Stock Market Today, March 16: Nasdaq Gains 1% Stocks on Easing Oil Prices and AI Optimism
The S&P 500 (SNPINDEX:^GSPC) rose 1.01% to 6,699.38, the Nasdaq Composite (NASDAQINDEX:^IXIC) gained 1.22% to 22,374.18, and the Dow Jones Industrial Average (DJINDICES:^DJI) added 0.83% to 46,946.41 in a broad relief rally as oil prices eased.
Market movers
Megacap tech led the rebound, with Meta Platforms (NASDAQ:META) and Nvidia (NASDAQ:NVDA) driving Nasdaq gains. Nvidia CEO Jensen Huang told a GPU technology conference he expected to generate $1 trillion in AI chip revenue through 2027.
10x Genomics (NASDAQ:TXG) slumped more than 11% on Ark Invest selling and growth concerns. Falling oil prices helped airlines like Boeing (NYSE:BA) and American Airlines (NASDAQ:AAL). Cryptocurrency stocks such as Coinbase (NASDAQ:COIN) gained alongside (CRYPTO:BTC).
What this means for investors
Major indices finished in the green today as oil prices pulled back from the $100 a barrel mark. High energy prices have pressured markets since the Iran war began, contributing to fears of potential economic slowdown and higher inflation.
The conflict has all but stopped traffic through the Strait of Hormuz, but some vessels made it through over the weekend. The International Energy Agency said it could release more reserves if needed.
This eased short-term energy fears. However, Bank of America (NYSE:BAC) analysts warned that markets have not priced in the impact of a prolonged war, which it says is a possibility. If the conflict does not end soon, potential global supply chain disruptions could add to energy headwinds and impact stock market performance.
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Bank of America is an advertising partner of Motley Fool Money. Emma Newbery has positions in Nvidia. The Motley Fool has positions in and recommends 10x Genomics, Bitcoin, Boeing, Meta Platforms, and Nvidia. The Motley Fool recommends Coinbase Global. The Motley Fool has a disclosure policy.
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