Hourly Market Review - Mar 18, 2024 10 AM
1min read 
On Monday, stocks experienced a rise, led by gains in Nvidia, as investors anticipated a significant artificial intelligence conference and awaited monetary policy guidance from the Federal Reserve later in the week.
The Dow Jones Industrial Average increased by 65 points (0.2%), the S&P 500 gained 0.9%, and the Nasdaq Composite advanced by 1.6%. Nvidia's shares surged over 4% ahead of the company's GTC Conference, where it is expected to showcase its latest advancements in artificial intelligence. Analysts, including Truist's William Stein, raised their price targets for Nvidia, with Stein predicting a 34% upside.
Alphabet's shares jumped 7%, marking their best day in over a year, following a report by Bloomberg News that Apple was in discussions with Google to integrate the company's Gemini AI into iPhones. Super Micro Computer's shares climbed 6% ahead of its first trading day as part of the S&P 500.
These movements occurred after two weeks of tech-led losses for both the S&P 500 and Nasdaq Composite, while the Dow Jones Industrial Average has ended the past three weeks with losses.
The Federal Reserve's March Open Market Committee meeting is scheduled for this week, with the two-day policy meeting starting Tuesday and concluding with an announcement on Wednesday. According to the CME FedWatch Tool, there is currently a 99% likelihood that the Fed will leave benchmark interest rates unchanged this week, although the expectation for a June rate cut has recently decreased to about 55%.