Hourly Market Review - Mar 12, 2024 15 PM

Market BriefTuesday, Mar 12, 2024 3:00 pm ET

1min read

The stock market experienced a rally on Tuesday, primarily driven by gains in megacap technology stocks. While the S&P 500 was up nearly 1%, only 279 of its component stocks were rising, compared to 223 that were down. The Invesco S&P 500 Equal Weight ETF, which gives equal weight to each S&P 500 member, saw a modest increase of 0.2%. In contrast, the Magnificent Seven megacap technology stocks, including Tesla, Apple, Alphabet, Meta Platforms, Amazon.com, Microsoft, and Nvidia, all experienced gains, with Nvidia leading the pack with a 5.2% increase. This trading activity, following a hotter-than-expected consumer price index reading for February, goes against recent trends.

Earlier in the year, the market saw narrowing breadth in terms of the percentage of stocks trading above their 50-day moving averages. However, in the last few weeks, there has been a noticeable upswing, with the percentage of stocks trading above their 50-day moving average rising steadily from less than 52% on February 13th to just under 80% the day before the report.

Movers of the hour:

Ranpak Holdings is up 51.19% at $6.61.

Semilux is up 41.18% at $2.64.

Lucas GC is up 24.08% at $3.71.

ATRenew is up 21.43% at $1.45.

Rumble is up 20.81% at $8.07.

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.