S&P 500 Nears Impressive First-Quarter Performance as Nvidia Drives Market Surge

Stock futures remained steady on Thursday, as the S&P 500 neared its most impressive first-quarter performance in five years. Currently, the S&P 500 has seen a roughly 10% increase for the quarter, positioning it for its most substantial first-quarter growth since 2019 when it surged by 13.1%. Meanwhile, the Nasdaq has witnessed a 9.3% rise during the same period.

This quarter's notable gains, including those observed throughout the month, have been significantly propelled by Nvidia, the prior year's market frontrunner, amidst the ongoing surge in interest in artificial intelligence. Nvidia's stock has skyrocketed by 82% for the quarter, with a 14% increase in March alone.

In recent developments, initial unemployment insurance claims for the week ending March 16 were reported at 210,000, slightly below the 211,000 forecast by economists surveyed by Dow Jones. Additionally, investors were focused on Thursday for updates on the gross domestic product and consumer sentiment, ahead of significant economic data releases scheduled for Good Friday. Despite the market closure on Good Friday, reports on personal income, consumer spending, and personal consumption expenditures will still be published.

Investor optimism is obvious, fueled by the Nasdaq's substantial ascent to a pivotal resistance level at 18,400. This positive outlook is further reinforced by the anticipation surrounding the release of the Federal Reserve's latest meeting minutes. These minutes are eagerly awaited for insights into the market's potential for further growth and the achievement of a significant milestone at 18,800.