The Dow is approaching a new high, almost reaching 40,000 at market open as the S&P 500 and the Nasdaq also showed strong performance in the first quarter of 2024. The S&P 500 is on track for its best start since 2019, with all three major indexes set to close higher at the end of the first quarter, marking their fifth consecutive month of gains.
On Thursday morning, the S&P 500 was up by 0.1%, the Dow gained 15 points or 0.1%, and the Nasdaq also saw a 0.1% increase. Tech stocks, particularly Nvidia and the AI sector, have been major drivers of the stock market surge in the first quarter. Nvidia’s shares have soared over 80% in the first three months of the year, contributing to the overall market rally.
The market boom has also been supported by speculation that the Federal Reserve may lower interest rates, with around 65% of investors now predicting a rate cut in June according to the CME FedWatch tool. This potential pivot by the Fed has been a significant factor in investor sentiment and market performance so far this year. The upcoming closure of US markets on Friday for the Good Friday holiday adds to the uncertainty and anticipation surrounding market movements.
As this news story is currently developing, updates are likely to provide more insight into the factors driving the market performance and the implications for investors. With the first quarter of 2024 showing strong gains for major indexes and tech stocks playing a significant role in the rally, investors will be closely monitoring any further developments that may impact market trends and trading activity. Stay tuned for further updates on the market performance and potential future implications for investors.
