Key Points
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Stock market sentiment has turned positive today after reports of the U.S. government averting a shutdown.
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The biggest companies on the market are driving up the stock market.
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There have been very few losers as investors buy the dip.
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The stock market has been hectic over the past few weeks due to a continuous stream of bad macro news combined with tariff fears. However, the stock market recovered sharply today. The S&P 500 is green for the week, which may point to a long-term reversal of trends.
Today’s gains were mostly driven by the fears of a U.S. government shutdown being alleviated after Senate Democratic leader Schumer said he would not block the Republicans from passing a resolution to fund the government for the next 6 months.
Here is a market update as of 4:00 PM (ET) today.
- The S&P 500 rose 117.42 points, up 2.13%.
- The Nasdaq Composite rose 451 points, up 2.6%.
- The Dow Jones Industrial Average rose 674.62 points, up 1.65%
Big-Cap Stocks Leading the Charts
The top 10 S&P 500 companies have all closed green on Friday, March 15. 19 of the top 20 companies have also closed green.
- Nvidia (NASDAQ: NVDA) has popped the most among big-cap stocks. This is mainly because investors are once again optimistic it could continue posting killer numbers if the uncertainty clears up and the broader economy returns to normal. The stock is also down significantly from its peak price of around $150, so many are buying NVDA at a discount.
- Palantir (NASDAQ: PLTR) is up 8.31%. This stock has taken an even bigger pounding over the past few weeks. With some good news returning to the markets, many saw it as a good time to buy the dip and triggered a recovery rally. Investors are also excited about the AIPCon 6 event. It showcased over 100 organizations, and Palantir announced 17 new clients.
Top Five Gainers Today
- Radius Recycling Inc (NASDAQ: RDUS) is up 103.59%. It announced a merger agreement to be announced by Toyota Tsusho America for $30 per share in cash.
- Applied Optoelectronics (NASDAQ: AAOI) is up 39.32% after it said it had struck a deal with Amazon (NASDAQ: AMZN). This will allow Amazon to buy around 8 million shares.
- Gorilla Technology Group Inc (GRRR) is up 29.64% as a $100 billion fund named it as an exclusive AI partner.
- Rubrik (NYSE: RBRK) is up 27.79%. This is due to the company’s fourth-quarter results exceeding expectations. Guidance and revenue performance came in above estimates, and its EPS of -$0.18 and beat expectations by $0.20.
- Semtech Corp (SMTC) is up 21.06%. It exceeded Q4 earnings expectations with EPS of $0.40 vs. $0.33 expected.
Top Losers Today
- Xponential Fitness (NYSE: XPOF) is down 38.45% due to disappointing Q4 results. It posted an unexpected adjusted net loss, whereas analysts had expected a profit. Guidance fell short.
- LZ Technology Holdings (NASDAQ: LZMH) is down 27.82%. It recently went public, so big moves in both directions are to be expected.
- XPeng Inc. (NYSE: XPEV) is down 6.39% today.
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