Market Summary - February 24, 2026
Key Highlights
- SP500 moved higher, supported by encouraging Consumer Confidence data.
- NASDAQ gained ground as AMD reached a major deal with Meta.
- Dow Jones climbed back above the 49,000 level.
SP500 Gains Ground
The SP500 index is on the rise, buoyed by a better-than-expected Consumer Confidence report. The report showed an increase in Consumer Confidence from a revised 89.0 in January to 91.2 in February, surpassing analyst expectations of 87. The Present Situation Index slightly declined, while the Expectations Index improved significantly.
Additionally, the Case-Shiller Home Price Index indicated a 1.4% growth in home prices, aligning with analyst forecasts. The SP500 is attempting to settle above the resistance level of 6870-6880, with potential to reach 6940-6950 if successful.
NASDAQ Rebounds
The NASDAQ index rebounded as traders capitalized on buying opportunities, particularly following a significant deal between Advanced Micro Devices (AMD) and Meta. AMD's stock surged by 9% after Meta announced it would purchase AI chips from AMD for five years, starting in the latter half of 2026. This deal is valued in the "double-digit billions" per gigawatt, with Meta planning to deploy up to 6 gigawatts.
Despite concerns over AI spending, the NASDAQ is trying to settle above the 25,000 level, with the next resistance at 25,200-25,250.
Dow Jones Moves Higher
The Dow Jones index also saw gains, supported by a broad market rebound led by Salesforce, which rose by 4.4%. IBM's stock increased by 2.9% as traders looked to buy the dip after a previous sell-off triggered by concerns over new AI capabilities that could impact IBM's legacy systems.
The Dow Jones is currently above the 49,000 level and could target the 49,500-49,600 resistance range if it maintains its position.
Conclusion
Overall, the market is showing signs of recovery, with positive economic indicators and strategic corporate deals driving investor confidence. The SP500, NASDAQ, and Dow Jones are all positioned for potential further gains if current trends continue.