Hourly Market Review - Mar 14, 2024 11 AM

On Thursday, the S&P 500 slightly declined by 0.2% after the U.S. released inflation data that was higher than anticipated, causing Treasury yields to increase. The Dow Jones Industrial Average also saw a slight decrease of 25 points (or 0.07%), and the Nasdaq Composite remained relatively unchanged.

The inflation data in question came from February's Producer Price Index (PPI), which showed a 0.6% increase from the previous month. When excluding food and energy prices, the core PPI rose by 0.3%. These figures exceeded the expectations of economists surveyed by Dow Jones, who predicted a 0.3% rise in the headline PPI and a 0.2% increase in the core PPI. Despite an initial resilience in stocks following the report, the market lost momentum soon after the trading day began.

This higher-than-expected inflation report led to a rise in bond yields, with the 10-year Treasury note yield increasing by 9 basis points. Nvidia's shares declined for the fourth time in five sessions, dropping nearly 3%.

This PPI report is particularly significant as it's the last major economic data released before the Federal Reserve's policy meeting scheduled for March 19-20.

In the stock market, major technology shares like Apple and Microsoft experienced purchases, while Robinhood saw a 7% increase after reporting a 16% rise in assets under custody from the previous month. On the other hand, Fisker, an electric vehicle startup, saw its shares plummet by 48% following a report from The Wall Street Journal about the company's hiring of restructuring advisors to prepare for a potential bankruptcy.

Movers of the hour:

WiMi Hologram Cloud is up 28.17% at $1.41.  

Veritone is up 26.04% at $2.74.  

Turtle Beach is up 26.02% at $13.90.  

Vaalco Energy is up 19.39% at $5.33.  

Superior Group is up 16.75% at $16.56.