S&P 500, Nasdaq 100 Hit Record Highs As Dollar, Treasury Yields Weaken, Chipmakers Shine, NYCB Sinks: What's Driving Markets Friday?

Author: Piero Cingari | March 01, 2024 02:30pm

March kicked off on a high note on Wall Street Friday, with both the S&P 500 and Nasdaq 100 indices soaring to unprecedented heights, fueled by the unstoppable surge of tech stocks.

Despite the sharper-than-expected contraction revealed by the ISM Manufacturing PMI in February – with the overall index plummeting from 49.5 to 47.8, missing the anticipated 49.1 – investors remained upbeat. The data triggered downward pressure on the dollar and Treasury yields, maintaining firm expectations for Federal Reserve rate cuts.

Fed speakers – including Goolsbee, Waller and Bostic – offered a mixed bag of remarks, though collectively acknowledging the ongoing progress toward disinflation. Additionally, a Fed report highlighted that inflation expectations broadly align with the 2% target.

In the tech sector, the semiconductor industry continued its remarkable performance, buoyed by escalating demand for chips associated with artificial intelligence. The industry benchmark, as monitored by the iShares Semiconductor ETF (NASDAQ:SOXX), surged 3.7% following a 2.7% leap on Thursday, marking its highest level since inception.

Among the Magnificent Seven, Apple Inc. (NASDAQ:AAPL) underperformed as Goldman Sachs decided to remove the stock from its conviction list, while Meta Platforms Inc. (NASDAQ:META) rose to fresh record highs above $500.

New York Community Bancorp (NYSE:NYCB) faces renewed scrutiny after disclosing a “material weakness” in its internal controls related to loan review processes, causing shares to plummet by over 20%.

Gold, as tracked by the SPDR Gold Trust (NYSE:GLD), is up 2% to $2,085/oz, on track for the strongest session since mid-December and set to close at all-time highs.

Friday’s Performance In Major US Indices, ETFs

Major Indices	Price	1-Day %Chg
Nasdaq 100	18,246.28	1.1%
Russell 2000	2,076.00	1.1%
S&P 500	5,127.19	0.6%
Dow Jones	39,061.76	0.2%

The SPDR S&P 500 ETF Trust (NYSE:SPY) was 0.7% higher to $511.73, the SPDR Dow Jones Industrial Average (NYSE:DIA) rose 0.2% to $390.86 and the tech-heavy Invesco QQQ Trust (NASDAQ:QQQ) rose 1.2% to $444.43, according to Benzinga Pro data.

The Technology Select Sector SPDR Fund (NYSE:XLK), was the outperformer, up by 1.4%, while the Utilities Select Sector SPDR Fund (NYSE:XLU) lagged behind, down 1.2%.

Chart of The Day: S&P 500, Nasdaq Jointly Reach All-Time Highs

Friday’s Stock Movers

• NetApp Inc. (NASDAQ:NTAP) rose 22% on stronger-than-expected quarterly results.
• Dominion Energy Inc. (NYSE:D) fell 7%, on track for the largest daily loss since July 2020, after the company forecasted 2024 adjusted earnings below analysts’ estimates.
• Spirit AeroSystems Holdings Inc. (NYSE:SPR) rallied 13% after reports that Boeing Company (NYSE:BA) is in discussions to buy the supplier.
• Friday’s top-performing chipmakers were Marvell Technologies Inc. (NASDAQ:MRVL), Broadcom Inc. (NASDAQ:AVGO) and Micron Technologies Inc. (NASDAQ:MU), with gains between 5% and 7%.
• Stocks reacting to earnings were Zscaler Inc. (NASDAQ:ZS), down over 9%, The Cooper Companies Inc. (NYSE:COO), up 9%, MasTec Inc. (NYSE:MTZ), up 8.5%, NCR Voyix Corp. (NYSE:VYX), down 18%, Ginkgo Bioworks Holdings Inc. (NYSE:DNA), down 15%, Elastic N.V. (NYSE:ESTC), down 12%.

Read now: Gold, Bitcoin Rally: Is US Debt Surge A Key Driver?

Image created using artificial intelligence via MidJourney.

Posted In: AAPL AVGO BA COO D DIA DNA ESTC GLD META MRVL MTZ MU NTAP NYCB QQQ SOXX SPR SPY VYX