Hourly Market Review - Mar 13, 2024 17 PM

The U.S. stock market presented a mixed performance on Wednesday, with technology stocks undergoing profit-taking while gains in energy and other sectors provided support, keeping major indices like the Dow Jones Industrial Average near record highs. Investors focused on inflation, reacting to the February Consumer Price Index (CPI) data released on Tuesday, which showed signs of increasing inflation, potentially influencing the Federal Reserve's stance on interest rates. Upcoming economic updates include the February Producer Price Index (PPI) and Retail Sales.

The recent CPI report and inflation readings suggest a cautious outlook for future Fed rate cuts, awaiting further data such as the PPI, which indicates wholesale price levels and can prelude consumer price changes. Observations from Nathan Peterson of the Schwab Center for Financial Research indicate a shift in expectations towards maintaining higher interest rates for longer due to the inflation and rate policy implications of the CPI data.

Key market benchmarks concluded as follows: the S&P 500 slightly down by 0.2%, the Dow Jones slightly up by 0.1%, and the Nasdaq down by 0.5%. The 10-year Treasury note yield increased, and the Cboe Volatility Index saw a minor decrease. The market is experiencing a rotation from technology to other sectors like financials, energy, materials, and small caps, indicating a shift in investor focus. This rotation, confirmed by market breadth, is being watched closely to see if it can sustain the broader market against potential corrections in the technology sector.

Movers of the hour:

Arq is up 38.33% at $4.80.  

Heron Therapeutics is up 30.51% at $3.08.  

Annexon is up 29.54% at $5.95.  

Airship AI Holdings is up 29.15% at $9.88.  

Cardiff Oncology is up 26.78% at $5.68.  

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.

Nvidia has received a rating of Strong Buy from Truist Securities with target price increased to $911 from $691.