The First Slice for Friday, March 8, 2024

The First Slice for Friday, March 8, 2024

The First Slice for Friday, March 8, 2024

Hey there, high school and college students! Get ready for a quick dive into the exciting world of Wall Street and the U.S. economy with a Today’s Doughie twist.

This past Thursday, Wall Street was buzzing with activity. The S&P 500 soared to a record closing high, rising by 1%, while the Nasdaq composite finished up by a notable 1.5%. This surge was mainly driven by technology and growth stocks, fueled by increasing investor optimism about potential Federal Reserve rate cuts this year.

The Philadelphia Semiconductor index was a standout performer, which jumped 3.36% to a record closing high. Investors are betting big on chip companies, seeing them as key players in the burgeoning field of artificial intelligence.

In Washington, Federal Reserve Chair Jerome Powell gave investors more reason to be hopeful. Speaking to a U.S. Senate committee, Powell hinted that the Fed is close to confident that inflation is moving towards its 2% target. This could pave the way for rate cuts, possibly starting early in June. Powell’s comments came during his Congressional testimonies, which began on Wednesday before the U.S. House Financial Services Committee.

In the labor market, the number of Americans filing new claims for unemployment benefits remained steady, indicating an easing but still robust labor market. This follows a series of employment data that painted a picture of a softening yet solid jobs market.

Investors are responding positively to these developments, and the market is also buoyed by the recent employment data. However, for more detailed insights into the labor market, the nonfarm payrolls report due on Friday is still being closely watched.

Nine out of the eleven major S&P 500 sectors in the stock market saw gains. Technology and communications services sectors vied for the top spot, with technology ultimately leading with a 1.89% increase. Big names like Meta and Nvidia contributed significantly to these gains. However, not all news was positive, as shares in Victoria’s Secret & Co. plummeted due to a weak annual forecast.

Conversely, Kroger Co. shares surged by 9.8% following an optimistic annual sales and profit forecast, exceeding Wall Street estimates………….First-Slice-e1700879991202 The First Slice for Friday, March 8, 2024[read more]

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stonestreetcoffee.com ☕️ **Discover Stone Street Coffee Company - Your Coffee Haven!** Today's Dough readers, if you're on the hunt for exceptional coffee and cold brew, look no further than Stone Street Coffee Company. We at Today's Dough are smitten with their rich coffee blends and refreshing Cold Brew. Stone Street's commitment to quality shines through in every sip. Now, exclusively for our readers, click the banner above to snag a $5 off coupon on your next order. Experience the finest, ethically sourced beans roasted to perfection. Join the Stone Street community, savor top-notch coffee, and elevate your daily brew. ☕️🌟

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