The First Slice for Tuesday, March 26, 2024

As the curtain begins to close on March, the major U.S. stock indexes took a slight step back, with the Nasdaq retreating from its record highs, marking the beginning of a holiday-shortened week. Despite this minor setback, the stock market remains on a trajectory for impressive first-quarter results, with the S&P 500 eyeing a 9.4% quarterly increase. This surge in the stock market has analysts digging through historical data to predict how the market might fare for the remainder of the year.

The Dow Jones Industrial Average fell 162.26 points, or 0.4%.
The S&P 500 shed 15.99 points, or 0.3%.
The Nasdaq Composite finished down 44.35 points, or 0.3%.

The current economic climate is surprisingly strong, with growing optimism around earnings growth. However, the direction of the stock market could significantly depend on the Federal Reserve’s ability to execute three rate cuts in 2024 while continuing to combat inflation. The Fed aims to bring inflation down to its 2% annual target, a journey described as the “last mile” in its fight against rising prices.

Keith Lerner, co-chief investment officer at Truist Advisory Services, highlighted the stock market’s resilience, noting the S&P 500’s nearly 25% return over the past five months since rebounding from last October’s lows. Historical patterns suggest that such periods of robust performance often lead to continued strong market results over the following year. However, Lerner also cautioned investors to be prepared for potential market pullbacks along the way.

As the first quarter draws to a close, the Dow has seen a 4.3% increase, while the Nasdaq boasts a 9.2% rise, showcasing the market’s overall strength and resilience. This performance sets the stage for what could be an eventful year in the stock market, with investors closely watching the Federal Reserve’s next moves and the broader economic indicators……….[read more]

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