FX.co ★ U.S. Stocks Remain Little Changed In Afternoon Trading

Thursday's afternoon trading reflected a lackluster performance from stocks as the major averages wavered across the unchanged line, following an overall positive finish the day prior. The major averages were slightly mixed, with the Nasdaq falling 13.08 points or 0.1% to 16,386.44, while the S&P 500 and Dow Jones rose marginally by 0.1% to 5,253.31 and 39,787.37 respectively.

There seemed to be a hesitation among traders to make significant moves due to the forthcoming release of the Commerce Department's personal income and spending report, which contains the Federal Reserve's preferred inflation readings. However, reactions to this data are slated to be delayed until the following Monday due to Good Friday market closures.

Economists predict a slight increase in consumer price growth from 2.4% in January to 2.5% in February, yet the core consumer price growth is expected to remain steady at 2.8%.

Meanwhile, the market takes little notice of various U.S. economic data released in the morning. The Labor Department reported a slight decrease in first-time unemployment benefit claims, while the Commerce Department revealed stronger than anticipated growth in the U.S. economy for Q4 2023.

Housing markets also showed signs of recovery, with the National Association of Realtors reporting a 1.6% increase in pending home sales in February. Additionally, the University of Michigan reported an unexpected increase in U.S. consumer sentiment for March, now higher than the final reading for February.

As reflected in the broader markets, most major sectors evidenced minor movements. One exception was gold stocks, which continued to rally from the previous session and hit a three-month intraday high. Other sectors showing promising performance were energy, housing, and transportation.

In the global arena, mixed performances were observed across Asia-Pacific stock markets, while European markets showed mild increases. Bonds, however, remained indecisive throughout the session.