Hourly Market Review - Mar 21, 2024 15 PM
Stocks rose on Thursday, with technology shares leading the gains. The S&P 500 and Nasdaq Composite advanced 0.4% and 0.2%, respectively, while the Dow Jones Industrial Average jumped 0.7%. Micron Technology's strong earnings propelled its stock up 16%, boosting the semiconductor sector. Nvidia, Intel, Taiwan Semiconductor, Marvell Technology, the VanEck Semiconductor ETF, and Broadcom also saw significant gains.
Megacap tech stocks like Meta Platforms, Microsoft, and Amazon contributed to the session's gains, each adding nearly 1%. However, Apple declined by 4% following an antitrust lawsuit filed by the Justice Department. Reddit's stock surged more than 40% above its initial public offering price in its market debut.
Investors are optimistic about the Federal Reserve's potential interest rate cuts, with expectations for three cuts this year. The Fed has indicated that rates may ease as long as inflation continues to trend lower. However, some caution that the market may be overly optimistic about the number of cuts. Traders are pricing in a nearly 70% chance that the Fed will begin cutting rates in June. Wall Street is also anticipating earnings reports from FedEx and Nike after the market close.
Movers of the hour:
Adverum is up 874.67% at $14.82.
Lufax is up 41.10% at $4.76.
Aemetis is up 35.75% at $4.96.
Canoo is up 34.29% at $4.58.
Arbe Robotics is up 26.94% at $2.45.
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 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.