Stocks Soar On Tech Rally; Inflation Fuels Higher Yields, Bitcoin Drops Below $70,000: What's Driving Markets Tuesday?
Portfolio Pulse from Piero Cingari
U.S. stocks experienced gains, led by a tech rally, despite mixed reactions to a higher-than-expected inflation report. The S&P 500 and Nasdaq 100 both rose by 0.9%, with the VanEck Semiconductor ETF (SMH) up 2%. Inflation data showed a 3.2% year-on-year increase, surpassing expectations. Treasury yields rose, and the market anticipates a June rate cut. Notable stock movements included Oracle Corp. (ORCL) up 12%, Taiwan Semiconductor (TSMC) up 3%, and Southwest Airlines (LUV) down 15%.
March 12, 2024 | 6:04 pm
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NEGATIVE IMPACT
Southwest Airlines tumbled 15% after announcing a significant reduction in Boeing 737-8 plane deliveries for 2024.
The announcement of reduced plane deliveries directly led to a sharp decline in Southwest Airlines' stock.
CONFIDENCE 95
IMPORTANCE 85
RELEVANCE 90
POSITIVE IMPACT
Oracle Corp. surged over 12% following better-than-expected quarterly results.
Oracle's significant earnings beat directly led to its stock price surge.
CONFIDENCE 95
IMPORTANCE 85
RELEVANCE 90
POSITIVE IMPACT
VanEck Semiconductor ETF rose 2% amid a tech rally, outperforming broader indices.
The tech sector's strong performance, especially chipmakers, directly contributed to SMH's gain.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 80
POSITIVE IMPACT
Taiwan Semiconductor Manufacturing Company Ltd. rose over 3% after receiving over $5 billion in grants from the U.S. Department of Commerce.
The substantial U.S. grants for chip production directly contributed to TSMC's stock rise.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 85