Positive News Drives U.S Equities Rebound: Companies Outperform, Cryptocurrencies Mixed

McCormick, Seagate Technology, and Tesla among other companies

On Tuesday, March 26, 2024, U.S equities rebounded after a decline the previous day. This turnaround was driven by positive news regarding growth in durable goods orders for February. The Dow, S&P 500, and Nasdaq all experienced positive movement.

McCormick & Company led the way on the S&P 500, with shares surging after the spice maker exceeded profit and sales estimates. This success was attributed to higher prices, which boosted investor confidence in the company.

Seagate Technology also saw its shares rise following an upgrade from Morgan Stanley, which predicted increased margins due to demand for artificial intelligence. Tesla under Elon Musk’s leadership announced a free one-month trial of its driver-assist system, resulting in an increase in shares for the electric vehicle manufacturer.

On the downside, 3M experienced a decline in shares as the company neared a settlement for litigation over claims of hearing loss from military earplugs. Oil futures, gold futures, and the yield on the 10-year Treasury note remained relatively stable, while the U.S. dollar strengthened against several major currencies. Trading in cryptocurrencies showed mixed results.

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