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Live Nasdaq Composite: INTC Climbs 7 Percent, PEP's Merger Monday
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Market Bottom in Focus
The markets are holding their own, but Wall Street isn’t convinced that the sell-off is over. While the S&P 500 is doing its best to distance itself from correction territory, gripping earlier gains for dear life, the broader market needs to fall another 9% before it hits bottom, according to Deutsche Bank.
Not to be outdone, Morgan Stanley published a note saying that while a stock market rally is “tradeable,” don’t expect it to be long lasting, warning that there is more tariff-driven market volatility ahead. If the S&P 500 manages to eke out a gain, it will be its second-straight session moving higher, which is no small feat in the current environment.
Nvidia (Nasdaq: NVDA) is down 2.5% on the day.
Tesla’s (Nasdaq: TSLA) sell-off has widened to nearly 6%.
Netflix (Nasdaq: NFLX) is holding onto nearly 4% gains on the day.
Intel (Nasdaq: INTC) has widened its lead to 8%.
PepsiCo (NYSE: PEP) is up nearly 2% as Merger Monday makes a comeback in a potentially bullish sign for market sentiment. PepsiCo is buying soda company Poppi in a blockbuster $1.65 trillion deal.
Here’s a look at the major stock market averages as of mid-afternoon:
Dow Jones Industrial Average: Up 301.27 (+0.73%)
Nasdaq Composite: Down 18.47 (-0.10%)
S&P 500: Up 22.47 (+0.40%)
Markets Turn Mixed
After starting with gains across the board, the markets have turned mixed, with the Nasdaq Composite lagging the Dow Jones Industrial Average and S&P 500. Tesla is a laggard, falling 4.4%, while Intel is gaining over 7% on optimism over the new CEO. The Dow Jones Industrial Average is being helped by gains in Walmart (NYSE: WMT), IBM (NYSE: IBM) and Nike (NYSE: NKE).
Here’s a look at where the major indices are trading as of mid-morning:
Dow Jones Industrial Average: Up 226.15 (+0.55%)
Nasdaq Composite: Down 5.2 (-0.02%)
S&P 500: Up 21.56 (+0.40%)
After Friday’s recovery rally, the markets remain cautiously optimistic and are mostly extending gains right out of the gate. All three of the major stock market averages, including the Dow Jones Industrial Average, Nasdaq Composite and S&P 500 came out of the gate with gains. The Nasdaq Composite has since turned modestly lower. The S&P 500 is determined to climb out of correction turf in which it fell 10% from its most recent all-time high. Chip stocks are moving higher, led by Intel (Nasdaq: INTC) and AMD (Nasdaq: AMD) with increases of 6% and 4.6%, respectively.
Intel’s newly appointed CEO reportedly plans an overhaul of the archaic company, giving investors something to cheer. The Magnificent Seven stocks are mixed, with Tesla (Nasdaq: TSLA) weighing on the tech sector with a decline of 3.3%. On the flip side, Netflix (Nasdaq: NFLX) is gaining 3.3% for a 10% total gain over the past five trading sessions. DZ Bank reportedly just raised its price target on the content streaming giant to $1,200 from $1,140, while MoffettNathanson upgraded the stock to a “buy” rating from “neutral” amid positive catalysts.
On the economic data front, retail sales inched 0.2% higher in February, below expectations but not enough to knock the markets off their perch this morning. Most sectors are trading in the green, led by energy and consumer staple stocks.
Here’s a look at the performance as of morning trading:
Dow Jones Industrial Average: Up 137.15 (+0.33%)
Nasdaq Composite: Down 31.35 (-0.18%)
S&P 500: Up 12.77 (+0.25%)
Key Points
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The markets came out of the gate extending Friday’s gains but the Nasdaq Composite has turned modestly lower.
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Intel is rallying 7% on reports that the new boss is planning a much-needed overhaul.
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PepsiCo stock is rising in what is shaping up to be a Merger Monday.
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Market Movers
PepsiCo (NYSE: PEP) is gaining 1.7% on its announced acquisition of trendy prebiotic soda company Poppi in close to a $2 billion transaction.
Big-box and e-commerce retailer Walmart (NYSE: WMT) is up 2.2% on reports of a newly inked partnership with buy-now-pay-later phenomenon Klarna, the latter of which is gearing up for an IPO.
Seaport analysts upgraded shares of Formula One (Nasdaq: FWOMK) to a “buy” from “neutral” saying that selling in the stock was overdone on tariff worries.
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