S&P 500 Set for Best Quarterly Gain In Five Years

Barry Adams
28 Mar, 2024
New York City

Benchmark indexes rested in early trading, and stocks lacked direction in thin trading ahead of the three-day weekend. 

The S&P 500 index and the Nasdaq Composite are set to close higher for the week, the month, and the quarter after the artificial intelligence boom drove leading semiconductor and tech stocks higher. 

The S&P 500 index is up about 10% in the first quarter, 3% in March, and down 0.1% in the week as of the close of Wednesday. 

The Nasdaq Composite is up 9.3% in the quarter, 1.9% in March, and down 0.5% in the week as of the close of Wednesday. 

Investors are looking ahead to the release of gross domestic product growth, weekly jobless claims, and consumer sentiment data later in the day. 

The personal income and outlays report and personal consumption expenditure price index are scheduled to be released on Friday, and the market will react to these reports when trading resumes on Monday following the Good Friday holiday. 

 

U.S. Indexes and Yields

The S&P 500 index decreased 0.01% to 5,247.56, and the Nasdaq Composite fell 0.2% to 16,369.43. 

The yield on 2-year Treasury notes increased to 4.62%, 10-year Treasury notes inched up to 4.22%, and 30-year Treasury bonds edged down to 4.36%.

WTI crude oil increased $1.29 to $82.63 a barrel, and natural gas prices decreased 6 cents to $1.69 a thermal unit.

Gold increased by $17.50 to $2,211.68 an ounce, and silver fell 9 cents to $24.57. 

The dollar index, which weighs the U.S. dollar against a basket of foreign currencies, edged lower to 104.55.

 

U.S. Stock Movers

MillerKnoll plunged 17.3% to $25.31 after the steel furniture company reported weaker-than-expected revenue of $872.3 million in its latest quarter. Adjusted earnings per share of 45 cents were ahead of market expectations. 

RH rose 9.4% to $325.0 after the furniture retailer reported weaker-than-expected quarterly financial results, and the company guided sales to decline by a low single digit in the current quarter. 

However, stock advanced after the retailer estimated an improving demand trend for the remainder of the year. 

Verint Systems rose 3.1% to $32.06 after the customer engagement software system developer reported better-than-expected quarterly results. 

Revenue in the quarter increased to $265.1 million, and adjusted earnings per share were $1.07. 

Sprinklr increased 12.4% to $14.59 after the social media marketing and content management software developer reported better-than-expected quarterly results. 

Revenue increased to $194.2 million, and adjusted earnings per share were 13 cents. 

Estee Lauder increased by 4.4% to $151.48.