March 2023 Stock Market Update
The Dow Jones Industrial Average (DJIA) opened the day at 32,497.07 and closed at 32,342.21, a loss of -154.86 or -0.48%. The S&P 500 index finished the day at 4,115.85, down 0.83% or -34.17. The Nasdaq Composite closed at 12,835.75, down 1.91% or -244.51.
Notable Gainers
- Micron Technology (MU) +2.15% to $56.12
- NVIDIA Corporation (NVDA) +1.83% to $655.41
- Intel Corporation (INTC) +1.56% to $53.21
Notable Losers
- Apple Inc. (AAPL) -2.83% to $173.15
- Amazon.com, Inc. (AMZN) -2.62% to $2,114.99
- Microsoft Corporation (MSFT) -2.35% to $242.19
Economic Indicators
- The US GDP expanded at a 2.3% annual rate in the fourth quarter of 2022, exceeding expectations of 2.1%.
- The Core PCE index, a gauge of inflation, rose 0.3% in February, following a 0.1% increase in January.
- The unemployment rate remained at 3.6%, the lowest since December 1969.
Market Insights
The stock market experienced a disappointing day, as investors took profits from the recent rally and reacted to mixed economic data. Despite the decline, many Wall Street analysts are still optimistic about the market’s outlook, citing ongoing economic growth and dovish monetary policy. However, others warn that thehigh inflation rate and potential interest rate hikes may dampen the market’s momentum in the coming months.