Hourly Market Review - Mar 12, 2024 11 AM

On Tuesday, stocks experienced a notable rise after the release of U.S. inflation data for February, which aligned with expectations. The consumer price index (CPI) for February rose by 0.4% monthly and 3.2% annually, slightly above the anticipated 3.1% yearly increase. Core inflation, which excludes food and energy costs, also saw a 0.4% monthly rise, higher than the expected 0.3%.

This positive news encouraged investors to buy into high-performing tech companies like Nvidia and Meta Platforms. The Dow Jones Industrial Average increased by 0.6%, the S&P 500 by 0.9%, and the Nasdaq Composite by 1.3%. Notably, Nvidia's shares surged by nearly 6%, Microsoft's by approximately 2.2%, Meta's by 3%, and Oracle's by over 11% following better-than-expected earnings.

Movers of the hour:

Ranpak Holdings is up 41.17% at $6.17.  

Ryde Group is up 21.20% at $7.89.  

ATRenew is up 20.59% at $1.44.  

BOSS ZHIPIN is up 18.97% at $20.82.  

Jiuzi Holdings is up 17.41% at $1.70.  

Here are the top stocks upgraded by Wall Street analyst:

Microsoft has received a rating of Strong Buy from Jefferies with target price remained as $465

Nvidia has received a rating of Strong Buy from Mizuho with target price increased to $825 from $625.

Nvidia has received a rating of Buy from Oppenheimer with target price increased to $850 from $650.

Nvidia has received a rating of Strong Buy from Susquehanna with target price increased to $850 from $625.