Hourly Market Review - Mar 8, 2024 14 PM

The S&P 500 and Nasdaq Composite indices experienced a decline on Friday, with the S&P 500 dropping approximately 0.4% and the Nasdaq Composite falling 0.9%. Both indices had initially reached new all-time highs earlier in the session but ultimately ended in negative territory. The Dow Jones Industrial Average, however, saw a slight increase of 0.1%, or 19 points.

For the week, the Dow and Nasdaq are down by 0.7% and 0.9%, respectively, while the S&P 500 has decreased by a modest 0.1%. Nvidia, a prominent player in the artificial intelligence sector, saw its shares drop by over 5% on Friday, interrupting its recent strong performance. Despite this, Nvidia's shares are still up more than 6% for the week, continuing a significant rally that has added over $1 trillion to its market capitalization since the beginning of the year.

In contrast, Apple's shares rose by more than 1% on Friday, potentially ending its longest losing streak since early 2022. However, Apple remains the worst performer in the Dow for the week, with a decline of more than 4%.

The February jobs report presented mixed signals regarding the Federal Reserve's potential interest rate decisions. The economy added 275,000 jobs, significantly more than the expected 198,000, indicating continued strength. However, the unemployment rate rose to 3.9%, and wage growth was slower than anticipated, suggesting that inflation might be cooling, which could influence the Fed's approach to interest rates. George Mateyo, chief investment officer at Key Private Bank, believes the data generally supports a positive outlook, possibly encouraging the Fed to make a modest adjustment to interest rates.

Movers of the hour:

NWTN is up 33.38% at $4.16.  

Kuke Music is up 32.18% at $2.67.  

The Joint is up 32.17% at $12.08.  

Smith & Wesson Brands is up 25.79% at $16.91.  

Willdan Group is up 24.48% at $24.71.  

Here are the top stocks upgraded by Wall Street analyst:

Microsoft has received a rating of Strong Buy from Jefferies with target price remained as $465.

Nvidia has received a rating of Strong Buy from Mizuho with target price increased to $825 from $625.

Nvidia has received a rating of Buy from Oppenheimer with target price increased to $850 from $650.

Nvidia has received a rating of Strong Buy from Susquehanna with target price increased to $850 from $625.