Hourly Market Review - Mar 6, 2024 14 PM
U.S. stocks were higher in afternoon trade, with the Nasdaq Composite index leading the gains, as major equity benchmarks aimed to break a two-day losing streak. The Nasdaq was up 0.7%, the S&P 500 rose 0.6%, and the Dow Jones Industrial Average increased by 0.2%. This comes after a rout on Tuesday that led to declines in all three major indexes, partly due to the performance of the Magnificent Seven megacap technology stocks. So far in 2024, the performance of these stocks has been mixed, with Alphabet Inc., Apple Inc., and Tesla Inc. down 6%, 12%, and 28% for the year, respectively.
During the session, attention was on Federal Reserve Chairman Jerome Powell's testimony, where he indicated that rate cuts are still possible this year, while the Fed remains focused on reducing inflation to its 2% annual target. Powell's key points included the need for more confidence in inflation trends, the requirement of only a little bit more data before deciding on further moves, and the expectation of major changes to a proposal for banks to hold more capital. He also expressed optimism that the U.S. is not headed toward a recession, considering the current state of the economy and the labor market. Powell is set to appear before the Senate Banking Committee at 10 a.m. Eastern time tomorrow for further testimony.
Movers of the hour:
HCM Acquisition is up 66.80% at $8.34.
American Public Education is up 38.85% at $15.83.
Airship AI Holdings is up 36.47% at $6.76.
Wave Life Sciences is up 34.12% at $6.42.
Solowin is up 33.65% at $26.73.
Here are the top stocks upgraded by Wall Street analyst:
Tesla has received a rating of Buy from RBC Capital with target price increased to $298 from $297.
Costco Wholesale has received a rating of Buy from Oppenheimer with target price increased to $805 from $760.
Applied Materials has received a rating of Neutral from UBS with target price increased to $235 from $185.
Lam Research has received a rating of Strong Buy from UBS with target price increased to $1130 from $885.
Anheuser-Busch InBev has received a rating of Buy from TD Cowen with target price dropped to $65 from $67.