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Hourly Market Review - Mar 12, 2024 14 PM

AInvestTuesday, Mar 12, 2024 1:00 pm ET
1min read

The February CPI Inflation report highlighted a persistent concern for investors and policymakers as the consumer price index rose by 0.4% monthly and 3.2% annually. Energy costs, particularly gasoline prices, and shelter expenses, driven by rising home prices and slow declines in rents, were major contributors to this increase. Despite the inflation rate slightly exceeding expectations, financial markets, particularly the Nasdaq, showed resilience with initial fluctuations followed by a recovery to fresh all-time highs. Investors are still hopeful for a Federal Reserve rate cut in June, although expectations have slightly diminished following the report. Read more here.

Oracle reported strong Q3 earnings, surpassing analyst expectations, particularly with its emphasis on AI and cloud growth. While cloud revenue growth of 25% was slightly below expectations, the company's progress in transitioning clients to its Gen2 cloud and notable wins in the large-cap space boosted investor confidence, driving the stock higher in after-hours trading. Cloud Infrastructure revenue saw a significant 49% increase, and Cloud Application revenue grew by 14%. Oracle's CEO highlighted a record-high backlog driven by new cloud infrastructure contracts and the high demand for Oracle's Gen2 AI infrastructure. Read more here.

Nvidia was up by 5.5% following Oracle's earnings report, which highlighted a strong market for Nvidia's graphics-processing units. Oracle announced a new cloud-computing infrastructure deal with Nvidia and plans to increase capital spending in the next fiscal year, indicating continued demand for AI chips. 

In contrast, Southwest Airlines experienced a 15% decline after revising its revenue per available seat mile expectations for the first quarter to flat or up 2% from the previous year, down from earlier forecasts of 2.5% to 4.5% growth. This adjustment was attributed to soft leisure travel trends, and the airline is reevaluating its fiscal-year guidance due to anticipated lower deliveries of Boeing aircraft. As a result, Boeing's stock also fell by 3.8% amid news of a six-week audit by the Federal Aviation Administration.

Other Movers of the hour:

Ranpak Holdings is up 42.31% at $6.22.  

Lucas GC is up 20.40% at $3.60.  

ATRenew is up 18.07% at $1.41.  

Rigetti Computing is up 17.47% at $2.19.  

Heritage Insurance is up 17.13% at $8.38.  

Disclaimer: the above is a summary showing certain market information. AInvest is not responsible for any data errors, omissions or other information that may be displayed incorrectly as the data is derived from a third party source. Communications displaying market prices, data and other information available in this post are meant for informational purposes only and are not intended as an offer or solicitation for the purchase or sale of any security. Please do your own research when investing. All investments involve risk and the past performance of a security, or financial product does not guarantee future results or returns. Keep in mind that while diversification may help spread risk, it does not assure a profit, or protect against loss in a down market.