Live Stock Market Update Today: Nasdaq Rises with Tech Boost, Focus on AI Progress and Fed Meeting

Stay updated on the stock market's rise led by Nasdaq, fueled by AI advancements and anticipation of the Federal Reserve's March meeting.

Mar 18, 2024 - 09:46
Mar 18, 2024 - 09:47
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Live Stock Market Update Today: Nasdaq Rises with Tech Boost, Focus on AI Progress and Fed Meeting
Live Stock Market Update Today

US stock markets rallied on Monday, with the Nasdaq leading the charge, fueled by optimism surrounding advancements in artificial intelligence (AI), particularly spurred by Nvidia.

The S&P 500 index recorded a solid gain of approximately 0.8%, while the tech-heavy Nasdaq Composite surged by over 1%, surpassing other indices. The Dow Jones Industrial Average also saw a modest uptick of 0.2%, bouncing back from losses experienced on Friday.

In recent weeks, market sentiment has been influenced by concerns over higher-than-expected inflation and uncertainty surrounding Federal Reserve policies. However, investors are now eagerly awaiting the outcome of the Fed's March meeting, which begins on Tuesday, to assess whether the central bank still plans to implement three rate cuts in 2024. Expectations are leaning towards the Fed maintaining rates at their current 23-year high during its decision on Wednesday.

Tech stocks experienced notable gains, driven by excitement surrounding Nvidia's annual conference, which focuses on AI advancements. Furthermore, shares of Alphabet climbed following reports suggesting that Apple is considering integrating Google's Gemini AI engine into its upcoming iPhone models.

Also Read: Federal Reserve Spotlight: What's Ahead This Week

However, trading on the Nasdaq faced disruptions early Monday due to technical issues, affecting connectivity and order matching.

Investor attention also extends to Reddit's highly anticipated IPO on Thursday, symbolized by the ticker "RDDT." Reports indicate that the IPO is oversubscribed, signaling potential renewed interest in the new issues market.

In global markets, investors are closely monitoring the Bank of Japan's decision, scheduled for Tuesday, amid speculation that the central bank may abandon its negative-rate policy and opt for a rate hike. This speculation contributed to a 2% surge in Japan's Nikkei index.

Stay tuned for further live updates on market developments throughout the day.

Key Moments

  • Nasdaq leads stock market rally.
  • AI advancements drive tech sector gains.
  • Focus on Federal Reserve's March meeting.

  • 18 Mar 2024 09:48 AM
    Nvidia's Impact Shifts: Insights from GTC Conference

    When you ask Nvidia (NVDA) investors what the company does, they'll likely say "chipmaker." However, that perception could shift after this week's GTC conference. For Nvidia's market cap to grow beyond its current $2.2 trillion level, this change is crucial.

  • 18 Mar 2024 09:52 AM
    Rediscovering Netflix: A FAANG Component to Remember

    Investor focus on Nvidia (NVDA) and the Magnificent 7 might have overshadowed Netflix (NFLX), a former favorite FAANG component.

    However, Netflix hasn't gone unnoticed, with its stock rising 23% since its fourth-quarter earnings report!

    JP Morgan analyst Doug Anmuth highlighted some key points in a recent note.

    JP Morgan analyst Doug Anmuth maintains a bullish outlook on Netflix shares, citing several key factors:


    1. Accelerating Revenue Growth: Anticipated revenue growth in 2024 is driven by robust organic growth, paid sharing, and price increases.
    2. Steady Operating Margin Expansion: Balanced expansion of operating margins through strategic investments in content, advertising, and gaming.
    3. Multi-Year Free Cash Flow Growth: Expectations for a continuous increase in free cash flow over several years, driven by improved profit margins and disciplined content spending.
    4. Strong Streaming Leadership: Netflix's prominent position in the streaming market strengthens its competitive edge.
    5. Global Expansion Potential: With a member base of 260 million, Netflix aims to penetrate over 500 million global connected TV households (excluding Russia and China), positioning itself as the leading global TV platform. The platform's extensive scale, high engagement levels (averaging around 2 hours per day), and diverse content offerings contribute to its potential to become the preferred choice for long-form video consumption worldwide. 

