March 7, 2024

Markets:

Stock futures ticked advanced Thursday after the major averages posted their first winning session in three days.  

Those moves come after the three major averages finished higher Wednesday, a turn from back-to-back losing sessions seen earlier in the week. Nine of the 11 major S&P sectors finished higher, led to the upside by utilities.

At one point, New York Community Bancorp tumbled more than 40% during Wednesday’s session, but it finished with a 7.5% gain after announcing a $1 billion capital raise. Shares rose more than 2% in volatile premarket trading.

Apple fell for a sixth consecutive day, bringing its weekly losses to nearly 6%. Elsewhere in tech, Nvidia has continued rising in premarket trading, and the artificial intelligence darling’s week-to-date gain sits near 8% as of Thursday morning.

During Wednesday’s testimony before the House Financial Services Committee, the central bank chair indicated that the policy rate is at its “peak for this tightening cycle,” but reinforced that the Fed is not ready to begin reducing rates. Investors will also monitor Powell’s appearance before the Senate Banking Committee on Thursday.

Initial filings for unemployment insurance were unchanged from a week ago and exactly in line with expectations, the Labor Department announced Thursday.

Jobless claims totaled 217,000 for the week ended March 2, matching the previous week’s upwardly revised total. On a four-week rolling basis, claims nudged lower to 212,250.

Portfolio:

We enter the new trading session holding set-ups in HIMS, IOVA, and PATH.  Nice profits books yesterday and we will be looking to add once we get through Powell's testimony.  It still amazes me the amount of negativity in this market and those who are adamant on not recongizing the technology shift happening.  They insist on trying to call tops rather than welcoming the event / trend that is igniting.  Early stages!  I cannot stress that enough of what's occuring with this technology shift that's being led by AI.  5200 next stop on the S&P.  Queue continues to ignite with force.  Be ready but stay patient here.  Powell's testimoney continues today and that's always a wild card.