Hourly Market Review - Mar 25, 2024 14 PM

• The Dow Jones Industrial Average fell by 148 points (0.4%), the S&P 500 dipped 0.2%, and the Nasdaq Composite was nearly unchanged. Despite the slip, the market is on track for its fifth consecutive month of gains, with the S&P 500, Dow, and Nasdaq Composite reaching new all-time highs last week. The rally has been fueled by the Federal Reserve's rate-cutting timeline and enthusiasm for tech stocks, especially those related to AI. However, concerns persist about an overextended rally and higher-for-longer interest rates, with the S&P 500 trading at a 33% premium to its average P/E ratio over the last 20 years.

• Intel shares dropped 1% due to new China guidelines blocking its chips in government servers and computers.

• United Airlines stock declined 4% after the FAA announced increased scrutiny following safety incidents.

• Crude oil futures rose, with West Texas Intermediate gaining 1.50% to $81.84 a barrel, and Brent crude adding 1.33% to $86.57 a barrel. The increase was due to Ukrainian drone strikes disrupting Russian refining capacity and Moscow ordering output cuts to meet OPEC+ targets. OPEC+ countries have agreed to voluntary production cuts totaling 2.2 million barrels per day through the second quarter.