    Netflix continues to expand its sports content, particularly focusing on sports entertainment and complementary programming. Notable additions include WWE Raw, Formula 1: Drive to Survive, Full Swing, Break Point, Quarterback, Tour de France: Unchained, and The Netflix Slam.


    Of significant interest is Netflix's partnership with Most Valuable Promotions (MVP) to livestream a heavyweight boxing event featuring Jake Paul and Mike Tyson on July 20. This event has the potential to become one of the most-watched boxing matches ever, benefiting from Netflix's extensive global subscriber base and easy accessibility. Additionally, it is expected to attract substantial advertising revenue and provide a boost during the typically slower summer season.

    While Netflix currently focuses on sports entertainment and complementary content, there is speculation about a potential expansion into live sports in the future.

  • 18 Mar 2024 09:59 AM
    Nasdaq Surges as Nvidia Fuels AI Excitement

    Stock markets kicked off Monday with a positive trend, buoyed by the promising prospects of artificial intelligence (AI) and the looming Federal Reserve policy meeting.


    The S&P 500 index (^GSPC) saw a notable uptick of around 0.9%, while the tech-centric Nasdaq Composite (^IXIC) surged by 1.3%. Similarly, the Dow Jones Industrial Average (^DJI) posted a modest gain of 0.4%.

    Nvidia (NVDA) shares witnessed a robust 4% increase as the renowned chipmaker initiated its annual conference, sparking renewed enthusiasm for AI innovations. Concurrently, Alphabet (GOOG) (GOOGL) experienced a notable surge of over 5% following reports of potential collaboration with Apple (AAPL) to integrate Google's Gemini AI engine into forthcoming iPhone models.


    Investors remain keenly observant of the Federal Reserve's March meeting, set to commence on Tuesday. Market participants eagerly await hints regarding potential rate cuts in 2024. The prevailing expectation is for the Fed to maintain rates at a 23-year high during its decision on Wednesday.

  • 18 Mar 2024 10:27 AM
    Tech Giants Drive Market Surge: Nvidia, Alphabet, and Apple Lead

    Tech stocks surged on Monday, with Nvidia (NVDA) leading the gains ahead of its developer conference. Alphabet (GOOG) (GOOGL) also saw a significant rise, fueled by reports of Apple (AAPL) utilizing Google's Gemini AI engine for its next iPhone. Apple's shares also climbed during the session.


    Among the "Magnificent 7" tech stocks, Tesla (TSLA) experienced a notable increase, while Meta (META), Microsoft (MSFT), and Amazon (AMZN) saw more modest gains.


    The Nasdaq Composite (^IXIC), heavily weighted towards technology, outperformed other major averages, rising by 1.5% during Monday's trading session.


  • 18 Mar 2024 11:16 AM
    Homebuilder Confidence Surges to Highest Level Since July Amid Mortgage Rate Relief

    The National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) soared by three points to 51 in March, marking its fourth consecutive month of gains and reaching its peak level since July 2023. This reading surpassed economists' expectations, who had anticipated a figure of 48, according to a Bloomberg poll.

    National Association of Home Builders (NAHB)

    March's robust sentiment represents a significant milestone, as it's the first time since last July that the index has surpassed the pivotal threshold of 50. This milestone signifies that more builders view market conditions favorably than unfavorably, underscoring a renewed sense of optimism within the industry. Read More.

  • 18 Mar 2024 12:07 PM
    Goldman Sachs Predicts Elevated Immigration to Drive US Economic Growth

    Goldman Sachs has revised its growth forecasts for the US economy, anticipating faster expansion fueled by heightened immigration, which is expected to bolster the labor force.

    In a recent research note, Goldman Sachs economist Ronnie Walker highlighted the significant impact of increased immigration on economic growth projections. The firm upgraded its forecast for fourth-quarter economic growth to 2.4% from 2.1%, attributing the improvement to a surge in immigration. For the full year, Goldman Sachs now predicts a 2.7% annualized growth rate.

    Walker emphasized the role of immigration in boosting the size of the labor force and the potential for GDP growth. According to Goldman's analysis, immigration exceeded historical averages by 1.5 million in 2023 and is projected to surpass trends by 1 million in 2024. This phenomenon has contributed to unexpected job creation and stronger-than-anticipated growth across various sectors of the economy.

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