Nasdaq, S&P 500 Snap Losing Streaks Amid Tech Strength
Wall Street regained some optimism on Monday, as Nvidia (NVDA) and Alphabet (GOOGL) rallied. Traders also patiently awaited the Federal Open Market Committee's (FOMC) two-day meeting, which kicks off tomorrow and will bring the the central bank's interest rate decision on Wednesday. Amid this anticipation, the Dow added 75 points, while the S&P 500 and Nasdaq snapped three-day losing streaks.
Continue reading for more on today's market, including:
- Bulls are back on Alphabet stock's bandwagon.
- Bullish trendline could boost cybersecurity stock.
- Plus, HashiCorp explores sale; chip name looking to build; and PepsiCo stock upgraded.
5 Things to Know Today
- United Airlines (UAL) CEO Scott Kirby said the company will review its safety training for employees after recent incidents during its flights. (MarketWatch)
- Homebuilder sentiment rose to 51 in March on the National Association of Home Builders/Wells Fargo Housing Market Index, its highest level since July. (CNBC)
- Potential sale push pushed HashiCorp stock higher.
- Chip name looks to build advanced packaging capacity.
- Morgan Stanley says PepsiCo stock is now "undervalued."
There were no notable earnings reports today.
Oil Edged Higher on Russia-Ukraine Conflict
Oil prices hit their highest level in more than four months on Monday, following news that Ukraine's continued attacks on Russia's energy facilities may have impacted its refining capacity. April-dated West Texas Intermediate (WTI) added $1.68, or 1.8%, to settle at $per barrel on the day.
Gold prices settled higher as well, as traders eyed the Federal Reserve's interest rate decision. April-dated gold rose $2.80, or 0.1%, to settle at $2,164.30 per ounce on the day.
