shares rose 8% after management said demand trends are expected to accelerate throughout fiscal 2024. Still, the company’s latest quarter results fell short of expectations and the outlook for the first quarter was weak.
Stocks rose across the board on Wednesday S&P 500 Index It rose 0.86%, closing at a record high, and is expected to record the best first quarter performance since 2019. Dow Jones Industrial Average It rose 477.75 points, or 1.22%, setting the best single-day increase in 2024. Nasdaq IndexMeanwhile, it rose 0.51%.
“You see what’s going on with the calendar and the slow news week, the biggest data comes out on Friday when the market closes, so you have investors feeling energized and riskier – B. Riley Wealth Management chief market strategist “Attitudes seem to be driving the market,” said analyst Art Hogan. “
The major averages are on course for their second straight quarter of gains and fifth straight month of gains.
This quarter, the S&P 500 is up about 10%. The stock is expected to post its best first-quarter gain since 2019, when it rose 13.1%. The 30-stock Dow gained 5.5% in the period, on track for its strongest first-quarter performance since a 7.4% gain in 2021. So far this quarter, the Nasdaq is up 9.3%.
The S&P 500 is up 3% monthly. The Nasdaq and Dow Jones both rose more than 1.9%.
Investors are awaiting data on jobless claims, gross domestic product and consumer confidence due on Thursday.
Although markets will be closed for Good Friday, economic data related to personal income, consumer spending and personal consumption expenditures will be released that day.
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