By Alex Financials

The first quarter of 2024 has witnessed a remarkable bullish run on Wall Street, with US stocks hitting new highs. On Tuesday, the S&P 500 (^GSPC) rose by 0.3%, the Dow Jones Industrial Average (^DJI) edged higher by 0.1%, and the Nasdaq Composite (^IXIC) surged nearly 0.5%. This rally comes after a brief dip on Monday, reaffirming the prevailing bullish sentiment.

Oppenheimer Asset Management strategist John Stoltzfus raised the 2024 S&P 500 price target to 5,500, reflecting a robust outlook for the market.

Economic Data and Company Developments

Amidst this market fervor, attention turned to economic indicators. Durable goods orders rebounded in February, showcasing a 1.4% increase driven by higher demand for transportation equipment and machinery.

However, consumer confidence in the future state of the US economy waned slightly, with The Conference Board’s Consumer Confidence Index for March coming in at 104.7, down from a revised 104.8 in February. Notably, the “Expectations Index” dropped to 73.8, signaling potential concerns about future economic conditions.

Meanwhile, eyes are set on Friday’s release of the Personal Consumption Expenditures Price Index, a key gauge of inflation favored by the Federal Reserve.

In company news, former President Donald Trump’s social media venture, Truth Social, made its Wall Street debut after merging with Digital World Acquisition Corp. Shares of Trump Media & Technology Group Corp. (DJT) surged over 40% in early trading, underscoring investor interest in the platform.

Rising Cocoa Prices and Implications for Hershey

Cocoa futures soared above $10,000 per metric ton for the first time, driven by an annual supply deficit in West Africa. This historic surge, up nearly 250% over the past year, poses challenges for chocolate manufacturers like Hershey (HSY).

Hershey’s stock was downgraded amidst concerns over cocoa inflation, with analysts warning of potential structural shifts in pricing due to regulatory changes and supply constraints.

Housing Market Dynamics and Reddit’s Continued Surge

US home prices continued their upward trajectory in January, with the S&P CoreLogic Case-Shiller National Home Price Index rising 6% year-over-year. Limited housing supply and high borrowing costs have propelled prices, although signs of recovery are emerging as inventory increases.

Meanwhile, Reddit’s post-IPO rally persisted, with shares surging another 14% following a 30% jump on Monday. The platform’s market cap surged to nearly $10 billion, reflecting growing investor enthusiasm.

Under Armour’s Leadership Dynamics

Struggling sportswear giant Under Armour (UAA) faces continued leadership challenges, with returning CEO Kevin Plank expected to make further changes to the executive team. Plank’s return and anticipated leadership shifts come amidst investor concerns over uncertainty within the company.

As markets navigate economic data, corporate developments, and evolving leadership dynamics, investors remain vigilant, assessing opportunities amid the ongoing market rally.