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Wall Street closed higher on Tuesday as demand for Blackwell GPU gave a boost to chip stocks. Investors eagerly await the upcoming Fed meeting. All three major stock indexes ended in positive territory.
How Did The Benchmarks Perform?
The Dow Jones Industrial Average (DJI) was up 0.8%, or 320.33 points, to close at 39,110.76. Notably, 27 components of the 30-stock index ended in positive territory, while three were in red.
The S&P 500 gained 0.6% to end at 5,178.51. Out of 11 broad sectors of the benchmark, nine ended in positive territory, while two ended in the red zone. The Energy Select Sector SPDR (XLE), the Utilities Select Sector SPDR (XLU) and the Consumer Discretionary Select Sector SPDR (XLY) gained 1.1%, 0.9% and 0.9%, respectively, while the Communication Services Select Sector SPDR (XLC) declined 0.4%.
The fear-gauge CBOE Volatility Index (VIX) decreased 3.6% to 13.82. A total of 10.74 billion shares were traded on Tuesday, higher than the last 20-session average of 12.37 billion. Advancers outnumbered decliners on the NYSE by a 2.25-to-1 ratio. On the Nasdaq, a 1.42-to-1 ratio favored advancing issues. The S&P 500 posted 49 new 52-week highs and one new low, and the Nasdaq Composite recorded 98 new highs and 126 new lows.
Nvidia's Blackwell Launch Excites Market
NVIDIA Corporation (NVDA - Free Report) stock rose by 1%, following the introduction of the platform described as the "most ambitious project, in Silicon Valley." CEO Jensen Huang’s announcement at the GPU Technology Conference sparked excitement among analysts.
The Blackwell GPU, acclaimed as the chip globally, signals a new era in computing. Despite no revelation on pricing information, there is demand for Blackwell with reports indicating it would be sold out through 2025.
Analysts predict Nvidia to maintain its dominance in AI due to its range of hardware, software and services. The company stock has tripled in value over the year, closing at $893.98.
Investors Look Forward to Fed’s Meeting
The upcoming two-day meeting of the Federal Open Market Committee is set to start on Tuesday. There is an expectation that the central bank will keep interest rates unchanged during the meeting. Recent strong inflation data has dampened hopes of a rate decrease in June, with the likelihood dropping from 69% to 59% as reported by the CME FedWatch Tool. As a result, the focus will now turn to policymakers’ evaluations of the economy and monetary strategies, which will be clarified through the committee’s dot plots.
Economic Data
The U.S. Census Bureau and the U.S. Department of Housing and Urban Development jointly reported that building permits for February had increased to 1,518,000. The number for January was revised up to 1,489,000 from the previously reported 1,470,000.
Housing starts for February had increased to 1,521,000. The number for January was revised up to 1,331,000 from the previously reported 1,374,000.
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Stock Market News for Mar 20, 2024
Market News
Wall Street closed higher on Tuesday as demand for Blackwell GPU gave a boost to chip stocks. Investors eagerly await the upcoming Fed meeting. All three major stock indexes ended in positive territory.
How Did The Benchmarks Perform?
The Dow Jones Industrial Average (DJI) was up 0.8%, or 320.33 points, to close at 39,110.76. Notably, 27 components of the 30-stock index ended in positive territory, while three were in red.
The tech-heavy Nasdaq climbed 0.4% or 63.34 points to finish at 16,166.79. The major gainer of the Nasdaq Composite was Synopsys, Inc. (SNPS - Free Report) as its stock price advanced 4.3%. Synopsys carries a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The S&P 500 gained 0.6% to end at 5,178.51. Out of 11 broad sectors of the benchmark, nine ended in positive territory, while two ended in the red zone. The Energy Select Sector SPDR (XLE), the Utilities Select Sector SPDR (XLU) and the Consumer Discretionary Select Sector SPDR (XLY) gained 1.1%, 0.9% and 0.9%, respectively, while the Communication Services Select Sector SPDR (XLC) declined 0.4%.
The fear-gauge CBOE Volatility Index (VIX) decreased 3.6% to 13.82. A total of 10.74 billion shares were traded on Tuesday, higher than the last 20-session average of 12.37 billion. Advancers outnumbered decliners on the NYSE by a 2.25-to-1 ratio. On the Nasdaq, a 1.42-to-1 ratio favored advancing issues. The S&P 500 posted 49 new 52-week highs and one new low, and the Nasdaq Composite recorded 98 new highs and 126 new lows.
Nvidia's Blackwell Launch Excites Market
NVIDIA Corporation (NVDA - Free Report) stock rose by 1%, following the introduction of the platform described as the "most ambitious project, in Silicon Valley." CEO Jensen Huang’s announcement at the GPU Technology Conference sparked excitement among analysts.
The Blackwell GPU, acclaimed as the chip globally, signals a new era in computing. Despite no revelation on pricing information, there is demand for Blackwell with reports indicating it would be sold out through 2025.
Analysts predict Nvidia to maintain its dominance in AI due to its range of hardware, software and services. The company stock has tripled in value over the year, closing at $893.98.
Investors Look Forward to Fed’s Meeting
The upcoming two-day meeting of the Federal Open Market Committee is set to start on Tuesday. There is an expectation that the central bank will keep interest rates unchanged during the meeting. Recent strong inflation data has dampened hopes of a rate decrease in June, with the likelihood dropping from 69% to 59% as reported by the CME FedWatch Tool. As a result, the focus will now turn to policymakers’ evaluations of the economy and monetary strategies, which will be clarified through the committee’s dot plots.
Economic Data
The U.S. Census Bureau and the U.S. Department of Housing and Urban Development jointly reported that building permits for February had increased to 1,518,000. The number for January was revised up to 1,489,000 from the previously reported 1,470,000.
Housing starts for February had increased to 1,521,000. The number for January was revised up to 1,331,000 from the previously reported 1,374,000.