US stocks rise as focus shifts to Nvidia conference, Fed meeting

March 19, 2024 04:34 AM AEDT | By Investing

US stocks rise as focus shifts to Nvidia conference, Fed meeting

Fed rate outlook in focus after hot inflation readings

The Fed meeting kicks off its two-day meeting on Tuesday that will likely result in an unchanged interest rate decision on Tuesday. The meeting follows recent data showing that inflation continues to run hot, stoking investor jitters that the central bank may reduce its projection on how many rate cuts are needed this year.

In December, the Fed members projected three cuts for this year, but some on Wall Street believe that could be reduced to two.

"We expect a modest shift towards only 2 cuts in 2024, followed by the same number in the following two years, a 25 bp shift higher across the curve," Jefferies said in a recent note.

Apple reportedly eyeing team-up with Alphabet's Gen AI Gemeni; Tesla

Apple (NASDAQ:AAPL) is in talks with Alphabet (NASDAQ:GOOGL)'s (NASDAQ:GOOG) Google unit to use the latter's Gemini generative artificial intelligence engine to incorporate AI features into its flagship iPhones, according to a report from Bloomberg Monday.

Tesla (NASDAQ:TSLA) rose premarket after the electric carmaker said it would increase the price of its Model Y EVs in some European countries by about 2,000 euros this week. The EV maker has been under pressure in recent weeks on concerns about demand amid rising competition.

Chip stocks in holding pattern ahead of Nvidia conference

Nvidia's (NASDAQ:NVDA) GTC conference in San Jose, California gets underway on Tuesday, when the chipmaker is widely expected to unveil its new flagship chips catered specifically for AI development.

CEO Jensen Huang will deliver the keynote address later on Monday, and is expected to showcase Nvidia’s next generation AI chip, which is rumored to called the B100.

Nvidia's management "has already characterized demand [for the B100] as initially expected to significantly exceed supply capabilities," Wedbush said in a note.

(Peter Nurse, Ambar Warrick contributed to this article.)

This article first appeared in Investing.com

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