Hourly Market Review - Mar 18, 2024 13 PM
Stocks rose on Monday as Wall Street focused on the key artificial intelligence conference and awaited new monetary policy guidance from the Federal Reserve. The Dow Jones Industrial Average climbed 0.3%, the S&P 500 gained 0.8%, and the Nasdaq Composite advanced 1%.
Nvidia's shares remained unchanged on the first day of its GTC Conference, where it is expected to showcase its latest AI developments. Analysts have raised their price targets for Nvidia, with one predicting a 34% upside.
Alphabet's shares rose 7% after a report that Apple was in talks to include Google's Gemini AI in iPhones. This comes after two weeks of tech-led losses for the S&P 500 and Nasdaq.
Investors are also looking forward to the Federal Reserve's policy meeting this week, with a 99% likelihood that benchmark interest rates will remain unchanged. However, expectations for a June rate cut have decreased to about 55% following hotter-than-expected February inflation readings, which have sparked concerns that the central bank may maintain higher interest rates for longer.
Movers of the hour:
Solidion Technology is up 69.55% at $2.95.
Canoo is up 56.70% at $3.04.
Brand Engagement is up 56.64% at $16.54.
Li-Cycle Holdings is up 37.61% at $1.05.