Hourly Market Recap

Wall Street's major market averages started the trading week lower, with the Nasdaq Composite down by 0.3%, the S&P 500 down by 0.2%, and the Dow down by 0.1%, as Treasury yields ticked higher ahead of the highly anticipated CPI report on Tuesday. Eight out of eleven S&P sectors traded in negative territory, with Materials being the best performer, while Industrials and Health Care were the weakest; meanwhile, the U.S. 2 Year Treasury yield rose by 4 basis points to 4.52%, and the U.S. 10 Year Treasury yield increased by 2 basis points to 4.10%.

Notable declines were seen in technology stocks, with Super Micro Computer dropping 7% and Nvidia experiencing a day of choppy trading. Meta, the parent company of Facebook, also saw a significant tumble, dropping more than 4%. Similarly, pharmaceutical giant Eli Lilly saw a decline of over 4%. These losses come as investors anticipate the release of February's consumer price index (CPI) data, which is expected to show a 0.4% month-over-month increase and a 3.1% annualized increase. The core CPI, excluding volatile food and energy prices, is expected to rise by 0.3% for the month and 3.7% for the year.

Movers of the hour:

The L.S. Starrett is up 58.71% at $15.74.  

Solidion Technology is up 40.62% at $1.09.  

Mesoblast is up 31.62% at $2.83.  

Kingsoft Cloud is up 29.37% at $3.48.  

Ballys is up 24.39% at $13.21.