The Dow added more than 300 points on Monday, as Wall Street shows resilience despite an oil output cut from OPEC+ that threatens to stoke inflation and recession fears. The Dow rose 0.98%. The S&P 500 gained 0.37%. The Nasdaq fell 0.27%.
. O'Hara posits that given the S&P 500 showed similar behavior last month and finished march 4.08% higher, the index could likewise surpass a February high of 4,200.The S&P 500 could be on pace to surpass February highs after climbing more than 4% in March.measured from market-based indicators remains negative," O'Hara said. "To sum it up, we do not yet have an all-clear signal for stocks, rather a plethora of mixed signals but ample opportunities.
"I think you've got some time here, especially as we see the market being choppy," he said. "If tech is going to pull back, I just don't see Intel separating themselves from the rest of the pack."Monday's manufacturing report is unconvincing for the Fed, according to Comerica Monday's lower-than-expected ISM Manufacturing Index numbers have left the Federal Reserve's decision whether to raise interest rates in May at a near-toss up, according to Comerica Bank's chief economist Bill Adams.
"Manufacturing and the rest of the goods side of the economy is in recession, but most US output and employment is in services, which held up better in early 2023," Adams wrote in a note to clients on Monday. "The Fed will be glad to see less inflationary pressure in the manufacturing ISM survey, but what they are really looking for is less inflation from service-providing industries. Progress on that side of the economy has been slower.
Comerica still forecasts unchanged interest rates at the Fed's early May meeting, but Adams noted that rates can rise easily if growth and inflation levels come in higher-than-expected this month.Here are some of the names making the biggest moves in midday trading.
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