Afternoon Note
It is a steady session as the market is set to a close a fruitful first quarter of 2024. With the market closed tomorrow for the Good Friday holiday, today marks the final trading session of the quarter.
The S&P 500 has impressive resilience with zero new 52-week lows today.
Energy leads the pack of the best performers amid rising commodity prices. WTI crude oil prices are up 1.7% to $82.71 and natural gas futures are up 1.3% to $1.74.
Lots of mixed economic data out this morning.
March Chicago PMI deteriorated to 41.4 from 44 with new orders, production and inventories contracting at a faster pace.
Consumer Sentiment was revised higher to 79.4 from the preliminary reading of 76.5, and it is the highest since July 2021.
Pending Home Sales gained +1.6%m/m in February, rebounding from January’s -4.7% drop, and slightly surpassing consensus. The index now stands at 75.5, still very low, but perhaps it’s starting to move higher.
Although markets are closed tomorrow, investors will be watching for PCE data.
Happy Easter.
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