U.S. Major Averages Attempt to Extend Record-Setting Market Rally

Barry Adams
26 Mar, 2024
New York City

Benchmark indexes attempted to extend the previous week's rally, and Treasury yields held steady. 

The S&P 500 index and the Nasdaq Composite edged higher in early trading, and crude oil prices remained volatile. 

Investors remained on the sidelines in the holiday-shortened week as market participants debated the future rate path and macroeconomic conditions. 

Crude oil prices retained an upward bias in volatile trading amid rising tensions in the Middle East and Red Sea lanes. 

The U.S. voted in favor of the United Nations Security Council adopting a resolution demanding an immediate Israel and Hamas ceasefire for two weeks. 

The extraordinary move is not likely to sway Israel from carrying out its bombing raids in Gaza, which have killed more than 25,000 people. 

Moreover, Russia carried out missile strikes targeting key infrastructure in the capital, Kyiv, and border town, Lviv, in Ukraine. 

The latest strikes come after Russia acknowledged Islamist militants were involved in the recent terrorist attack in Moscow that killed at least 145 people. 

However, Russia insisted that Tajikistan-born four terrorists had ties to several Islamist terrorist groups with links to Ukraine without offering any evidence. 

 

U.S. Indexes and Yields

The S&P 500 index increased 0.2% to 5,246.13, and the Nasdaq Composite rose 0.3% to 16,460.05. 

The yield on 2-year Treasury notes decreased to 4.60%, 10-year Treasury notes inched up to 4.24%, and 30-year Treasury bonds edged down to 4.41%.

WTI crude oil increased $0.19 to $82.18 a barrel, and natural gas prices decreased 1 cent to $1.78 a thermal unit.

Gold decreased by $18.53 to $2,189.54 an ounce, and silver rose 5 cents to $24.76. 

The dollar index, which weighs the U.S. dollar against a basket of foreign currencies, edged lower to 104.14.

 

U.S. Stock Movers

Krispy Kreme jumped 19.4% to $14.86 after the company said it plans to sell donuts in McDonald's restaurants across the nation by 2026. 

McCormick jumped 6.6% to $74.60 after the spice company reported better-than-expected revenue and earnings in its latest quarter. 

Hershey Co. decreased 1.3% to $190.13, and Mondelez International declined 0.7% to $70.80 after the price of cocoa surged to a record high above $10,030 per ton in Tuesday's trading before edging down to $9.712 per ton. 

The supply of cocoa from Western African nations is likely to drop by as much as 60% because of dry weather conditions and the spread of a virus that damaged crop yields. 

The cocoa price has soared more than 135% in the year so far.