Market Recap 3/26/24


ai energy suck
Move over crypto in terms of energy-sucking. 

Dow -31.31 at 39282.33, Nasdaq -68.77 at 16315.70, S&P -14.61 at 5203.58

The major indices closed at or near session lows, moving further from recent record highs. The market was trading higher for most of today’s session before selling picked up in the late afternoon. The S&P 500 closed just above the 5,200 level, down 0.3% from yesterday.

The afternoon downturn coincided with some mega-cap names and chipmakers either extending early losses or slipping into negative territory. Meta Platforms (META 495.89, -7.13, -1.4%), NVIDIA (NVDA 925.61, -24.41, -2.6%), and Broadcom (AVGO,, stopped 1331.49, -20.09, -1.5%) were standouts in that respect.

Only one of the S&P 500 sectors fell more than 1.0% — utilities (-1.1%) — while the healthcare (+0.3%), financial (+0.2%), and consumer staples (+0.1%) sectors logged gains. Aside from utilities, the energy (-0.8%) and information technology (-0.8%) sectors saw the largest declines.

Treasury yields initially moved higher in response to this morning’s economic data, but ultimately settled lower. The 10-yr note yield was at 4.23% just before 8:30 ET, but moved as high as 4.27% today. It settled at 4.23%.

I watch rates because that’s all that matters here. 10-year yields, if they trade higher it will pressure on stocks, if they trade around these levels without too much upside disruption then the market should hang in there with normal ebbs and flows.

VKTX exploded today on some good news, ARM, which looked so studley the last 2 days, reversed and puked.

I will miss you but………………

The stock market will be closed Friday in observance of Good Friday. But the bond market will be open.

Federal funds futures traders think there’s a 70% chance that the first interest-rate cut will come at the June meeting. The market envisions two more quarter-point cuts after that, bringing the fed funds rate down to a range of 4.5% to 4.75% by year-end.  Let’s all have fun with that.

Lower rates, higher market. Easy shit these days.

Two trading days left in the week. The market is closed on Friday.  Lets make the best of it.




Previous Post
Market Recap 3/25/24
Next Post
Market Recap 3/27/24

Recent Articles