S&P 500 Pulls Back, Reddit Climbs, Market Waits for More Macro Data | Market Moovers
Good morning mooers! Happy Monday. The market opened soft and traded lower an hour into the day, but optimism abounds in some sectors like bitcoin, SPAC mergers, and the recent Reddit IPO.
RECAP
Shortly after 10:30 am EST, the$S&P 500 Index pulled back 0.20%. The $Dow Jones Industrial Average fell 0.28%, and the $Nasdaq Composite Index fell 0.20%.
The market hit all-time highs last week after FOMC said rates would not change, and shed light on this year's rate cuts. The $S&P 500 Index climbed 2.29% last week and added three all-time high closes. The $Dow Jones Industrial Average climbed 2.25%, and the $Nasdaq Composite Index fell 2.99% last week.
MACRO
This week, investors can expect macroeconomic events like Federal Reserve Member speeches and data drops. Updated GDP figures for the first quarter will be released on Tuesday. The real drama will unfold on Thursday with the CPI release, followed by Friday's PCE release.
The data will check the progress of monetary policy. After the FOMC decided to keep rates the same and release a dot plot tracking two to three rate pullbacks to a target Federal Funds Rate of 4.6%, all eyes will be on February inflation: Did the FOMC make the right choice?
SECTORS
Among tracked sectors on moomoo, semiconductors are up 0.95%. Astera Labs +6%, and Micron +5% are leading the pack.
Bitcoin and related stocks are climbing yet again as the price nearly retook $70k, miners like $CleanSpark and coin traders like $Coinbaserose.
COMPANIES
$Reddit(RDDT.US$, after it recent SPAC public listing, climbed 11% on fresh optimism.
The biggest gainer in the S&P 500 was $Super Micro Computer, climbing 7% leading a three day gain on news that JPMorgan belives the price can go higher.
$Boeing climbed 1.32% after CEO Calhoun announced he would step down.
$Intel was the largest decline on the Dow Jones Monday, after a Berstein report Monday said it and$Advanced Micro Devices would suffer a sales cut of up to $1.5B because of week Chinese demand this year.
Source: Bloomberg, Dow Jones, CNBC, Reuters
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