U.S. and World Markets Extend Weekly Gains, Investors Adjust to Higher-for-Longer Rates Expectations

Barry Adams
01 Mar, 2024
New York City

Benchmark indexes struggled near highs after they advanced for the fourth month in a row in February. 

The S&P 500 index and the Nasdaq Composite edged lower in Friday's trading as investors debated interest rate paths after the alternative measure of inflation net investors' expectations on Thursday. 

The market rally extended to the fourth month in February after investors piled into technology stocks deemed to benefit from the boom in artificial intelligence.

Moreover, investors held out for the Federal Reserve to cut interest rates later than previously expected after the personal consumption expenditure index accelerated in January to 0.4% but met expectations. 

In February, the Nasdaq Composite soared 6.2% and the S&P 500 index advanced 5.2%, and in the week, they gained 0.6% and 0.2%, respectively. 

The popular cryptocurrency Bitcoin soared in February by 45% to 62,000 and extended gains to the sixth month in a row. 

 

U.S. indexes and Yields

The S&P 500 index increased 0.3% to 5,096.75, and the Nasdaq Composite increased 0.5% to 16,016.38. 

The yield on 2-year Treasury notes decreased to 4.61%, 10-year Treasury notes inched down to 4.24%, and 30-year Treasury bonds edged down to 4.37%.

WTI crude oil increased $1.38 to $79.64 a barrel, and natural gas prices decreased 1 cent to $1.84 a thermal unit.

Gold increased by $6.40 to $2,052.09 an ounce, and silver fell 7 cents to $22.70. 

The dollar index, which weighs the U.S. dollar against a basket of foreign currencies, edged lower to 104.12.

 

U.S. Stock Movers

Dell Technologies soared 25% to $119.05 after the personal computer and enterprise server maker reported better-than-expected fourth quarter results. 

The company also indicated strong demand for its high-end servers that support artificial intelligence applications. 

New York Community Bancorp plunged 18.3% to $3.91 after the regional bank reported in a regulatory filing with the SEC weakness in its internal controls related to its internal loan review resulting from "ineffective oversight and risk assessment." 

The bank also announced a change in its leadership and said Executive Chairman Alessandro DiNello will assume the roles of president and CEO, effective immediately.