Wall Street's Red-Hot Rally Gains Steam as Tech Stocks Pop

Tech stocks are higher on hopes of interest rate cuts to come

Deputy Editor
Mar 21, 2024 at 11:56 AM
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Wall Street is extending its record-setting rally, with all three major benchmarks building on yesterday's lead as tech stocks fly higher. Even though the Federal Reserve left interest rates uncut, investors seem to be holding onto hopes that at least three rate cuts will come this year based on Fed Chair Jerome Powell's press conference. At last check, the Dow Jones Industrial Average (DJI), Nasdaq Composite (IXIC), and S&P 500 Index (SPX) are hovering near the new intraday highs. 

Continue reading for more on today's market, including:

  • Can Broadcom stock reclaim previous highs?
  • China-based EV maker lowered its deliveries outlook.
  • Plus, GES's post-earnings pop; new renewable energy investment; and Five Below's earnings.

Midday Market Stats March 212024

Guess? Inc (NYSE:GES) is seeing more options activity than usual, after the clothing retailer's adjusted earnings and revenue beat analysts' expectations. So far, 4,789 calls and 3,728 puts have exchanged hands-- total volume that's seven times the average intraday amount -- and the most popular contract is the April 27 call. Last seen 22.3% higher at $31.73, GES is extending its year-to-date lead to nearly 40%.

Shares of renewable gas and fuels Aemetis Inc (NASDAQ:AMTX) are near the top of the Nasdaq, after the U.S. Citizenship and Immigration Services (USCIS) approved $200 million a EB-5 program investment for multiple projects. AMTX was last seen 32.4% higher at $4.85, adding to a 64.5% year-over-year lead.

Discount retailer Five Below Inc (NASDAQ:FIVE) reported fourth-quarter earnings and revenue that fell below Wall Street's expectations. In addition, the firm issued a weaker-than-expected guidance for the current quarter and full year. In response, FIVE was last seen trading 11.7% lower at $184.50 -- one of the worst on the Nasdaq -- and now sits 16% lower year to date.

FIVE Chart March 212024

 

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