US open: Stocks edge higher, Truth Social soars
By Benjamin Chiou
Date: Tuesday 26 Mar 2024
(Sharecast News) - Wall Street indices opened with small gains on Tuesday as markets snapped a two-day losing streak in face of some resilient economic data.
By 1140 in New York, the Dow was up 0.2%, the S&P 500 rose 0.3% while the Nasdaq gained 0.4%. Markets have pulled back over recent days with investors taking profits following fresh record highs for the three equity benchmarks last Thursday.
"The path of least resistance remains upwards for US equities," said David Morrison, analyst at Trade Nation.
"There's been very little selling pressure which has meant that buyers are having to pay up. And as more investors close their eyes, hold their noses and dive in, prices should continue to melt up. This will go on for as long as it will, until we hit the inevitable barrier, which no one can currently see. Once that it hit, there will be an unseemly rush for the exits."
Helping sentiment was data on durable goods orders, which rose by more than expected last month. According to the U.S. Department of Commerce, in seasonally adjusted terms, durable goods orders rose by 1.4% over the month of February to $277.9bn, ahead of the 1% increase predicted.
The S&P/Case-Shiller 20-City Composite index showed prices in January were up 6.6% on last year, picking up from the 6.2% annual growth seen in December. This was slightly below the 6.7% increase expected by economists but the highest rate of growth since November 2022.
Meanwhile, the Conference Board's US consumer confidence index came in at 104.7 this month, more or less unchanged from a downwardly revised 104.8 in February, but slightly under the 107 expected by analysts. Improving perceptions about the current economic climate were offset by rising anxiety about future conditions.
Market movers
Truth Social parent company Trump Media & Technology Group surged in early trading on its debut on the Nasdaq. The stock was up 40% early on, giving the company a market value of around $9.5bn and the former president's 60% stake a value of around $5.5bn
Food company McCormick & Co jumped 10% after impressing with its fiscal first-quarter results, as a rise in prices and fall in costs managed to make up for falling sales.
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