Initially starting the day lower, the markets reversed course due to stronger-than-expected February housing data, showing a 4.2% increase in home resales. This uplifted investor sentiment despite pressures from high mortgage rates and an ongoing Fed-driven rally showing signs of fizzling. Notable stock movements included Tesla gaining mildly even with a price target reduction and Apple's rise despite heavy losses in its streaming division. A notable event called 'triple witching,' involving a large volume of expiring options contracts, hints at potential volatility ahead.
The markets began lower but turned positive due to a 4.2% increase in February home resales, indicating delicate investor sentiment is improving.
Despite early losses, major stock indices turned around after encouraging housing data suggested potential economic resilience in the face of high mortgage rates.
The upcoming 'triple witching' event on Friday, involving $4.5 trillion in expiring options contracts, may reignite market volatility despite current positive trends.
Tesla saw fractional gains despite a price target downgrade, while Apple’s share value increased despite reported substantial losses in its AppleTV+ division.
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