Top Companies: McCormick, Seagate Technology, Tesla, and Others

U.S. Equities Surge in Midday Rally after Report of Durable Goods Order Growth and CEO Announcements Boost Market Sentiment

On Tuesday, March 26, 2024, U.S. equities experienced a midday rally after reversing a decline from the previous day. The catalyst for this was a report that showed durable goods orders had grown in February. McCormick & Company led the gains on the S&P 500, surpassing profit and sales estimates due to higher prices. Additionally, shares of Tesla rose as CEO Elon Musk announced a one-month free trial of their driver-assist system.

The overall market sentiment was positive, with the Dow, S&P 500, and Nasdaq all trading higher. Seagate Technology also saw gains after an upgrade from Morgan Stanley, citing potential margin boosts from increased demand for artificial intelligence. However, 3M experienced a decline as they announced nearing a settlement for litigation regarding military earplug claims.

In terms of commodities and currencies, oil futures, gold futures, and the yield on the 10-year Treasury note remained stable. The U.S. dollar strengthened against the euro, pound, and yen while trading in major cryptocurrencies showed mixed results.

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