Nasdaq Index, Dow Jones, S&P 500 News: Wall Street Flat as Home Depot, Walgreens Impress

Stock Futures Flat as S&P 500 Nears Best First-Quarter Performance in Five Years

Stock futures remained unchanged on Thursday as the S&P 500 approached its most impressive first-quarter performance in half a decade. The robust rally witnessed in early 2024 propelled major U.S. stock indices to unprecedented levels, with the S&P 500 soaring to a fresh all-time closing high on Wednesday.

At 11:33 GMT, Dow Futures are trading 40140.00, down 4.00 or -0.01%. S&P 500 Index Futures are at 5306.50, down 1.75 or -0.03% and Nasdaq-100 Index Futures are trading 18496.00, down 7.75 or -0.04%.

Impressive Quarter Performance

The S&P 500 has surged approximately 10% during the quarter, positioning itself for its most substantial first-quarter gain since 2019, when it recorded a remarkable rally of 13.1%. Similarly, the Dow Jones Industrial Average, boasting a 5.5% surge in the period, is on track for its most robust first-quarter performance since 2021, with a notable advance of 7.4%. Meanwhile, the Nasdaq has climbed 9.3% thus far in the quarter.

Monthly and Quarterly Advances

On a monthly basis, the S&P 500 has notched a 3% gain, with the Nasdaq and the Dow pacing for advances exceeding 1.9%. All three primary stock averages are poised for their fifth consecutive winning month and the second consecutive quarter of gains.

Notable Performances

Driving the remarkable gains observed this quarter and month is Nvidia, the previous year’s market leader, as the fervor surrounding artificial intelligence continues unabated. Nvidia has surged by an impressive 82% for the quarter and by 14% in March alone.

Pre-Market Movers

In pre-market activity, Home Depot unveiled its plans to acquire SRS Distribution in an $18.25 billion deal, signaling its ambitious drive to enhance sales by capturing more business from contractors and home professionals.

Similarly, Walgreens reported second-quarter sales that surpassed Wall Street’s expectations but revised its full-year adjusted earnings outlook downward due to challenges in the U.S. retail environment.

Upcoming Reports

Investors are eagerly anticipating data on jobless claims, gross domestic product, and consumer sentiment. Additionally, while the market will be closed on Good Friday, significant economic data pertaining to personal income, consumer spending, and personal consumption expenditures will be released.

Short-Term Forecast: Bullish Sentiment Prevails

Amidst a slow news week and a promising economic calendar, investors are exhibiting a sense of invigoration, fostering a more risk-on attitude in driving market sentiments. With notable companies demonstrating robust performance and economic indicators on the horizon, the short-term outlook remains bullish, reflecting continued optimism in the market’s trend.

Technical Analysis

Light pre-holiday volume is contributing to the E-mini S&P 500’s early weak performance. Nonetheless, the market remains in a position to post notable gains for the month and the quarter.

The benchmark index has spent the entire quarter inside a rising wedge formation. It is providing support today at 5245.75 with the upside target 5358.75.