S&P 500, Nasdaq Settle Higher on Rate Cut Prospect

Cooler-than-expected jobs data boosted sentiment as well

Fernanda Horner

Digital Content Manager

Mar 6, 2024 at 4:26 PM

While stocks erased some of their loftier midday gains, both the Nasdaq and S&P 500 settled comfortably above breakeven on the heels of Federal Reserve Chairman Jerome Powell's Congress testimony, while the Dow was also modestly higher. Ever cautious in his remarks, Powell signaled interest rate rate cuts could still be coming in late 2024. A cooler-than-expected ADP jobs report also contributed to improved sentiment on Wall Street.

Continue reading for more on today's market, including:

MongoDB stock enjoyed a pre-earnings pop.
What dragged this EV charging stock today.
Plus, new record highs for CRWD; Palantir's new military contract; and why JD surged.

Closing Indexes Summary March 6

NYSE and Nasdaq Stats March 6

5 Things to Know Today

A lawsuit accused Elon Musk's SpaceX of refusing to promote a female worker, paying her less, and retaliating following reports of sexual harassment. (Reuters)
The U.S. Supreme Court will hear former President Donald Trump's immunity arguments regarding his federal election interference case on April 25. (CNBC)
How Crowdstrike stock notched a fresh record high.
Palantir stock rallied thanks to a new military contract.
Share repurchase program boosted JD.com stock.

Coroprate Earnings March 6

Unusual Options Activity March 6

Oil, Gold Prices Rise After Powell Remarks

Oil prices edged higher on Wednesday, as investor optimism regarding crude demand improved after Powell suggested interest rate cuts may be coming later this year. April-dated West Texas Intermediate (WTI) crude rose 98 cents, or 1.3%, to finish at $79.13 per barrel.

Gold prices also settled higher, and notched another record high on the heels of Powell's encouraging economic policy remarks. April-dated gold added $16.30, or 0.3%, to settle at $2,148.80 per ounce.

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