Hourly Market Review - Feb 29, 2024 10 AM
1min read 
In January, inflation rose in line with expectations according to the Federal Reserve's preferred gauge, the personal consumption expenditures (PCE) price index. Excluding food and energy, the core PCE increased by 0.4% for the month and 2.8% year-over-year, aligning with consensus estimates. The overall PCE, including food and energy, also matched forecasts with a 0.3% monthly and 2.4% annual increase. The report revealed a shift towards services over goods as the economy normalizes post-pandemic, with services prices rising and goods prices falling. Despite this, both headline and core inflation measures remain above the Fed's 2% target. The data also showed an unexpected jump in personal income and a slight dip in spending, while consumers continue to draw on savings. Additionally, jobless claims slightly exceeded estimates, but labor market trends remain stable. This inflation report, along with other economic indicators, adds uncertainty to the timing and extent of future Fed rate cuts, as officials weigh the persistence of inflation against the need for policy easing.
Movers of the hour:
Societal CDMO is up 132.61% at $1.07.
J-Long Group is up 62.42% at $20.79.
iHeartMedia is up 31.72% at $2.99.
Okta is up 26.14% at $110.25.
Sterling Check is up 24.24% at $15.43.
Here are the top stocks upgraded by Wall Street analyst:
Berkshire Hathaway A has received a rating of Strong Buy from UBS with target price increased to $715000 from $655000.
Berkshire Hathaway B has received a rating of Strong Buy from UBS with target price increased to $477 from $435.
Broadcom has received a rating of Strong Buy from Susquehanna with target price increased to $1550 from $1400.
Lowes Companies has received a rating of Neutral from Wedbush with target price increased to $250 from $215.
American Tower has received a rating of Buy from BMO Capital with target price dropped to $228 from $235.