US Market Opened Or Closed On Monday, March 24; Weekly Outlook On Dow Jones, S&P 500, Nasdaq

The US market closed last week in gains with Dow Jones outperforming its counterparts S&P 500 and Nasdaq Composite. The performance was fueled after Trump suggested adding flexibility to his stringent tariffs, while recovery in large-cap stocks contributed to the upside. Wall Street is open on Monday. According to experts, there are several potential market-moving catalysts next week such as PMI, GDP, consumer confidence and retail sales data.

Weekly Outlook For Wall Street:

Nate Peterson, Senior Derivatives Analyst at Charles Schwab in his note said, there are several potential market-moving catalysts next week which include Purchasing Managers' Index (PMI), Consumer Confidence, Durable Goods, GDP, and personal consumption expenditures (PCE) data. These data points will be important in determining the current state of the consumer and whether the new trade policy has shown any inflationary effects to this point. And don't forget, in this current environment, there's also the potential to get developments around tariffs, which could be either escalating or de-escalating in nature and market moving.

However, he also added, "I am a bit concerned about the current technical setup of the S&P 500 which I will share further in the technical analysis section. I'm also concerned about Consumer Confidence. Yes, I know these are polls and represent "soft data," but a lack of confidence can lead to a drop in spending which would affect GDP. We'll get more insight on that next week. My call for next week is slightly bearish, as I will be watching whether a retest of the March 13th low price of 5,505 is in the cards."

Key Data To Watch:

Monday, March 24: S&P Global US Manufacturing & Service PMIs

Tuesday, March 25: New Home Sales, Consumer Confidence

Wednesday, March 26: Durable Goods, MBA Mortgage Applications Index

Thursday, March 27: New and Continuing Claims, GDP, Wholesale Inventories

Friday, March 28: PCE, Personal Income, Personal Spending

Puneet Singhania, Director at Master Trust Group said, the United States House Price Index for January, which measures month-over-month changes in average prices of single-family houses is forecasted to come at 0.3% which is less than in the comparison to December which came at 0.4%.

Also, Singhania added that, the New Home Sales MoM for February is set to be released on Tuesday, March 25 which is forecasted to grow by 0.5% compared to a 10.5% decline in January.

Moreover, Singhania said, US GDP Growth Rate (QoQ) Q4 release on Thursday, March 27 will shed light on the economy's performance following recent Federal Reserve policy decisions, offering critical insights into whether growth aligns with expectations amid shifting monetary conditions. Additionally, he said, the US Initial Jobless Claims and US Corporate Profits (QoQ) data for Q4 will also be released.

Finally, Singhania also said, upcoming US PCE and Core PCE data releases, expected at 2.4% and 2.7% (QoQ), respectively, will be closely watched, as they are critical in shaping Fed policy outlooks and have far-reaching implications.

US Market Last Week:

Dow Jones surged by 525.13 points or 1.27% to close at 41,985.35, outperforming its counterparts. Overall, S&P's weekly performance is up by 31.96 points or 0.57% to 5,667.56, and that of Nasdaq advanced by 61.50 points or 0.35% to 17,784.05.

Trading Economics data said, while Trump mentioned "flexibility" in his tariff stance, he also emphasized that tariffs would be reciprocal, with countries imposing charges on the U.S. facing similar measures in return. However, market pressure persisted due to disappointing earnings forecasts.