The stock market plummeted on Thursday as oil hit its highest price in six months. Because of that, investors worried that the Federal Reserve could hold off on interest rate cuts this year. Oil futures spiked by more than 1% amid increasing tensions in the Middle East.
Overall, S&P 500 declined 1.2% to 5,147, while NASDAQ fell 1.4% to 16,049.
Tweet of the Day
A quick overview. Market is acting perfectly normal during this consolidation, rest phase. Normal reactions across the board as most of the leaders are quietly retracing 5% or so. We also are having some rotational action as small and midcap's are playing catchup. This rest…
— Roy Mattox (@RoyLMattox) April 1, 2024
Chart of the Day
Here is the one-year chart of Vertiv (VRT) as of March 12, 2024, when the stock was at $72.
In December, Vertiv closed the acquisition of CoolTera, a manufacturer of cooling distribution units (CDU) used in data centers. CoolTera is a UK-based company that designs and manufactures liquid cooling systems for computer data centers. This further strengthens Vertiv’s technology leadership in high-density and liquid cooling. With CoolTera’s premier technology and Vertiv’s reach, it will scale the technology at a pace that will support the company’s customer’s aggressive AI development plans. Vertiv had already started to manufacture CoolTera’s CDUs in one of its plants. It expects to have its capacity quadrupled by the end of this quarter.
Vertiv truly wants to make sure that they have the capacity to cover the most aggressive GPU growth scenarios, and plans to scale production of liquid cooling solutions by more than 40 times by the end of this year.
VRT is part of the Growth Portfolio.
