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GTC 2024: Will NVIDIA hit the $1,000 mark?
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Wall Street Today | Market Reverses, Decides Big Chips Are Good

Moomoo Recap US joined discussion · Mar 19 15:28
Wall Street Today | Market Reverses, Decides Big Chips Are Good
Stocks closed higher Tuesday, ramping up from a morning pullback as the market reacted to the news that $NVIDIA(NVDA.US)$ announced a large computer chip for AI processing at its GTC event Monday night. Investors await the FOMC policy statement on Wednesday, where the market has priced in a 99% chance of no rate change.
With preliminary numbers, the $S&P 500 Index(.SPX.US)$ climbed 0.56% to its 18th record close of the year at 5,178.51. The $Dow Jones Industrial Average(.DJI.US)$ climbed 0.83%, and the $Nasdaq Composite Index(.IXIC.US)$ climbed 0.54%.
$NVIDIA(NVDA.US)$ turned a pull back into a slight climb, up about 1.07% to close one day after announcing the largest GPU chip yet.
Source: CME FedWatch
Source: CME FedWatch
The Fed started its two-day policy meeting, culminating in tomorrow's rate announcement, a fresh round of economic projections, and Chairman Jerome Powell's press conference. While the benchmark rate is expected to stay put, some observers say the Fed is stuck in a "difficult position" regarding its next move.
Traders are still coalescing around the likelihood of three quarter-point rate cuts from the Federal Reserve this year, as seen in the trading levels in fed funds futures.
Source: CME FedWatch
Source: CME FedWatch
Bitcoin Falls and Brings Stocks With It
Bitcoin fell early Tuesday, dragging other cryptocurrencies and shares of Coinbase along with it towards $60k. The coin fell 6.7%. $Coinbase(COIN.US)$ fell nearly 4%, $MicroStrategy(MSTR.US)$ fell 5.6%, and   $Bit Brother(BETS.US)$
The drop builds on a recent pullback and leaves the world's biggest cryptocurrency down more than $10,000 from the record intraday high of nearly $73,679 it hit Wednesday.
Bitcoin prices were due for a correction, given market exuberance since exchange-traded funds based on spot bitcoin launched earlier this year, said Ilan Solot, a strategist at London-based Marex Solutions.
Oil Prices and Futures Climb
Oil futures on Tuesday marked back-to-back settlements at their highest in five months. West Texas Intermediate crude for April delivery rose 75 cents, or 0.6%, to settle at $82 a barrel on the New York Mercantile Exchange. It was the second straight finish at its highest since late October, ahead of the contract's expiration at Wednesday's close.
$Crude Oil Futures(JUL4)(CLmain.US)$, the more actively traded contract, tacked on 57 cents, or 0.7%, at $82.73 a barrel.
Wall Street Today | Market Reverses, Decides Big Chips Are Good
Super Micro Falls 9% After Planning to Sell Stock
The S&Ps biggest decliner is server maker $Super Micro Computer(SMCI.US)$, which joined the S&P 500 on Monday and is down 13%, partially retracing a ferocious stock rally. The company also said Tuesday it planned to sell 2 million shares.
Gildan Climbs 10%, Up For Sale
$Gildan Activewear Inc(GIL.CA)$'s shares climbed almost 11% after the Globe and Mail reported that its board has put the T-shirt manufacturer up for sale, and private equity funds are circling. This escalated a three-month battle for control of one of the country's largest consumer product companies.
Ben & Jerry's Owner Unilever to Spin Off Ice Cream Unit, Reduce 7,500 Jobs
$Unilever(UL.US)$ The consumer goods giant said it plans to spin off its ice cream business as part of a restructuring that could affect some 7,500 jobs. Its American depositary receipts rose nearly 3%.
AMD Falls By AI Chip comparison
$Advanced Micro Devices(AMD.US)$, one of the S&P 500's SPX worst daily performers, dropped 5% after the Nvidia event Monday. The company's MI300 chip "now looks a lot more pedestrian" after Nvidia talked up the potential of its B100 for inference purposes, according to Mizuho's Klein.
AstraZeneca Buying Fusion Pharmceuticals
$AstraZeneca(AZN.US)$ The pharmaceutical giant is buying Fusion Pharmaceuticals for up to $2.4 billion. AstraZeneca's ADRs edged lower; the target company's stock nearly doubled.
Source: Bloomberg, Dow Jones, CNBC, Reuters
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