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

Market Rally on Positive Durable Goods Orders Report; McCormick & Company, Tesla and Seagate Technology Lead the Way

On Tuesday, March 26, 2024, U.S. equities experienced a midday rally after reversing a decline from the previous day. The positive market sentiment was driven by a report indicating that durable goods orders had grown in February. McCormick & Company led the way on the S&P 500 as the spice maker surpassed profit and sales estimates due to higher prices. Additionally, Tesla’s shares rose after CEO Elon Musk announced a one-month free trial of their driver-assist system.

Seagate Technology also saw gains following 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 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. Overall, the market sentiment was positive with all three major indices trading higher – Dow Jones Industrial Average, S&P 500 and Nasdaq Composite Index.

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