Dow Jones Reverses Course Before Fed Meeting; Super Micro AI Stock Drops 12%

The Dow Jones Industrial Average moved higher, while other major indexes remained lower on Tuesday as the Federal Reserve meeting was set to begin later in the morning. Super Micro Computer saw a plunge in its stock price after announcing a stock offering of 2 million shares.

In morning trading, the Dow Jones Industrial Average was up 0.2%, while the S&P 500 was down 0.2% and the Nasdaq composite was down 0.6%. Among U.S. exchange-traded funds, Invesco QQQ Trust ETF and SPDR S&P 500 ETF were also down.

The 10-year Treasury yield decreased to 4.31% and oil prices remained flat at around $82.70 a barrel. Super Micro’s stock saw a more than 13% drop in the morning due to the announced stock offering.

The Federal Reserve’s two-day policy meeting began on Tuesday, with an interest-rate decision expected on Wednesday. Chairman Jerome Powell may indicate a possible rate cut in the near future. Housing data from the Commerce Department showed an increase in housing starts and permits for February.

Some key earnings movers on Tuesday morning included StoneCo and Tencent Music, with StoneCo’s stock dropping 9% and Tencent Music’s stock rising 4%.

Overall, it’s a critical time to monitor market conditions and adjust investment strategies accordingly. Be sure to stay informed on the latest market trends and stock picks for the day.

Leave a Comment