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Top Movers of the Day

AInvestTuesday, Mar 19, 2024 6:12 pm ET
2min read

Stocks ended higher on Tuesday, with the S&P 500 setting its 18th record close of the year, as investors awaited a Federal Reserve interest rate decision. Housing starts increased by 10.7% in February, and building permits also edged higher, indicating robust housing activity.

Nvidia's new Blackwell graphics chip announcement led to a mixed day for chip stocks, with Nvidia finishing up, while AMD, Intel, and the PHLX Semiconductor Index dropped. Gains in Apple, Amazon, and Microsoft helped boost the market, while Tesla and Meta Platforms finished lower.

The S&P 500 rose 0.6%, the Dow Jones Industrial Average gained 0.8%, and the Nasdaq Composite increased by 0.4%. The 10-year Treasury yield fell to just under 4.3%, and the Cboe Volatility Index dropped to 13.83. The energy sector performed well as crude oil prices reached multi-month highs, while industrials, consumer discretionary, and utilities also saw gains. Communications, real estate, and materials sectors finished slightly lower.

  • Nvidia: Shares gained over 1% after unveiling its next-generation AI chips called Blackwell. Several Wall Street firms increased their price targets on Nvidia following the announcement. Advanced Micro Devices dropped 4.8% in response.

  • Super Micro Computer: The stock dropped 9% after filing to sell an additional two million shares through Goldman Sachs. The proceeds will be used for various purposes, including inventory purchase, manufacturing capacity expansion, and increased R&D investments.

  • Unilever: U.S. shares rose 2.8% after announcing plans to spin off its ice cream unit, which includes Ben & Jerry's and Magnum, as part of a restructuring plan that will affect about 7,500 jobs.

  • Cryptocurrency stocks: Stocks related to bitcoin, including MicroStrategy and Coinbase, fell as the cryptocurrency's price dropped significantly from last week's record high.

  • Nordstrom: Shares jumped 9.4% on a Reuters report that the luxury department store chain is exploring the possibility of going private with the help of investment banks Morgan Stanley and Centerview Partners.

  • Tencent Music: Shares rallied 6.4% following its quarterly earnings report, which showed a more than 20% growth in the number of paying users, despite a decline in total revenue compared to the previous year.

  • dLocal: The stock slumped nearly 17.5% after reporting weaker-than-expected earnings for the fourth quarter and providing full-year revenue guidance near the low end of analysts' expectations.

  • Snowflake and MongoDB: The data technology stocks reacted differently to downgrades by Redburn Atlantic Equities, which cited a lack of advantage tied to generative AI. Snowflake added 0.9%, while MongoDB shed 0.7%.

  • Cognex and Chart Industries: Both stocks advanced following UBS upgrades to buy from neutral, with Cognex gaining 2.6% and Chart rising 3.5%.

  • Endava: Shares jumped 4.6% after a JPMorgan upgrade to overweight from neutral, citing a 32% potential upside from Monday's close.

  • Avis Budget Group: Shares gained 7% after Bank of America initiated coverage with a buy rating, highlighting an attractive entry point with a price objective 57% above Monday's closing price.


Disclaimer: the above is a summary showing certain market information. AInvest is not responsible for any data errors, omissions or other information that may be displayed incorrectly as the data is derived from a third party source. Communications displaying market prices, data and other information available in this post are meant for informational purposes only and are not intended as an offer or solicitation for the purchase or sale of any security. Please do your own research when investing. All investments involve risk and the past performance of a security, or financial product does not guarantee future results or returns. Keep in mind that while diversification may help spread risk, it does not assure a profit, or protect against loss in a down market.