S&P 500 Sets Another Record Close as Tech Sector Rallies

The ECB's annual forecast generated tailwinds as well

Digital Content Manager
Mar 7, 2024 at 4:27 PM
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The Nasdaq notched a record intraday high and triple-digit pop on Thursday, while the S&P 500 set another record close after semiconductor darling Nvidia (NVDA) boosted the tech sector. Wall Street also enjoyed tailwinds from the European Central Bank's (ECB) lowered annual inflation and growth outlook. As a result, the Dow secured a triple-digit pop of its own ahead of tomorrow's jobs report, while the Cboe Volatility Index (VIX) snapped its three-day win streak.

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

  • Embattled bank stock pivots from record lows.
  • Market volatility: 4 ways to protect your portfolio.
  • Plus, winning credit card stock; American Eagle stock draws bulls; and a new Novo Nordisk drug.

Closing Indexes Summary March 7

NYSE and Nasdaq Stats March 7

5 Things to Know Today

    1. After a Houthi attack killed three people on a ship in the Red Sea, India's navy evacuated all 20 crew members, with two sustaining serious injuries. (Reuters)
    2. February layoffs hit their highest level since 2009 up 9% from the same month just one year ago, with tech companies leading the way with 28,218 job cuts. (CNBC)
    3. This credit card stock doubled call traders' money.
    4. Bulls responded to American Eagle's quarterly beat.
    5. Promising weight loss drug boosts Novo Nordisk stock.

    Corporate Earnings March 7

    Unusual Options Activity March 7

    Oil Pivots Lower; Gold Nabs Another Peak

    Oil prices fell on Thursday, as enthusiasm over interest rate cuts waned. April-dated West Texas Intermediate (WTI) crude shed 20 cents, or 0.3%, to finish at $78.93 per barrel.

    Gold prices notched yet another record high, however, amid strong central bank buying and continued optimism. April-dated gold added $7, or 0.8%, to settle at $2,165.20 per ounce.

     

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