Market Update: S&P 500 Gains Amid Mixed Performance from Tech Giants
Daily insights from the CNBC Investing Club with Jim Cramer.
Wall Street Overview
On Monday, the S&P 500 exhibited a positive trend, positioning itself for what could be its first consecutive gain since mid-February. This uptick comes despite a lackluster performance from the so-called “Magnificent Seven,” a group that includes major technology companies.
Tech Performance: The Magnificent Seven
The day saw five out of the seven constituents in the Magnificent Seven decline, with Tesla leading the downturn. Conversely, tech giants Microsoft and Apple showed resilience by posting gains. Investors are particularly focused on how the remaining members of this exclusive group—Alphabet, Amazon, Meta Platforms, and Nvidia—are positioned for future growth.
Potential Antitrust Issues for Capital One and Discover
In the stock market, shares of Capital One and Discover faced significant declines following reports from The Capitol Forum. The article indicated that state attorneys general from New York and California are contemplating antitrust actions that could block a $35 billion acquisition proposal. This deal is seen as a move to strengthen competition against dominant players like Mastercard and Visa.
Revised Economic Predictions
The Atlanta Fed’s GDPNOW model has revised its initial forecast for the first quarter, predicting a 2.1% contraction compared to a previous estimate of 1.6%. This update accounts for recent economic data, including consumer prices and commercial sales. These figures suggest an economic slowdown, a trend worth monitoring as the year progresses.
Focus on Energy and Trade Policies
As the market navigates uncertainties surrounding energy prices and trade policies, key developments may influence trading decisions going forward. Although there have been no significant updates from President Trump relating to this topic, his comments regarding Iran’s actions could potentially support a rise in oil prices.
Upcoming Economic Indicators
Looking ahead, investors should pay attention to housing starts and construction permit data scheduled for release at 8:30 AM. Recent reports indicate a decline in the housing market index, emphasizing ongoing challenges for the sector. This data could provide further indications of the economy’s health as we approach the remainder of the quarter.
Nvidia’s Significant Event: GTC Conference
Nvidia is gearing up for its annual GTC conference, with CEO Jensen Huang set to deliver the opening remarks. This event is expected to attract considerable attention, particularly concerning advancements in artificial intelligence. Jim Cramer will be covering the event extensively as Nvidia showcases its innovations.
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