Home Editor's Picks Wall Street advances with Nvidia and Fed meeting in focus

Wall Street advances with Nvidia and Fed meeting in focus


Wall Street advances with Nvidia and Fed meeting in focus By Reuters

Breaking News


Stock Markets

Published Mar 19, 2024 05:36AM ET
Updated Mar 19, 2024 07:12PM ET

© Reuters. Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., March 7, 2024. REUTERS/Brendan McDermid/File Photo

By Sinéad Carew and Bansari Mayur Kamdar

(Reuters) -Wall Street’s three major indexes closed higher on Tuesday after shares in hotshot chipmaker Nvidia (NASDAQ:NVDA) shook off early losses and investors looked ahead to the Federal Reserve’s policy meeting conclusion on Wednesday for clues on interest rate policy.

Shares in Nvidia pulled out of the red to close up 1% after it revealed pricing and shipment plans for its hotly anticipated Blackwell B200 artificial intelligence chip, which it says could be 30 times faster than current chips.

Michael James, managing director of equity trading at Wedbush Securities in Los Angeles attributed Tuesday’s overall gains to improving sentiment after Nvidia’s shares turned around along with ongoing bullishness about the economy’s direction.

“You’re continuing to see money go into the market and not just technology,” said James. “It certainly helps when you’re seeing the large cap tech names today like Nvidia show relative strength from where they opened. But it’s continuing the overall bullish theme that’s been going on since the year started.”

At 04:15 p.m. the Dow Jones Industrial Average rose 320.33 points, or 0.83% , to 39,110.76, the S&P 500 gained 29.09 points, or 0.56%, to 5,178.51 and the Nasdaq Composite gained 63.34 points, or 0.39%, to 16,166.79.

The Dow Jones Industrial Average outpaced its Wall Street peers, supported by a 2% gains in Home Depot (NYSE:HD) and advances of more than 1% in both McDonald’s (NYSE:MCD) and Apple Inc (NASDAQ:AAPL).

In the S&P 500’s 11 major industry sectors only communications services lost ground and that ended down just 0.2% after an almost 3% rally on Monday.

Energy led gains, rising 1.1% as oil prices rose.

Investors were preparing a day ahead of the Fed’s policy update, including a press conference from Chair Jerome Powell. Robust inflation data has pulled back bets for the first rate cut in June to about 59% from about 69% at the start of last week, according to the CME FedWatch Tool.

“There’s optimism that the Fed’s not going to surprise us a lot on Wednesday,” said Gene Goldman, chief investment officer at Cetera Investment Management. “We think three cuts are still on the table.”

But, Goldman still sees Powell reminding the market that he is cautious about inflation and that policy will depend on economic data and expects the central bank to update its inflation and economic growth projections.

Among other movers, crypto-exchange operator Coinbase (NASDAQ:COIN) Global fell almost 4% while miner Riot Platforms (NASDAQ:RIOT) fell almost 3% along with a 5% slide in bitcoin.

MicroStrategy shares fell 5.7% after the company announced it had completed a $603.75 million convertible debt offering – its second in a week – to fund bitcoin purchases.

AI server maker Super Micro Computer (NASDAQ:SMCI) shares tumbled just under 9% after it announced it will sell 2 million shares that could fetch about $2 billion.

Spire (NYSE:SR) Global shares soared 30.4% after it announced a collaboration with Nvidia for AI-driven weather prediction.

Advancing issues outnumbered decliners by a 2.25-to-1 ratio on the NYSE, which showed 286 new highs and 53 new lows.

On the Nasdaq, 2,517 stocks rose and 1,768 fell as advancing issues outnumbered decliners by about a 1.42-to-1 ratio and it recorded 98 new highs and 126 new lows. The S&P 500 posted 49 new 52-week highs and one new low.

On U.S. exchanges 10.74 billion shares changed hands compared with the 12.37 billion average for the last 20 sessions.

Wall Street advances with Nvidia and Fed meeting in focus

Our Apps

Terms And Conditions
Privacy Policy
Risk Warning
Do not sell my personal information

© 2007-2024 Fusion Media Limited. All Rights Reserved.

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.

Related News