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GTC 2024: Will NVIDIA hit the $1,000 mark?
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Wall Street Today | Market More Optimistic After St. Patties Weekend

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Moomoo Recap US joined discussion · Mar 18 15:40
Wall Street Today | Market More Optimistic After St. Patties Weekend
RECAP
U.S. stocks climbed Monday as investors balanced optimism over artificial intelligence with concern over monetary policy as investors await the outcome of a Federal Reserve policy meeting later this week. Investors also looked forward to $NVIDIA(NVDA.US)$'s GTC computing industry conference, where CEO Jensen Huang announced a brand-new large GPU chip for AI processing shortly after 4 PM EST.
The $Nasdaq Composite Index(.IXIC.US)$ led the way higher, gaining 0.82% to a preliminary 16,103.45 close, while the $S&P 500 Index(.SPX.US)$ added 0.6% to a 5,149.41 preliminary finish. Meanwhile, the $Dow Jones Industrial Average(.DJI.US)$ gained 0.2% to end at a preliminary 33,789.05.
This week will feature two key central bank meetings. On Tuesday, the Bank of Japan is seen as likely to end its negative interest-rate policy, while on Wednesday, the U.S. Federal Reserve could reduce its projection for interest-rate cuts this year.
Mike Wilson, Morgan Stanley’s stock-market strategist, told clients that market participants are looking past the rise in bond yields, which has seen the 10-year Treasury’s yield rise 44 basis points this year.
“From an equity standpoint, the rise in rates this year has not had the typical effect on valuations — i.e., [price-to-earnings] multiples have remained elevated in the face of rising rates. This informs us that, for now, equity investors appear to have moved past the Fed, inflation, and rates and are now squarely focused on the better growth [that] consensus expects to arrive this year,” he said.
MACRO
FOMC To Keep Things The Same
The Fed is overwhelmingly expected to leave interest rates unchanged when it concludes a two-day policy meeting on Wednesday.
Source: CME Fedwatch
Source: CME Fedwatch
Investors will pay close attention to the so-called dot plot, a graph representing individual policymakers’ expectations for interest rates. In particular, market participants will be attuned to whether the dots affirm a December forecast that showed Fed officials expect to deliver the equivalent of three rate cuts of a quarter-point each in 2024 or whether they now see fewer cuts on the horizon.
SECTORS
Oil Climbs OnConflict News
West Texas Intermediate (WTI) crude oil rose to the highest in nearly five months on Monday as Ukraine stepped up attacks on Russian refineries while China reported better-than-expected economic data.
WTI crude for April delivery closed up US$1.68 to settle at US$82.72 per barrel, the highest since Oct.27. May Brent crude, the global benchmark, was last seen up US$1.54 to US$86.88 per barrel.
Ukraine on the weekend launched the latest of a series of drone attacks on Russia's refinery infrastructure, cutting 7% of the country's refining capacity, according to a Reuters report, while keeping geopolitical risk elevated as violence in the Middle East continues.
Along with the attacks, China reported better-than-expected retail sales and industrial-output data even as the country's real-estate sector grapples with a debt crisis. The data raised expectations demand from the No.1 importer will remain firm.
COMPANIES
NVIDIA Announces Blackwell GPU
$NVIDIA(NVDA.US)$ announced a large AI-focused "Superchip" larger than the most advanced GPU chip in production today.
Source: moomoo live, GTC Conference Stream
Source: moomoo live, GTC Conference Stream
Alphabet and Apple Stocks Rise on Report of Talks About AI for iPhones
According to Bloomberg, $Apple(AAPL.US)$ has been holding discussions with Google about using the $Alphabet-A(GOOGL.US)$ unit's Gemini large language model to power new AI features for the Apple iPhone. The same article says that Apple also had discussions with OpenAI on using ChatGPT, but the story implies that it is closer to an agreement with Google.
Marijuana Stocks Tilray And Canopy Growth Climb on Reschedule Chatter
$Tilray Brands(TLRY.US)$ and $Canopy Growth(CGC.US)$ shares are trading higher Monday with renewed optimism on the possible rescheduling of cannabis. Monday following chatter regarding a possibly imminent rescheduling of marijuana by the Drug Enforcement Agency (DEA).
Tesla Stock Is Rallying 6% After Price Increases
$Tesla(TSLA.US)$ shares are trading higher Monday after the company announced it would increase Model Y prices in several countries. Tesla announced on Saturday that it would increase prices for its Model Y vehicles by approximately 2,000 euros ($2,177) in multiple European countries, per Reuters. The price increases are expected to go into effect on March 22.
Source: Bloomberg, Dow Jones, CNBC, Reuters
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