Markets were strongly up on the week, with the S&P 500 (SPX) and the Dow Jones Industrial Average (DJIA) registering their largest weekly gain so far this year and the Nasdaq Composite (NDAQ) and Nasdaq 100 (NDX) both clocking in record highs. Investors received a fresh dose of optimism from the Federal Reserve’s stated projection of three interest-rate cuts this year. Markets were also excited by a slate of groundbreaking news arriving from Nvidia’s (NVDA) annual GTC conference, with the AI chip leader clocking in an 11th straight week of gains.
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This week will be a holiday-shortened one, with markets closed on March 29th for Good Friday. However, it will be a data-heavy week, highlighted by Friday’s release of the Core PCE report. Investors are also eagerly awaiting Jerome Powell’s speech, scheduled for Friday, for more clues on the Fed’s policy outlook.
Three Economic Events
Here are three economic events that could affect your portfolio this week. For a full listing of additional upcoming economic events, check out the TipRanks Economic Calendar.
» Q4 2023 GDP Growth Annualized (final estimate) – Thursday, 03/28 – This report will provide an updated estimate of a change in GDP in the previous quarter. The third and final reading, which incorporates data points updated since the second estimate was published, is expected to confirm that economic growth was an annualized 3.2%.
» March’s Michigan Consumer Sentiment Index and UoM 5-year Consumer Inflation Expectations – Thursday, 03/28 – These reports portray the results of a monthly survey of consumer confidence levels and consumers’ views of long-term inflation in the United States. The confidence level affects consumer spending, which contributes about 70% of the U.S. GDP. The inflation expectations index is used as a component of the Fed’s Index of Inflation Expectations calculations.
» February’s Core Personal Consumption Expenditures (Core PCE) – Friday, 03/29 – This report reflects the average amount of money consumers spend monthly, excluding seasonally volatile products such as food and energy. FOMC policymakers use the annual Core PCE Price Index as their primary inflation gauge. Following higher-than-expected CPI and PCI numbers, economists, policymakers, and market participants will closely focus on the PCE report to understand whether the disinflationary trend has indeed stalled.
For more exclusive market insights and content from TipRanks Macro & Markets research analyst Yulia Vaiman, click here.
