Company / Analytics

Analytics, 04 March 2024

What will drive the markets this week?

Friday saw a remarkable surge in U.S. stocks, with the S&P 500 and Nasdaq hitting unprecedented highs. The tech sector’s enthusiasm for artificial intelligence, combined with a boost from falling Treasury yields, was the primary driver behind this rally. Over the week, the S&P 500 climbed by 0.95%, the Nasdaq soared by 1.74%, and the Dow experienced a slight dip of 0.11%.

In Europe, the benchmark index reached new heights, propelled by rate-sensitive stocks and positive corporate earnings, despite ongoing worries about persistently high core prices. The pan-European STOXX 600 closed 0.6% higher, marking its sixth consecutive weekly gain

In Asia, Japan’s Nikkei index surged by 1.9% to achieve an all-time high, building on its previous month’s increase of 7.9%, surpassing levels not seen since 1989. Bitcoin witnessed a 2.36% increase, reaching $62,898.00 by the week’s end, and peaking at a new high for 2024 around $68,770 in the early hours of Tuesday, March 5th.

This week, attention is expected to shift toward political events and updates on the U.S. economy as March begins. Key events include the President’s State of the Union address, congressional testimony by Federal Reserve Chair Jerome Powell, and the Super Tuesday primary elections.

On Friday, the focus will be on the jobs report, offering insights into February’s employment situation. This follows earlier reports on private sector payrolls and job openings earlier in the week. Additionally, the week will feature earnings reports from major retailers such as Target (TGT), Costco (COST), and Ross Stores (ROST), as well as tech companies like CrowdStrike (CRWD) and Broadcom (AVGO), among others.

Events expected to move the markets this week

Monday, March 4

Tuesday, March 5

Wednesday, March 6

Thursday, March 7

Friday, March 8

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