The final day of the trading week coincides with the final day of the quarter. It is going to be volatile on Wall Street. Quiet intraday trading after the release of the PCE price index aroused cautious optimism.

US stocks went up on Thursday. The growth was driven by high-tech stocks. At the same time, shares of US banks fell because Biden’s administration suggested tighter measures to curb risks. The Dow Jones climbed by 141 points or 0.43%. The Nasdaq added 87 points or 0.73%. The S&P 500 rose by 0.57% to close at 4,050.
The benchmark stock indices traded quietly in the New York pre-market as investors wanted to play safe ahead of the macroeconomic data. After the PCE price index was released, the three Wall Street indices began a rally. The S&P 500 is expected to trade in the intraday corridor between 4,010 and 4,130.
The major stock indices traded moderately higher yesterday. High-tech shares rose by 1.1%, driving strong performance of the S&P 500.
Shares of regional banks went down. The sub-index declined by 2%. The financial component of the S&P 500 slipped by 0.3% and was the only sector to close in the red.
One day before the end of the first quarter, the high-tech sector surged by almost 20%. The telecom sector jumped roughly by 18%. The Nasdaq is on track to its largest quarterly growth since late 2020. The Dow Jones is closing with losses. The S&P 500 grew by nearly 6% in the first quarter.
Shares of high-tech giants, including Meta, Apple, Netflix, and Alphabet, skyrocketed by a record 33% amid the boom of new artificial intelligence apps.
The US Labor Department reported yesterday that unemployment claims grew more than expected last week. It indicates that the labor market is cooling down.
Besides, the US GDP expanded by 2.6% in the fourth quarter, a bit softer than the 2.7% growth in the second estimate. It might assure the US Fed to moderate its monetary tightening.
Yesterday, three Fed’s policymakers made their comments, opening the door for further rate hikes. Two of them said that turbulence in the banking sector might create headwinds for the US economy.
FedFunds futures now indicate a 60% chance of a rate hike by 25 basis points at the Fed’s policy meeting in May.
Alibaba Group Holding shares listed in the US increased by 3.5% in light of the news. The company’s logistic division is getting ready for the IPO in Hong Kong. JD.Com shares jumped by 7.8% as the company plans to create a separate real estate division.
The core PCE excluding volatile food and energy prices rose by 0.3% on month in February following a 0.5% decline in January. The consensus was 0.4%. The annual PCE which is the Fed’s preferable barometer increased by 4.6%, the weakest growth in the last 15 months and below the expected 4.7% growth. These readings could signal easing inflationary pressure. US personal spending grew by 0.2% on month in February, much lower than a sharp 2.0% increase in January. The score is a downtick lower than the forecast 0.3%.
At the same time, personal income slipped from a month ago, though less than expected. US personal income climbed by 0.3% versus the 0.2% growth expected following a 0.6% increase in January. The income growth was driven by bigger government benefits and rising wages in the public and service sectors. 

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00:00 INTRO
00:35 S&P500
01:22 USA
03:35 QUOTES
04:00 US CORE PCE PRICE INDEX, M/M (FEBRUARY)
04:35 US PERSONAL SPENDING, M/M (FEBRUARY)
04:51 US PERSONAL INCOME, M/M (FEBRUARY)
06:16 USDX
08:03 USD | CAD
08:26 CANADA GDP, M/M (JANUARY)
08:55 OIL
09:42 BTC | USD