Performance was largely positive for the 106 indexes tracked in the report for March, with 95 indexes advancing and 11 retreating. The average return across the 106 indexes was 3.3%, a slight dip compared to the previous month when the average return was 5.5%. The Nasdaq-100 Index® (NDX®) was up 1.2%, marking the index's fifth consecutive month of gains. The PHLX Gold/Silver Sector™ Index (XAU™) was the best-performing index, which surged by 20.5%. While the price of gold has been supported by strong central bank buying and demand from consumers in China, the growing global demand for silver is primarily driven by robust industrial offtake. The worst-performing index was the Nasdaq Sprott Lithium Miners™ (NSLITP™), which declined by 4.6%, a reversal from the previous month, when it registered gains of 10.4%. There could be a consolidation in the lithium mining industry as low-cost producers seeking to increase their market share merge and integrate with high-cost producers struggling financially.

Overall, there was strength across all areas, with some of the most significant gains within the Nasdaq Crypto Indexes, Nasdaq Thematic ESG Indexes, and Nasdaq Dividend and Income Indexes.

Nasdaq Featured Indexes

Within the Nasdaq Featured Indexes, the PHLX Gold/Silver Sector™ Index (XAU™) stood out as the top performer, up 20.5%, while the Nasdaq Innovators Completion Cap™ Index (NCX™) was the worst performer, down 1.2%. While the PHLX Gold/Silver Sector™ Index (XAU™) recovered from its February losses, the Nasdaq Innovators Completion Cap™ Index (NCX™) reversed its previous month’s gains. The Nasdaq-100 Index® (NDX®) wrapped up March in the green with a gain of 1.2%, continuing its strong performance from 2023. These indexes had an average return of 3.7%.

Nasdaq Global Indexes

The Nasdaq US Mid Cap™ Index (NQUSM™) was the best performer among the Nasdaq Global Indexes, climbing 4.7%. The Nasdaq Emerging Markets™ Index (NQEM™) was the relative underperformer, up a modest 1.9%. Developed markets showed more resilience than emerging markets. Overall, there was strength across all indexes, with the suite registering average gains of 3.0%.

Nasdaq OMX Nordic Indexes

The Nasdaq OMX Nordic Indexes also registered mostly positive returns, with the OMX Stockholm 30™ Index (OMXS30™) leading the way with a gain of 2.7%. The OMX Helsinki 25™ Index (OMXH25™) experienced the worst performance, losing 0.8% over the past month. The six Nasdaq OMX Nordic Indexes achieved an average return of 1.7%, slightly lower than the average returns recorded in February.

Nasdaq Thematic Tech Indexes

Nasdaq Thematic Tech Indexes posted average returns of 1.8% in March, lower than the average returns observed last month. The Nasdaq Lux Health Tech™ Index (NQHTEC™) was the best performer among the index suite, surging by 5.7%. Dexcom, the largest constituent of NQHTEC as of the end of March, achieved a monthly gain of 20.5% after receiving clearance from the US Food and Drug Administration for its new continuous glucose monitor. The Nasdaq CTA Global Digital Payments™ Index (WALLET™) followed closely as the second-best performer, with a gain of 5.7%, driven by the strong monthly rallies of Coinbase (30.2%) and PayPal (11.0%). The worst performer was the BVP Nasdaq Emerging Cloud™ Index (EMCLOUD™), which registered a loss of 2.4% within this group.

Nasdaq Thematic ESG Indexes

The Nasdaq Thematic ESG Indexes registered an average gain of 4.2%, an improvement compared to the previous month's modest gain of 1.0%. The Nasdaq Sprott Junior Copper Miners™ Index (NSCOPJ™) emerged as the top performer, surging by 18.2%, a reversal from February’s loss of 1.1%. The Nasdaq Sprott Lithium Miners™ Index (NSLITP™) was the worst performer, registering losses of 4.6%.

Nasdaq Dorsey Wright Indexes

All but one index in the Nasdaq Dorsey Wright suite delivered gains in March, resulting in an average gain of 3.6%. The Dorsey Wright Energy Technical Leaders™ Index (DWEN™) took the lead as the top performer, with an impressive gain of 9.6%. Conversely, the Dorsey Wright Healthcare Technical Leaders™ Index (DWHC™) was the only index that experienced a loss, declining by 2.9% and reversing its previous month’s gains.

Nasdaq Dividend and Income Indexes

All indexes in the Nasdaq Dividend and Income group posted gains last month, registering average gains of 3.8%. The Nasdaq US Rising Dividend Achievers™ Index (NQDVRIS™) was the best-performing index of the suite, delivering a gain of 6.5%. The Nasdaq 7HANDL™ Index (NQ7HANDLTL™) was the relative underperformer, registering a modest gain of 1.6%.

Nasdaq Options Indexes

All indexes in the Nasdaq Options suite demonstrated upward movement in March. The top performer of the group was the Credit Suisse Nasdaq Silver FLOWS106 TR™ Index (QSLVOTR™), recording a gain of 7.9%, followed by the Credit Suisse Nasdaq WTI Crude Oil FLOWS 106 TR™ Index (QUSOITR™), up 6.5%. The relative underperformer of the group was the Nasdaq-100 Quarterly Protective Put 90™ Index (NQTRI™), which registered a modest gain of 0.7%. On average, the Nasdaq Options Indexes saw a solid gain of 3.1% last month.

Nasdaq Green Economy Indexes

Every index in the Nasdaq Green Economy suite registered gains in March, resulting in an average gain of 2.6%. While the best performer of the group was the Nasdaq OMX US Water™ Index (GRNWATUSL™) with a gain of 4.2%, the relative underperformer was the Nasdaq OMX Wind™ (GRNWIND™), delivering a gain of 1.2%.

Nasdaq Crypto Indexes

All four Nasdaq Crypto Indexes moved higher in March, recording the highest average gains across the suite of indexes. While the Nasdaq Bitcoin™ Index (NQBTCS™) excelled as the top performer with an impressive gain of 14.4%, the Nasdaq Ethereum™ Index (NQETHS™) had a more modest performance, achieving a gain of only 4.5%.

In the first quarter of 2024, the Nasdaq-100 surged by 8.5%, reaching an all-time high on March 22. Fueled by robust consumer spending and business investment in non-residential structures like factories and healthcare facilities, US GDP increased at a 3.4% annualized rate in the fourth quarter last year, revised up from the previously reported 3.2% pace. While Federal Reserve Chair Jerome Powell signaled policymakers will wait for clearer signs of lower inflation before cutting interest rates, Federal Reserve Bank of Atlanta President Raphael Bostic reiterated his expectation for only one rate cut this year. Investors are betting US interest rates will remain higher than the Federal Reserve’s projections by the end of the rate-cutting cycle. Outside the US, with the Bank of Japan raising interest rates in March, Japan became the last country in the world to end a policy of negative interest rates. With more and more investors expecting that the economy is set for a “soft landing”, in which inflation moderates but the economy avoids a severe downturn, the Nasdaq suite of indexes delivered strong performances in March.

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