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Stock market today: S&P 500 ends lower as big tech stumble weighs

AuthorYasin Ebrahim
Published 03/24/2024, 07:56 PM
Updated 03/25/2024, 04:22 PM
© Reuters

Investing.com-- The S&P 500 closed lower Monday as big tech took breather ahead of key market-moving events this week including an update on inflation and remarks from Federal Reserve officials.  

By 16:00 ET (20:00 GMT), the Dow Jones Industrial Average was down 162 points, or 0.4%, S&P 500 fell 0.3% and NASDAQ Composite was 0.3% lower.

Fed speak, inflation data in focus 

Atlanta Federal Reserve Bank President Raphael Bostic reiterated Monday that he sees the need for just one rate this week, adding that the strong economy allows the central bank to continues with its cautious approach. 

Fed governor Lisa Cook also reiterated the need for the bank or proceed carefully on rate cuts. The somewhat less dovish remarks were in contrast to Fed chairman Powell's speech last week following the central bank's signal that three rate cuts remain on the table for 2024. 

Further Fed speak will follow later this week, with remarks from Fed governor Christopher Waller and chairman Jerome Powell likely to garner the bulk of investor attention. 

Personal consumption expenditures data, which is the Fed’s preferred inflation gauge, is due this Friday, when the market is on holiday for Good Friday.

Traders now see a 75% chance of the Fed bringing in the first cut in June, according to the CME FedWatch tool, up from around 55% at the start of last week.

Boeing bounces as CEO set to step down; United Airlines in regulatory quagmire 

Boeing (NYSE:BA) stock rose 1.2% after the aircraft manufacturer announced significant management changes on Monday, with Dave Calhoun to step down as CEO at the end of 2024.

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United Airlines (NASDAQ:UAL) stock fell 4.5% after the U.S. Federal Aviation Administration's move to increase its oversight of the carrier after a series of recent safety incidents.

Super Micro Computer powers chip stocks slightly higher, but China regulatory action weighs 

Super Micro Computer Inc (NASDAQ:SMCI) jumped more than 7% after JPMorgan started coverage on the company at overweight with a $1,150 amid optimism about an acceleration in server demand to support the AI revolution.

Still, sentiment on chips were soured after China blocked the use of Intel (NASDAQ:INTC) and AMD (NASDAQ:AMD) chips in government computers. 

In other tech news, Apple (NASDAQ:AAPL), Meta Platforms (NASDAQ:META) and Alphabet (NASDAQ:GOOGL) stocks were in the red after EU antitrust regulators launched investigations into the tech giants for potential breaches of the Digital Markets Act, potentially leading to hefty fines for the companies.

Disney gets Barclays boost; DWAC jumps ahead of nasdaq debut for Trump's social media app; Lucid jumps on liquidity boost

Walt Disney Company (NYSE:DIS) rose more than 2% after Barclays upgraded it to overweight amid growing confidence that earnings estimate for the entertainment giant has bottomed. 

Activist investor Nelson Peltz, meanwhile, said he supports Disney CEO Bob Igor, though flagged the board members' "questionable strategic and capital allocation decisions," amid a proxy battle that is headed into its final week, with tally votes due Apr. 3.

Digital World Acquisition Corp (NASDAQ:DWAC) jumped more than 35%  after the blank-check company officially completed its merger with former President Donald Trump’s Trump Media & Technology Group Corp., the parent company of his Truth Social. 

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Lucid Group Inc (NASDAQ:LCID) gained more than 5% after the struggling electric vehicle maker secured a much needed financial lifeline, securing $1 billion from an affiliate of Saudi Arabia's Public Investment Fund. 

Energy stocks ride rising oil prices higher 

Oil prices settled higher Monday, driven by growing bets on tighter global crude supplies as Russia is reportedly set to cut oil output at a time when Ukraine continues to target the country's refineries. 

A deescalation in the Israel-Hamas conflict would likely soothe concerns over geopolitical instability in the oil-rich Middle East region.

APA Corporation (NASDAQ:APA), Copper Futures, Coterra Energy Inc (NYSE:CTRA) were among the biggest gainers.

(Peter Nurse, Ambar Warrick contributed to this article.)

Latest comments

Those Fraudsters--so tricky
Mitchel Pioneer. has now switched to an intra-day recovery!??
Michel Pioneer. Did they, the Frauds today, in the last few minutes, push up the Stock Market, as you say happens every day. S&P 500, and NASDAQ seem to have plunged!! As also last week. Hmm...
Governments and central banks, especially in the US, are working to funnel money to the top and very top via policies like share buybacks (which are often used to buy overvalued shares of which these guys own a lot--destroying shareholder value but increasing their compensation), QE, low interest rates and other policies to rescue the wealthy and ignore moral hazard--and they are socializing losses, propping up zombie companies, etc, propping up assets and sticking the middle class and lower with the bill via inflation and unaffordability.
Which zombie companies?
JustJust Just, please, give a few names,. as examples
The Trump Org has been propped up with fraudulent asset overvaluations and foreign gov't, corporate & political revenues, helping to pay for Trump's legal fees/fines.
Fed is printing out FDIC till nobody gets a penny , save the billionaires. FDIC is now covering 18 trillion when it should only cover 4 trillion! The little guy is getting screwed again ! Take your money out of FDIC banks and move it to non profit credid unions tbat have seperate Federal Insurance!
The Fed is a SCAM people. it's an arm of the cabal. They are manipulators in control.
Tom you hit the nail on the balls truly the Fed is a sham to whom do we even own taxes too Vatican? They print their freaking money and so called government ended up taxing us on our own hard work for what it’s unconstitutional.
  The Fed Reserve don't print money.  The the US Treasury/Federal Mint prints money.
The Fed is very transparent and predictable.  If it's keeping your trades from being profitable, it's probably because you're a bad trader/investor.
Another miraculous intraday "recovery" in the BIGGEST INVESTMENT JOKE IN THE WORLD.  What a surprise.
You've bad timing, and that's no surprise.   The market closed near low of day after your post.
good health in market it sector fed unchange interest rate. good up nasdaq Dow and it sector and banks
We've been in stagflation for a while now. Inflation been rising since december. What do you think Oil at these prices will do?
US is not in stagflation.  Inflation rate has been in flat channel of between 3-4% since mid-2023.  Oil price, after downtrending from early 2022 to early 2023, has been flattish, too.
ignore the fed. Buy
The drift lower. Not a proper correction for last week's rally. Was still able to profit on SPY 519 puts. Paid .31 on Friday and sold for .48 today. Switching up long for tomorrow. 523 calls.
See?  You're willing to switch from bearish to bullish positions, so bulls consider you a normal trader and won't call you an ignorant bear.
NVDA reaching 1000 today
Getting my popcorn ready for the hyperinflation bloodbath and the currency collapse. In the meantime back to the party
the same old story !!!
We heard enough fake news
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