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Stability of US stock futures
US stock futures stabilized with the S&P 500 nearing its best first-quarter performance in five years.
Futures contracts tied to the Dow Jones Industrial Average fell 23 points, or 0.06%. S&P 500 futures fell 0.05%, while Nasdaq 100 futures fell 0.04%
In after-hours trading, shares of luxury home furnishings retailer RH jumped 8% after management indicated that demand trends are expected to accelerate throughout fiscal 2024. However, the company beat estimates in its most recent quarter and issued a weak forecast for the first quarter.
Stocks rose across the board on Wednesday, with the S&P 500 rising 0.86% to close at a record high, marking its best first quarter since 2019. The Dow Jones Industrial Average advanced 477.75 points, or 1.22%, on its best day of 2024. Meanwhile, the tech-heavy Nasdaq Composite added 0.51%.
“You have a bunch of things happening on the calendar and a slow news week, with the biggest chunk of data coming out on Friday when the market is closed, so you have investors feeling energized and more energized,” said Art Hogan, chief market strategist at B. Riley Wealth Management. Risk behavior is what drives the markets.
The major averages track their second straight winning quarter and fifth straight month.
During the quarter, the S&P 500 rose about 10%. It's on track for its best first-quarter gain since 2019, when it rose 13.1%. The 30-stock Dow Jones Index, which has risen 5.5% over the period, is tracking its strongest first-quarter performance since 2021 when it advanced 7.4%. The Nasdaq is up 9.3% in the quarter so far.
On a monthly basis, the S&P 500 rose 3%. Both the Nasdaq and Dow Jones are on track to advance more than 1.9%.
Investors are awaiting unemployment claims, GDP and consumer confidence data that will be released on Thursday.
