Hourly Market Review - Mar 4, 2024 14 PM

The Dow Jones Industrial Average and major U.S. stock benchmarks experienced a slight dip on Monday after a recent rally that brought them to new highs. The Dow fell by 0.3%, the S&P 500 was nearly flat, and the Nasdaq Composite dropped by 0.2%. Apple's stock declined by more than 3% following a nearly $2 billion EU antitrust fine related to its dominance in the music streaming market. On the other hand, Ford saw a more than 3% increase due to strong sales data. Super Micro Computer and Deckers Outdoor also saw significant gains after being announced as new additions to the S&P 500. However, JetBlue rose by more than 1% while Spirit Airlines fell by more than 14% after they ended plans to merge due to a lost federal antitrust lawsuit.

Additionally, the S&P 500 was dragged down by declines in consumer discretionary and communication services stocks, with both sectors falling by more than 1%. Paramount Global and Warner Bros. Discovery led the losses in communication services, while Tesla was the worst performer in consumer discretionary, followed by V.F. Corporation and Ralph Lauren. 

Movers of the hour:

BitFuFu is up 122.57% at $14.20.  

Phunware is up 100.28% at $14.18.  

Ocean Biomedical is up 75.75% at $3.52.  

Satellogic is up 31.54% at $1.96.  

BigBear.ai Holdings is up 30.60% at $4.52.  

Here are the top stocks upgraded by Wall Street analyst:

Eli Lilly has received a rating of Strong Buy from B of A Securities with target price increased to $1000 from $800.

Broadcom has received a rating of Buy from Oppenheimer with target price increased to $1500 from $1100.

General Electric has received a rating of Buy from RBC Capital with target price increased to $170 from $148.

The Tjx Companies has received a rating of Neutral from UBS with target price increased to $104 from $95.

Micron Technology has received a rating of Strong Buy from Mizuho with target price increased to $105 from $100.

The Toronto-Dominion Bank has received a rating of Neutral from BMO Capital with target price dropped to $81 from $86.

Dell Technologies has received a rating of Buy from Bernstein with target price increased to $120 from $90.