The S&P 500 Index ($SPX) (SPY) sees a rise of +0.63%, while the Dow Jones Industrials Index ($DOWI) (DIA) climbs +0.73%, and the Nasdaq 100 Index ($IUXX) (QQQ) surges +0.94%.
FOMC Decides on Interest Rates
The Federal Reserve opts to maintain interest rates, keeping the federal funds rate at 5.25%-5.50%, aligning with most economists’ expectations. The Fed hints at potential rate cuts thrice within the year as per their latest update.
Market Winners and Losers
Signet Jewelers Ltd faces a dip of over -11% following Q4 sales below forecasts and a subdued outlook for 2025 total sales. Equinix experiences a similar fate after Hindenburg Research reveals its short position, dragging real estate investment trusts down.
Conversely, Chipotle Mexican Grill enjoys a more than +6% surge post approval of a 50-for-1 stock split. General Mills also rises over +2% after beating expectations with Q3 net sales.
Global Stock Market Overview
International markets portray a mixed picture, with the Euro Stoxx 50 down -0.14%, Shanghai Composite up +0.55%, and Japan’s Nikkei closed for the Vernal Equinox Day holiday.
Interest Rate Movements
June 10-year T-notes show a slight rise of +2 ticks, as the 10-year T-note yield shifts down -0.8 bp to 4.285%. European government bond yields decline, encompassing a decrease in the 10-year German bund yield by -1.7 bp.
Stock Movements in the US
Equinix leads decliners in the S&P 500 with a drop of over -4% after exposure of a short position by Hindenburg Research. Meanwhile, Energy producers like Chevron face pressure due to more than -1% drop in WTI crude prices.
Company Specifics
Chipotle Mexican Grill experiences a significant hike of more than +6% post-stock split approval, while moderna faces more than -3% decline due to signs of insider selling. Super Micro Computer shows a decrease of over -3% post stock offering.
Upward Trends
FMC Corp rises over +4% following an upgrade by UBS, while Mobileye climbs more than 5% on news of an expanded partnership with Volkswagen. General Mills also joins the upward trend, showing growth of over +2% with strong Q3 net sales.
Upcoming Earnings Reports
Keep an eye on the earnings reports scheduled for 3/20/2024, including companies like Five Below Inc (FIVE), General Mills Inc (GIS), Micron Technology Inc (MU), NET Lease Office Properties (NLOP), and Ollie’s Bargain Outlet Holding (OLLI).
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On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes.
The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.
