Hourly Market Review - Mar 22, 2024 16 PM

Dow Jones Industrial Average and Market Overview:

• The Dow Jones Industrial Average slipped by 0.77% to close at 39,475.90, but it had its best week of the year with a nearly 2% increase.

• The S&P 500 slightly declined by 0.14% to 5,234.18, while the Nasdaq Composite rose by 0.16% to 16,428.82, marking another record close.

• The market optimism is attributed to the recent Federal Reserve meeting, where rates were left unchanged and Chair Jerome Powell hinted at future rate cuts.

• Notable stock movements included FedEx rising over 7% after beating earnings estimates, while Nike and Lululemon experienced declines due to disappointing guidance and slowing sales.

Semiconductor Index Performance:

• The VanEck Semiconductor ETF is on track for its best quarterly performance since 2001, with a 30% increase since the start of the year.

• Nvidia, a leading performer, is up 90% this quarter and is headed for its best quarterly performance since 2001.

• Other notable gainers in the semiconductor sector include Taiwan Semiconductor, Broadcom, Advanced Micro Devices, and Applied Materials.