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Dow and Nasdaq pause their rise and fall

The Elite Times TeamBy No Comments8 Mins Read

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U.S. stocks briefly edged record gains on Monday as investors brace for the week as Federal Reserve Chairman Jerome Powell’s testimony and the monthly jobs report could test stock rally gains Shaken to stop.

The S&P 500 (^GSPC) remained flatline after finishing with its 16th weekly win in 18 weeks on Friday. The Dow Jones Industrial Average (^DJI) fell 0.2%, and the tech-heavy Nasdaq Composite Index (^IXIC) also fell slightly.

Stocks continue to rise amid a relentless rise in tech stocks fueled by AI, which helped the Nasdaq Composite Index (^IXIC) finally hit a new all-time high after years of waiting. The soaring price of technology, and in particular the staggering rise in Nvidia’s (NVDA) valuation to $2 trillion, has raised concerns about a construction bubble, but some analysts aren’t too worried. There is.

Also on Monday, the rally in Bitcoin (BTC-USD) continued, with the cryptocurrency nearing an all-time high above $67,000, and Japan’s Nikkei 225 stock index (^N225) breached the key 40,000 level for the first time. did.

With Federal Reserve Chairman Jerome Powell taking the floor and the February jobs report being released, there may be a bit of reality behind all the hype and expectations. Both will affect rate cut calculations and reveal whether the U.S. economy is headed for a “soft landing” or stagflation. Mr. Powell is scheduled to testify before Congress on Wednesday, and labor statistics are expected to be released on Friday.

Meanwhile, in a blow to big tech, European antitrust regulators have fined Apple (AAPL) nearly $2 billion over App Store restrictions on Spotify (SPOT) and other music streaming services. . Apple stock fell 3% on the news.

Among the big stocks, Macy’s (M) shares soared more than 14% after bidders Arkhouse and Brigade raised their offer to $6.6 billion, 33% above Friday’s closing price.

Spirit Airlines (SAVE) stock fell more than 12% and JetBlue stock (JBLU) rose 5% after the low-cost carrier announced the termination of a $3.8 billion merger deal. A federal judge blocked the deal in January.

Meanwhile, shares of Super Microcomputer (SMCI) soared 18% on Monday ahead of the AI ​​server maker’s entry into the S&P 500.

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  • monday trend ticker

    tesla (TSLA)

    Tesla stock fell about 6% on Monday following a drop in February vehicle shipments from the company’s Shanghai factory and recent reports about increased price competition in China. Tesla stock has fallen 23% since the beginning of the year.

    super microcomputer (SMCI)

    Supermicrocomputer stock soared as much as 26% on Monday ahead of the AI ​​server maker’s entry into the S&P 500. The San Jose, Calif.-based tech company’s stock has risen more than 290% since the beginning of the year as the AI ​​boom continues. .

    Bitcoin (BTC-US)

    The token topped $67,000 on Monday, inching closer to its all-time high. Bitcoin has risen more than 20% in just one week.

    The cryptocurrency is less than a few percentage points away from its November 2021 all-time high of $68,789.63.

  • Bitcoin remains above $66,000, inching closer to record highs

    Bitcoin (BTC-USD) topped $66,000 on Monday, with the cryptocurrency inching closer to a record high. The token has appreciated about 50% since the beginning of the year.

    The US-listed Bitcoin exchange-traded fund was approved by the Securities and Exchange Commission in January and has attracted significant new investor capital over the last month.

    The token has gained more than 20% in just one week.

    Bitcoin’s last all-time high of $68,789.63 was achieved in November 2021.

  • Good points about stocks and the economy from UBS

    Good point from UBS’s Jason Draho in a new memo that just arrived in my inbox.

    Perhaps the stock price is rising for reasons other than AI hype. Maybe, just maybe, the economy will be doing better than expected and, by extension, corporate profits will be doing better than expected for the rest of the year.

    A good chart of Doraho below.

    The Street is raising its economic forecast. Will they do it again after this Friday's jobs report?The Street is raising its economic forecast. Will they do it again after this Friday's jobs report?

    The Street is raising its economic forecast. Will they do it again after this Friday’s jobs report? (UBS)

  • Bank of America is the latest company with a bullish outlook for its stock in 2024

    Another Wall Street strategy team has optimistic predictions about how far stocks will go this year.

