The Stock Market Update: Trump's Social-Media Company Soars, Krispy Kreme Spikes, and Cocoa Futures Rally

Hello readers,

Today's trading session saw some interesting developments in the stock market. Durable goods orders rose slightly more than expected in February, and home prices rose at the fastest annual clip in January since 2022. Meanwhile, the latest consumer confidence index readings indicate that Americans feel better about their current situation this month than they did a month earlier, but feel more pessimistic about their future.

Equity indices started the day off strong but lost steam in the late afternoon. The tech-heavy Nasdaq Composite shed 0.4%, while the S&P 500 was down 0.3%. The Dow Jones Industrial Average edged down 0.1%, or 31 points. However, certain corners of the market were more exciting. 

Shares of Donald Trump's social-media company, the parent of Truth Social, popped as much as 59% on its first day of trading and ended the day 16% higher. Will it go down?

Meanwhile, shares of Krispy Kreme spiked 39% after the company announced a deal to sell its doughnuts to McDonald's restaurants across the U.S.

Additionally, cocoa futures briefly went above $10,000 a metric ton for the first time ever, fueled by bad weather in West Africa and interest from speculators.

Interesting read: Truth Social, Consumer Confidence, Walgreens Earnings: What to Watch This Week.

Stay tuned for more updates on the stock market.

Daniel Silva