Market Overview (Mar 21)

• The S&P 500 (+0.08%), Dow Jones Industrial Average (+0.08%), and Nasdaq 100 (+0.39%) closed higher, recovering from early losses despite disappointing forecasts from FedEx, Micron, and Nike.
• Market movements were influenced by:
  • Hawkish Federal Reserve comments
  • "Triple-witching" volatility
  • Geopolitical tensions in the Middle East
  • Concerns over potential US tariffs impacting economic growth

Interest Rates

• The 10-year Treasury note yield rose slightly to 4.246% due to hawkish Federal Reserve comments.
• European bond yields were mixed, with ECB officials hinting at a possible April rate cut.

Stock Movers

Gainers

• Tesla: Outperformed due to strong demand for electric vehicles.
• Alnylam Pharmaceuticals: Received positive news regarding drug approvals.
• Super Micro Computer (SMCI): Upgraded by JPMorgan to Neutral with a price target of $53.98, implying a 38.07% upside.
• Boeing: Secured a fighter jet contract.

Losers

• Micron Technology (MU): Stock fell despite revenue and profit forecasts exceeding expectations due to gross margin concerns.
• FedEx: Cut its financial outlook.
• Nike: Tariff concerns impacted performance.
• Lennar Corporation: Declined on home sales margins.
• Nucor: Lowered earnings per share forecast.
• Lockheed Martin: Lost a fighter jet contract.

Nvidia GTC 2025

• The conference was overshadowed by tariff concerns, causing Nvidia stock to fall ~3% during the week.
• Collaborations announced:
  • With Booz Allen Hamilton
  • With T-Mobile USA
  • With Cisco Systems
• Booz Allen Hamilton: Declined ~10% post-collaboration announcement.
• Optical companies (Coherent and Lumentum Holdings) saw gains.
• Quantum computing companies: Declined due to broader market concerns.

Super Micro Computer (SMCI)

• JPMorgan upgraded SMCI to Neutral with a price target of $53.98, implying a 38.07% upside.
• Institutional ownership increased significantly.

Micron (MU)

• Stock fell despite revenue and profit forecasts exceeding expectations due to gross margin concerns.
• Analysts remain bullish, maintaining or reiterating buy ratings with price targets between $110-$130.