U.S. Major Averages Pause After Rallying Previous Week

Barry Adams
25 Mar, 2024
New York City

Stocks on Wall Street traded down as investors stayed on the sidelines following the advance in the previous weeks. 

The S&P 500 index and the Nasdaq Composite decreased 0.2%, and investors reacted to corporate news. 

Market indexes trimmed weekly gains in Friday's trading after the U.S. Federal Reserve maintained its rate-cut outlook for 2024 and held steady the Fed Funds range. 

Investors are looking forward to the release of personal consumption expenditure price indexes, personal income and outlays, and durable goods orders.

The PCE price index, the Fed's preferred and watered-down measure of inflation, is scheduled to be released on Friday. 

Trading on Wall Street is expected to be subdued during the holiday-shortened week, and the market will get the first chance to react to the release of the PCE data on Monday. 

 

U.S. Indexes and Yields

The S&P 500 index decreased 0.2% to 5,226.80, and the Nasdaq Composite fell 0.07% to 16,413.64. 

The yield on 2-year Treasury notes increased to 4.61%, 10-year Treasury notes inched down to 4.23%, and 30-year Treasury bonds edged down to 4.41%.

WTI crude oil increased $1.0 to $81.62 a barrel, and natural gas prices decreased 3 cents to $1.62 a thermal unit.

Gold decreased by $12.73 to $2,177.04 an ounce, and silver fell 9 cents to $24.67. 

The dollar index, which weighs the U.S. dollar against a basket of foreign currencies, edged lower to 104.19.

 

U.S. Stock Movers

Boeing increased 1.2% to $191.10 after the company announced a leadership shakeup. 

Chief executive Dave Calhoun will step down as a part of a broader management reorganization, and chairman of the board Larry Kellner will resign in May after the company's annual meeting. 

Boeing has suffered several manufacturing quality setbacks, and recently, a door panel blew out of a Boeing 737 Max 9 aircraft while flying an Alaska Air flight on January 5. 

Alphabet, Apple, and Meta declined between 0.5% and 1.4% after the European Union launched an investigation under its new Digital Markets Act.