Hourly Market Review - Mar 19, 2024 10 AM

The S&P 500 dipped 0.2% and the Nasdaq Composite lost 0.8% as traders reacted to announcements from Nvidia's AI conference and awaited the Federal Reserve's policy meeting. The Dow Jones Industrial Average rose by 0.2%. Nvidia's stock fell 3.1% after unveiling its new AI chip, Blackwell, despite a significant rally earlier in the year. Super Micro Computer, which supports Nvidia's AI servers, dropped over 11.5% following a share offering. Concerns about inflation have raised fears that the Fed might signal a longer period of high interest rates, but futures indicate a 99% chance that rates will remain unchanged this week. The Fed's decision is highly anticipated, with no changes expected in this or the next meeting.

Nordstrom's stock surged by 12% after reports emerged that the company's founding family is considering taking the retailer private. The family has reportedly engaged investment banks Morgan Stanley and Centerview Partners to explore potential interest from private equity firms. This isn't the first time the founding family has attempted to take Nordstrom private, with a previous unsuccessful effort in 2018. Despite the retailer's recent struggles, its shares have increased by 15.6% over the past year and 3.5% year-to-date. Although Nordstrom exceeded sales expectations during the holiday quarter, it warned that revenue might decline this year due to a shorter sales period compared to 2023.