Market Summary
The major indices ended the day at or near their session lows, moving away from recent highs. Despite trading higher for most of the day, the market experienced a late afternoon sell-off. The S&P 500 dipped slightly to just above the 5,200 mark, marking a 0.3% decrease from the previous day.
Notable Stock Movements
Several mega-cap stocks and chipmakers saw notable movements:
- Meta Platforms (META, Financial) dropped by 1.4%, closing at 495.89.
- NVIDIA (NVDA, Financial) fell by 2.6%, ending the day at 925.61.
- Broadcom (AVGO, Financial) decreased by 1.5%, closing at 1331.49.
Sector Performance
The market's movement was mixed across different sectors:
- Utilities saw the most significant drop, falling by 1.1%.
- Conversely, the health care, financial, and consumer staples sectors recorded gains of 0.3%, 0.2%, and 0.1%, respectively.
- The energy and information technology sectors both declined by 0.8%.
Economic Indicators and Treasury Yields
Following the release of economic data, Treasury yields saw fluctuations but ultimately settled lower. The 10-year note yield began at 4.23%, peaked at 4.27%, and returned to 4.23% by the day's end. Market reactions were influenced by a stronger-than-expected Durable Orders report for February and a Consumer Confidence Index for March that fell short of expectations but remained relatively unchanged from February.
Year-to-Date Market Performance
As of now, the year-to-date performance of major indices is as follows:
- S&P 500: +9.1%
- Nasdaq Composite: +8.7%
- S&P Midcap 400: +7.3%
- Dow Jones Industrial Average: +4.2%
- Russell 2000: +2.1%
Economic Data Review
Today's notable economic data includes:
- February Durable Orders increased by 1.4%, slightly above the 1.3% consensus.
- The February Durable Goods excluding transportation rose by 0.5%, also above the 0.4% consensus.
- Consumer Confidence in March was reported at 104.7, below the expected 106.7, showing little change in sentiment.
Looking Ahead
Tomorrow's economic calendar features the Weekly MBA Mortgage Index and Weekly crude oil inventories, providing further insights into the market's direction. Additionally, global markets showed mixed results, with European indices generally up and Asian markets showing modest gains.
Guru Stock Picks
Warren Buffett has made the following transactions:
Today's News
Nvidia (NVDA, Financial) saw its shares decline by 2.5%, breaking a six-day winning streak, despite a 258% surge over the past 12 months. The chipmaker's valuation received a low score, contrasting with its high marks for growth, profitability, momentum, and revisions. Analysts have mixed views on its future growth, highlighting the impact of new products and software offerings.
GameStop (GME, Financial) reported disappointing fourth-quarter results, with a significant year-over-year revenue drop and a miss on Non-GAAP EPS. The company highlighted a shift in sales composition and a slight improvement in net income compared to the previous year. Despite challenges, GameStop ended the quarter with substantial cash reserves.
STAG Industrial (STAG, Financial) announced a note purchase agreement for $450M of fixed-rate senior unsecured notes, aiming to close the offering by May 2024. This move is part of the company's broader financial strategy, including refinancing a significant unsecured term loan.
Johnson & Johnson (JNJ, Financial) is reportedly in talks to acquire Shockwave Medical (SWAV), a move that could significantly impact the medical technology landscape. Shockwave's market cap and recent trading surge underscore the potential value of this acquisition.
UPS (UPS, Financial) shared its revenue expectations for 2026, aiming for significant growth. Despite this positive outlook, shares fell 7.6%, reflecting investor concerns over the company's future performance.
Eagle Point Income Company (EIC, Financial) announced a public offering of its Series C Term Preferred Stock, planning to list the stock on the NYSE under a new symbol. This move is part of Eagle Point's strategy to enhance its financial flexibility.
Consol Energy (CEIX, Financial) experienced a decline in stock price following a bridge collapse near the Port of Baltimore, impacting vessel access to its Consol Marine Terminal. The company is exploring options to minimize the impact on its operations.
ServiceNow (NOW, Financial) continued its upward trajectory, marking a seventh consecutive session of gains. The company's stock has significantly outperformed the broader market over the past year, despite mixed ratings from analysts.
Direct Digital Holdings (DRCT, Financial) reported a revenue miss for Q4 but provided an optimistic outlook for fiscal year 2024, expecting significant year-over-year growth.
Progress Software (PRGS, Financial) announced better-than-expected Q1 Non-GAAP EPS and revenue, highlighting the company's strong performance amidst a challenging market environment.
nCino (NCNO, Financial) beat Q4 Non-GAAP EPS estimates but slightly missed on revenue. The company provided guidance for the upcoming quarter, reflecting confidence in its business model.
Concentrix (CNXC, Financial) reported a slight miss on Q1 Non-GAAP EPS but exceeded revenue expectations, offering a positive outlook for the second quarter of fiscal 2024.
Qualcomm (QCOM, Financial) and Google (GOOG) (GOOGL) have partnered to bring the Chrome web browser to PCs using Arm-based chips, signaling a significant push into the PC market by Qualcomm.
Phillips 66 (PSX, Financial) received support from activist investor Elliott Management for its performance improvement plan, aiming to enhance shareholder returns through strategic initiatives.
Amazon (AMZN, Financial) is focusing on the burgeoning market for weight loss drugs to boost its virtual pharmacy business, highlighting the potential for significant revenue growth in this sector.
Nvidia's (NVDA, Financial) partner SK Hynix plans to invest $4B in an advanced chip-packaging facility in Indiana, underscoring the growing importance of high-bandwidth memory in the AI boom.
The House Republican Party Committee has issued a policy guide opposing marijuana banking reform, reflecting ongoing debates over the legalization and regulation of cannabis.
Warner Bros. (WBD, Financial) has signed Timothée Chalamet to a multi-year first-look feature film deal, capitalizing on the actor's recent box-office success and boosting the studio's portfolio.
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