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Hourly Market Review - Mar 14, 2024 11 AM

AInvestThursday, Mar 14, 2024 11:00 am ET
1min read

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.  

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.