Hourly Market Review - Feb 27, 2024 11 AM

On Tuesday, the stock market experienced a relatively flat day as investors awaited key economic data releases later in the week. The S&P 500 saw a slight increase, while the Dow Jones Industrial Average dropped by 0.4%, and the Nasdaq Composite rose by 0.3%. 

Data released by the U.S. Department of Commerce on Tuesday showed a larger-than-expected decline in orders for long-lasting goods in January, primarily due to a significant drop in demand for transportation. Additionally, consumer confidence numbers fell amid concerns about a potential labor market slowdown and a polarized political landscape, with the Conference Board's Consumer Confidence Index dropping to 106.7 from a revised 110.9 in January.

Investors are looking forward to the release of January's personal consumption expenditure price index and personal income data on Thursday, which will provide further insights into the state of the economy and the direction of monetary policy. Stovall predicts an increase in both core and headline inflation for the month but a decline on a yearly basis.

Movers of the hour:

Janux Therapeutics is up 148.11% at $37.47. Wedbush maintains a 'Outperform' Rating, The Target Price is $53

Viking Therapeutics is up 69.82% at $65.35 due to speculation of potential acquisition. The company is developing novel treatments for metabolic and endocrine disorders.  

Hims & Hers Health is up 25.18% at $12.83. Piper Sandler maintains 'Neutral' rating on Hims & Hers Health(HIMS). The target price is $11, compare with $9 previously.

Pyxis Oncology is up 24.90% at $5.97 as the company announced a private placement sale of 8.85 million shares and pre-funded warrants for 1.61 million shares at $4.78 and $4.779 apiece, respectively, expecting to raise $50 million, with the offering set to close around February 29.  

SoundHound AI is up 21.57% at $6.99 as the AI hype continues.

Here are the top stocks upgraded by Wall Street analyst:

Berkshire Hathaway A has received a rating of Neutral from Keefe, Bruyette & Woods with target price increased to $645000 from $610000.

Broadcom has received a rating of Strong Buy from UBS with target price increased to $1480 from $1475.

Walmart has received a rating of Buy from Morgan Stanley with target price dropped to $67 from $200.

The Home Depot has received a rating of Neutral from RBC Capital with target price increased to $377 from $299.

Salesforce has received a rating of Neutral from Citigroup with target price increased to $325 from $265.

Arm Holdings has received a rating of Strong Buy from Rosenblatt with target price increased to $180 from $140.

Booking Holdings has received a rating of Strong Buy from Susquehanna with target price increased to $4100 from $3600.

Sony Group has received a rating of Buy from Oppenheimer with target price increased to $108 from $108.

Palo Alto Networks has received a rating of Strong Buy from Susquehanna with target price dropped to $325 from $400.