Nasdaq 100, Dow Jones, S&P 500 News: Wall Street Gains Led by Tech, Chipmakers

Wall Street Uptrend Continues Amid Megacap Gains

Wall Street experienced an uplift on Tuesday, with significant growth in megacap stocks and chipmakers. Investors are keenly monitoring upcoming economic data, considering the Federal Reserve’s potential adjustment in monetary policy.

At 15:59 GMT, the Dow is trading 39414.90, up 101.26 or +0.26%. The S&P 500 Index is at 5231.54, up 13.35 or +0.26% and the Nasdaq Composite is at 16430.97, 46.51 or +28%.

Market Overview

The S&P 500 and the Dow Jones Industrial Average, coming off their strongest weekly performances this year, showed modest declines in the previous session. Anticipation is building around February’s Personal Consumption Expenditures (PCE) price index, a key inflation measure for the Fed, set to release on the Good Friday market holiday.

Inflation and Interest Rate Outlook

The PCE index is projected to have risen 0.4% monthly and 2.5% annually. Core inflation is expected to maintain its 2.8% yearly pace. Following the Fed’s reaffirmation of three interest-rate cuts this year, the market has increasingly priced in a likely easing beginning in June.

Market Sentiment and Sector Performance

Wall Street’s confidence is buoyed by the avoidance of recession, potential interest rate reductions, and stable earnings amidst calm global tensions. Early trading saw advances across all major S&P 500 sectors. Notably, megacap stocks like Tesla and Nvidia, along with Micron Technology, showed robust gains.

Chipmakers and Technology Sector

The Philadelphia Semiconductor Index is heading towards double-digit quarterly gains, driven by an AI-led rally. This surge aligns with the upward trend in tech stocks, highlighting strong market sentiment in this sector.

Standout Performers

Significant movements were seen in Trump Media & Technology Group, with a remarkable 32.1% surge. McCormick also outperformed market expectations, while Krispy Kreme’s collaboration with McDonald’s triggered a notable 22.3% jump in its stock value.

Market Liquidity and Trends

Trading volumes might be lower due to the upcoming long weekend. Current trends show a predominance of advancing issues over decliners, suggesting a positive market environment.

Short-term Market Forecast

Considering the current market optimism, reinforced by growth in tech and chipmaker stocks, and the anticipation of a dovish turn by the Fed, the short-term outlook for Wall Street appears bullish. Investors should, however, remain attentive to the upcoming inflation data for further market direction.

Technical Analysis

E-mini Nasdaq-100 Index futures are edging higher as traders try to recover from a two-day setback.

The focus today should be on the minor trend since volume is below average. On the upside, a trade through 18709.00 will signal a resumption of the uptrend. On the downside, a move through 18414.75 will change the minor trend to down. Despite it being only a minor move, traders should watch it carefully since it could develop into something major with the nearest support the uptrending 50-day moving average at 18059.63.