On Tuesday, March 26, 2024, U.S. equities experienced a midday rally after reversing a decline from the previous day. The positive market sentiment was driven by a report indicating that durable goods orders had grown in February.
McCormick & Company led the gains on the S&P 500 as the spice maker surpassed profit and sales estimates due to higher prices. Tesla shares also rose as CEO Elon Musk announced a one-month free trial of their driver-assist system. Seagate Technology saw gains following an upgrade from Morgan Stanley, citing potential margin boosts from increased demand for artificial intelligence. However, 3M experienced a decline as they announced nearing a settlement for litigation regarding military earplug claims.
In terms of commodities and currencies, oil futures, gold futures, and the yield on the 10-year Treasury note remained stable. The U.S. dollar strengthened against the euro, pound, and yen while trading in major cryptocurrencies showed mixed results. Overall, the market sentiment was positive with all three major indices – Dow Jones Industrial Average, S&P 500 and Nasdaq Composite Index – trading higher on Tuesday.