    Bank of America’s U.S. equities and quantitative strategy team, led by Savita Subramanian, raised its year-end target for the S&P 500 Index (^GSPC) to 5,400 from 5,000 in a note to clients on Sunday. This forecast and the latest call from UBS make it the most bullish prediction for this year’s benchmark average among strategists tracked by Yahoo Finance.

    “Bull markets end in euphoria, but we are not there yet,” Subramanian wrote. “Sentiment has improved, but the area of ​​euphoria is limited (AI, GLP-1).”

    BofA’s move marks the fifth price target hike by strategists tracked by Yahoo Finance in the last month. The outlook has become more optimistic after the stock’s strong rally at the start of the year. The S&P 500 and Nasdaq Composite just completed their best February since 2015, buoyed by two consecutive quarters of profit increases and growing confidence in the trajectory of the U.S. economy.

    Subramanian noted that fourth-quarter profits rose 4% from a year earlier and that analysts were not revising their estimates for the current quarter downward at the usual rate. This comes as Bank of America’s economic research team just raised its growth outlook for this year. The combination of an improved earnings outlook and a more bullish outlook for the U.S. economy is a common thread across Wall Street in recent year-end target increases for the S&P 500.

  • Macy’s stock price soars as private equity firm raises price to $6.6 billion amid takeover battle

    Macy’s (M) stock rose as much as 16% on Monday after activist shareholder Arkhouse Management raised its takeover offer for the iconic retailer to $6.6 billion. Macy’s had rejected a prior $5.8 billion offer from the private equity firm and its partner Brigade Capital in late January.

    As Yahoo Finance’s Brooke DiPalma reports, Macy’s (M) is trying to make a fresh start, but the fight to go private is heating up and whether the company can plan a comeback with its current plan. There are still doubts about this.

    Tony Spring, who took over as CEO just a month ago, admits the business needs to change.

    “We have no intention of leaving Macy’s in its current state. It would be foolhardy to think that leaving the business in its current state is the secret to future success,” Spring told Yahoo Finance.

    Spring said brands will “evolve,” adjust their product offerings and “thoughtfully” integrate their physical and digital presences, but it will only take “the right actions,…time, and support from the organization.” He said he would do it.

    Arkhouse Management’s new bid announced on Sunday shows activist investors are not waiting for results.

    Please see here for the detail.

  • Stock price rise pauses, Bitcoin surpasses $65,000

    Stocks opened lower on Monday, paring recent gains as markets prepare for this week’s testimony from Federal Reserve Chairman Jerome Powell and the monthly jobs report that could test stock market gains. paused.

    The S&P 500 (^GSPC) was down about 0.2%, and the Dow Jones Industrial Average (^DJI) was down 0.5%. The Nasdaq Composite Index (^IXIC), which has a high proportion of high-tech stocks, was little changed.

    Also on Monday, Bitcoin (BTC-USD) topped $65,000, inching closer to its record high.

  • Spirit stock falls as JetBlue cancels merger agreement

    Spirit Airlines (SAVE) stock rose as much as 16 in pre-market trading on Monday after the low-cost airline terminated its $3.8 billion merger deal with JetBlue (JBLU) that was blocked by a court in January. % fell.

    “After discussing options with our advisors and JetBlue, we are confident that current regulatory obstacles will allow us to complete this transaction in a timely manner in accordance with the merger agreement,” Spirit CEO Ted Christie said in a company statement. I have come to the conclusion that this is not possible.”

    JetBlue’s bid to acquire Spirit stalled on January 16 when a federal judge blocked the deal over antitrust concerns.

    JetBlue stock rose more than 5% in premarket trading following the announcement. Spirit stock is down about 60% since the beginning of the year.

  • Surprising statistics about Nvidia

    Some of the hottest trending tickers on Yahoo Finance this morning are related to cryptocurrencies. Not surprising as Bitcoin has topped $65,000 and excitement is building towards a possible April halving event.

    But for me, the main story in the market remains the trading frenzy surrounding AI sweetheart Nvidia (NVDA). As this stock progresses, it will also hit the market in 2024 (and he will in 2025, 2026, 2027…).

    Some thought-provoking statistics about Nvidia:

    • Nvidia is currently the third most valuable American company with a market capitalization of $2.5 trillion.

    • It took just 180 business days for Nvidia’s market cap to go from $1 trillion to $2 trillion.

    • 92% of analysts covering the stock rate it “uy”.

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