Hourly Market Review - Feb 26, 2024 16 PM
1min read 
On Monday, the S&P 500 slipped 0.38% to 5,069.53, retreating from its record high on Friday. The Nasdaq Composite fell 0.13% to 15,976.25, and the Dow Jones Industrial Average dropped 0.16% to 39,069.23. Amazon joined the Dow, replacing Walgreens Boots Alliance, increasing the index's exposure to tech and consumer retail, but its shares dipped 0.15%. Treasury yields rose, adding pressure to stocks.
The market had been buoyed by Nvidia's strong earnings, but investors are now focused on inflation risks and the upcoming personal consumption expenditures price index. The AI-powered rally seems sustainable, according to Alex McGrath of NorthEnd Private Wealth. Investor sentiment has improved due to a better-than-expected earnings season, despite concerns about the Federal Reserve's stance on inflation and interest rates.
New home sales in January were below estimates, with 661,000 sales, a 1.5% increase, missing the expected 680,000 and 2.4% growth. Economic releases this week include January durable orders data, January wholesale inventories, and consumer spending and PCE numbers.
Movers of the hour:
Krystal Biotech is up 41.38% at $157.40.
Butterfly Network is up 29.66% at $1.32.
Root is up 29.25% at $21.92.
Agiliti is up 29.12% at $9.87.
SoundHound AI is up 28.31% at $5.03.
Here are the top stocks upgraded by Wall Street analyst:
Intuit has received a rating of Buy from Piper Sandler with target price increased to $750 from $642.
Mercadolibre has received a rating of Buy from Wedbush with target price increased to $2000 from $1800.
Nu Holdings has received a rating of Strong Buy from Susquehanna with target price increased to $12 from $11.
Capital One has received a rating of Strong Buy from Citigroup with target price increased to $165 from $152.