Posted 3/1/2024, 5:28:13 PM
Stocks Rise to New Highs Despite Weak Data as Rate Cut Bets Firm
- U.S. stocks kicked off March with gains, with the Nasdaq and S&P 500 indexes hitting new record highs
- Manufacturing and consumer sentiment data was weak, reinforcing bets that the Fed will start cutting interest rates
- Technology and AI-related stocks continued to advance, driving broad market gains
- Treasury yields declined, especially on the short end, after a Fed official commented on debt issuance
- NetApp stock soared after the company lifted its profit outlook again amid strong data infrastructure demand