Hourly Market Review - Mar 14, 2024 17 PM

On Thursday, the Dow Jones Industrial Average fell by more than 100 points, ending a 3-day winning streak, as hotter-than-expected U.S. inflation data for February drove Treasury yields higher and put pressure on Nvidia shares. The Nasdaq Composite and S&P 500 also experienced slight declines. The producer price index (PPI) rose by 0.6%, with core PPI increasing by 0.3%, surpassing economists' expectations. This inflation report, which is the last significant economic data before the Federal Reserve's policy meeting on March 19-20, raised concerns about potential rate cuts by the Fed and the future direction of the stock market. 

Despite the overall market downturn, major technology stocks like Apple and Microsoft saw gains, while Robinhood's shares rose by 5% following a report of increased assets under custody. In contrast, electric vehicle startup Fisker's shares plummeted by nearly 52% amid reports of potential bankruptcy preparations.

Movers of the hour:

Turtle Beach is up 26.84% at $13.99.  

WiMi Hologram Cloud is up 24.55% at $1.37.  

Futurefuel is up 21.79% at $6.93.  

Vaalco Energy is up 18.05% at $5.27.  

Build-A-Bear is up 17.72% at $29.43.  

Here are the top stocks upgraded by Wall Street analyst:

Microsoft has received a rating of Strong Buy from Jefferies with target price increased to $465 from $465.

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.

Nvidia has received a rating of Strong Buy from Tigress Financial with target price increased to $985 from $790.