Hourly Market Review - Mar 18, 2024 11 AM

On Monday, Wall Street's major market indexes experienced gains as investors awaited the upcoming interest rate decision from the Federal Open Market Committee (FOMC) scheduled for later this week. The Nasdaq Composite led the gains with a 1.6% increase, followed by the S&P 500, which rose by 1.0%, and the Dow Jones Industrial Average, which saw a modest gain of 0.3%.

All 11 sectors of the S&P 500 traded in positive territory, with Communication Services and Information Technology leading the advances. Real Estate and Utilities sectors were at the lower end of the performance spectrum.

In the Treasury market, yields remained relatively stable, with the 2-year Treasury yield ticking up by 1 basis point to 4.73%, and the 10-year Treasury yield also increasing by 1 basis point to 4.32%. UBS's Paul Donovan commented that this week marks a new phase in the ongoing struggle between markets and central banks regarding the timing of rate cuts. He suggested that while no rate cuts are expected this week, ongoing disinflation forces strengthen the case for rate cuts in the second quarter.

The Bank of Japan is an exception to the rate cut narrative, with speculation that it may end its long-standing experiment with negative interest rates this week. Deutsche Bank's Jim Reid noted that Japan has had negative base rates for 8 years, which is unprecedented in history. He also pointed out that the potential rate hike could mark the end of one of the longest global stretches without interest rate increases, spanning 17 years.

Movers of the hour:

Solidion Technology is up 97.13% at $3.43.  

Canoo is up 48.95% at $2.89.  

Brand Engagement is up 37.88% at $14.56.  

Li-Cycle Holdings is up 31.21% at $1.00.  

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.

Microsoft has received a rating of Strong Buy from DA Davidson with target price increased to $500 from $500.

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 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.