In the final session of the short trading week leading up to Easter festivities, U.S. equity indices held steady, reflecting some setbacks in market expectations regarding interest rate reductions.

On Wednesday, Fed Governor Christopher J. Waller spoke in opposition to an early interest rate cut, citing the still uncertain inflation path, and noted that his stance is shared by a robust share of the Fed board.

Thursday saw an upward revision to the fourth-quarter U.S. gross domestic product, with the economy expanding by 3.4% on an annualized basis, exceeding the previously estimated 3.2%.

Traders marginally scaled back their bets on a June rate cut scenario, now placing the likelihood at 64%, down from 70% on Wednesday, according to the CME Group’s FedWatch tool.

While the S&P 500 and the Dow remained unchanged for the day, the Nasdaq 100 eased by 0.2%, influenced by reduced rate cut expectations and increasing commodity prices that weighed on tech companies.

Gold surged to $2,225 per ounce intraday during midday trading in New York, reaching new all-time highs. WTI light crude prices climbed by 1.2% to $82.50 per barrel.

Bitcoin (CRYPTO: BTC) rebounded beyond $70,700, displaying remarkable resilience despite the pause in risk appetite toward stocks.

As we approach the final trading day of March, U.S. major averages are poised to conclude their fifth consecutive month of gains. Interestingly, this month has seen small caps, as tracked by the iShares Russell 2000 ETF (NYSE:IWM), outperform large-cap indices.

Thursday’s Performance On Major US Indices, ETFs

Sector-wise, the Energy Select Sector SPDR Fund (NYSE:XLE) outperformed, up 0.9%, while the Technology Select Sector SPDR Fund (NYSE:XLK) was the laggard, down 0.2%.

Thursday’s Stock Movers

Read now: More Than A Third Of Gen Z, Millennials Lean On Family Support For Home Purchases: ‘Many Get Help From Mom And Dad,’ Reveals Redfin

Photo via Shutterstock.