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Afternoon Note

Building on Gains

By Karina Hernandez, Senior Research Analyst
3/21/2024 1:55 PM

The major indices are building on gains following yesterday’s record high close. The Fed’s rosy outlook and soft-landing narrative from yesterday are in play again today.

Another factor driving the upside move is the semiconductor space following strong earnings and guidance from Micron (MU). Another influential winner in the sector is Broadcom (AVGO) following an upgrade to Outperform from Market Perform at TD Cowen.

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Reddit (RDDT) shares soared this afternoon in their IPO debit, gaining 58%. RDDT is worth a lot less than rivals like Facebook (FB) and Snap (SNAP) were when they went public, but it’s not a young company.

Public offerings continue to be in demand following the recent offering from semiconductor company Astera Labs (ALAB).

On the economic front, Manufacturing PMI increased to 52.5 from 52.2 vs. the consensus of 51.8. Services declined to 51.7 from 52.3 vs. consensus of 52 and composite is down to 52.2 from 52.5 vs. consensus of 52.2.


Existing home sales unexpectedly exploded higher in February.




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