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WEEKLY OUTLOOK: S&P500 and Nasdaq Gains as Tech Stocks Rose on Friday

WEEKLY OUTLOOK S&P500 and Nasdaq Gains as Tech Stocks Rose on Friday

Last Week Risers & Fallers:

  • Nasdaq    The Nasdaq gained 0.93% on Friday to reach 13,893; mega-cap stocks gained between 0.6% and 2.9%, pushing the Nasdaq and S&P 500 up.
  • Moderna Inc. (NASDAQ: MRNA)  – Moderna’s stocks rose on Friday by 4.9% after the company submitted a request for the FDA to approve a second Covid-19 vaccine booster.   Moderna’s share price rose to $178.93
  • Boeing (NYSE: BA) –  Boeing’s shares rose by 1.39% on reports of an order from Delta Airlines for up to 100 737 MAX 10 jets.  Boeing was trading at $192.83 per share.
  • Gold –  Gold was down 1.12% on Friday as the US dollar gained against the precious metal. Gold is trading at $1,921.50 per ounce.

Major events to watch:

  • USA (USD): Fed Chair Powell speaks – Federal Reserve Chair Jerome Powell (Feb. 2018 – Feb. 2022) is to speak. As head of the Fed, which controls short term interest rates, he has more influence over the U.S. dollar’s value than any other person. Traders closely watch his speeches as they are often used to drop hints regarding future monetary policy.

The report is due Wednesday, 23 March at 12:00 GMT.

  • UK (GBP): Manufacturing managers purchasing index (PMI) –  The Manufacturing Purchasing Managers’ Index (PMI) measures the activity level of purchasing managers in the manufacturing sector. A reading above 50 indicates expansion in the sector; below 50 indicates contraction. Traders watch these surveys closely as purchasing managers usually have early access to data about their company’s performance, which can be a leading indicator of overall economic performance.

The report is due Thursday, 24 March, at 09:30 GMT.

  • SWITZERLAND (CHF): SNB Press Conference – The Swiss National Bank press conference is held when rates are announced. It has two parts – first, the prepared statements are read, then the forum is open to press questions. The questions often lead to unscripted answers that create market volatility.

The report is due Thursday, 24 March, at 09:30 GMT.

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