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Weekly Market Overview: February 26 – March 1
The S&P 500 index rose to a fresh record close this week as a technology-driven rally helped the market kick off March on a positive note.
Author: Aileen Beno-Lietz
SECURE Act 2.0 Updates in 2024
The SECURE 2.0 Act was passed in 2022, and with more than 90 provisions being phased in over the next decade, the confusion continues.
NVIDIA’s Earnings Release
NVIDIA released their earnings last Wednesday, beating both revenue and net income estimates by about 20%. This caused their stock price to jump over 16%.
Weekly Market Overview
The S&P 500 rose 1.7% to a new record close as stronger-than-expected quarterly results from Walmart and NVIDIA boosted investor sentiment.
The Possibility of a March Rate Cut Decreases
Last Friday, the possibility of a March rate cut decreased. The waning optimism sent the yield curve higher and pulled the bond market down.
The S&P 500 Reached a New All-Time Closing High
S&P 500 reached a new all-time closing high despite Tesla dropping 13.6 percent after disappointing earnings results and forward-looking guidance.
One Last Week of Gains for 2023
The Major Markets closed out 2023 with one last week of gains. For the S&P 500, this marked the ninth consecutive week of advances. This is the longest stretch of positive performance for the S&P 500 since 2004.
2023 had a total of 32 positive weeks and 20 weeks with losses. Altogether, the S&P 500 closed out the year with a gain of 24.23 percent. This was second to the Nasdaq which added an impressive 43.42 percent return for the year.