Stock market today: US stocks mixed as traders look to lock in best first quarter in 5 years
The benchmark index is up roughly 10% in the first three months of the year, while the Dow and Nasdaq have also cemented winning quarters.
NYSE
- US stocks traded flat on Thursday, and the S&P 500 moved toward its best quarter since 2019.
- The Dow and Nasdaq have climbed 5.5% and 11% year-to-date, respectively.
- Weekly jobless claims came in lower than expected early Thursday.
Following the release of labor market and GDP data, US stocks moved flat on Thursday, with each of the major indexes on track to notch strong quarters.
The S&P 500 has gained 10.66% year-to-date, and barring any intraday dips that should be its best quarter since 2019. The Dow and Nasdaq have climbed 5.5% and 11%, respectively, in the same stretch.
All three indexes are aiming to capture their fifth consecutive month of gains.
Meanwhile, weekly jobless claims came in lower than anticipated in the week ending March 16, with initial filings for unemployment hitting 210,000. Dow Jones economists had forecasted 211,000.
The US Department of Commerce also reported that the real gross domestic product increased by a revised estimated of 3.4% year-over-year in the fourth quarter of 2023. That's the third estimate, and beats the 3.2% mark reported in last month's estimate.
Investors are looking ahead to Friday's inflation data for clues to the Federal Reserve's next move.
"As long as Friday's PCE comes in at or near expectations, the Federal Reserve is likely to still cut interest rates three times in 2024, and that expectation likely won't be derailed by any one inflation report," Jeremy Straub, chief investment officer of Coastal Wealth, said in a note.
Here's where US indexes stood as the market opened at 9:30 a.m. on Thursday:
- S&P 500: 5,247.19, down 0.02%
- Dow Jones Industrial Average: 39,817.89, up 0.15% (+57.81 points)
- Nasdaq Composite: 16,361.96, down 0.23%
Here's what else is going on:
- Trump Media has skyrocketed in its opening days of trading.
- These criteria can help identify names in the meme-stock comeback.
- A chief strategist said the "bizarrely" overvalued stock market is poised for a correction.
- Bitcoin's halving could force miners to risk operating in cheaper locations with less reliable electrical grids.
In commodities, bonds, and crypto:
- Oil prices climbed, with West Texas Intermediate up 1.25% to $82.36 a barrel. Brent crude, the international benchmark, moved higher 1.4% to $87.29 a barrel.
- Gold climbed 1.08% to $2,236.50 per ounce.
- The 10-year yield climbed three basis points to 4.226%.
- Bitcoin jumped 3% to $70,690.