Stock Market Update Thursday March 28, 2024

Stock Market Update Thursday March 28, 2024 A well-deserved respite was warranted for the Stock Market as equities remained stagnant, concluding the first quarter with a 10% surge on the S&P500, marking its strongest performance at the start of the year since 2019.

Both the equities and fixed-income markets will be shuttered tomorrow for Good Friday, yet a comprehensive array of economic indicators awaits, notably the personal consumption expenditures (PCE) deflator for February. This key inflation metric is anticipated to reveal a 2.5% year-over-year uptick in the headline figure and a 2.8% surge on a core basis, contingent upon the accuracy of the consensus estimate.

Away From Stocks: Short-term Treasury's encountered some pressure, evidenced by a five-basis-point rise in the two-year yield to 4.59%, while the long bond saw a marginal decline to 4.34% from Wednesday's 4.36%. Moreover, WTI crude oil soared to a fresh five-month pinnacle, reaching $83 per barrel, while gold achieved a new intraday record price of $2,225 per ounce. Concurrently, the VIX index crept back above 13.