Market Recovery Driven by Growth in Durable Goods Orders as Leading Companies Surge

McCormick, Seagate Technology, and Tesla among other companies

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

Leading the gains on the S&P 500 was McCormick & Company, with shares surging as the spice maker surpassed profit and sales estimates. The success of McCormick & Company was attributed to higher prices, which drove up investor confidence in the company.

Seagate Technology also experienced a boost in shares after an upgrade from Morgan Stanley, which cited the potential for increased margins due to demand for artificial intelligence. Tesla under the leadership of Elon Musk announced a free one-month trial of its driver-assist system, leading to an increase in shares for the electric vehicle manufacturer.

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

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