Hourly Market Review - Mar 13, 2024 13 PM

U.S. stock markets showed mixed performance on Wednesday, with the S&P 500 unable to maintain its upward momentum after reaching a record high, influenced by a February inflation report that was slightly above expectations. Despite this, investor sentiment was generally positive, reflecting optimism about the U.S. economy's resilience.

• Market Summary:

• The Dow Jones Industrial Average rose by 147 points, or 0.4%, to 39,152.

• The S&P 500 dropped by 8 points, or 0.2%, to 5,167.

• The Nasdaq Composite declined by 97 points, or 0.6%, to 16,169.

This came after notable gains in the previous session, where the Dow, S&P 500, and Nasdaq saw their largest one-day point and percentage increases since February 22.

• Company Highlights:

• Dollar Tree and Petco Health & Wellness experienced stock declines after reporting quarterly results that did not meet expectations.

• Tesla's shares fell after Wells Fargo downgraded its rating and price target, significantly lowering expectations for the electric vehicle manufacturer.

Investors are now anticipating the Federal Reserve's updated interest-rate projections, set to be released next Wednesday, for further indications of the central bank's monetary policy direction amidst ongoing economic developments.

Movers of the hour:

Heron Therapeutics is up 32.30% at $3.12.  

Arq is up 31.70% at $4.57.  

Beamr Imaging is up 28.23% at $7.14.  

Airship AI Holdings is up 27.58% at $9.65.  

Annexon is up 26.58% at $5.81.