Live Nasdaq Composite: Stocks Meander Amid Signals of Economic Uncertainty
Quick Read
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Microsoft (MSFT) fell on reports of lowered AI software sales expectations due to consumer preferences.
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Private sector jobs dropped by 32,000 last month according to ADP.
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Bank of America raised its Amazon price target to $303 with 31.1% upside potential.
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Netflix Falls
Stocks have made their way into positive territory, with all three of the major stock market averages now having flipped green. Bucking this upward trend is Netflix (Nasdaq: NFLX), which is spiraling by nearly 6% today after founder Reed Hastings sold over $40 million in shares, though barely making a dent in his total NFLX portfolio.
Google Ramps Up Waymo
Google’s Waymo unit revealed it will soon put human-driven robo-taxis on the road in several new test markets: Baltimore, St. Louis, Pittsburgh and Philadelphia. Google parent Alphabet (Nasdaq: GOOGL) stock is up 1% today while competitor Tesla (Nasdaq: TSLA) stock is rising 3.5%.
Wall Street Analyst Calls
Deutsche Bank has reemphasized its “buy” rating on Marvell stock, lifting the price target to $125 per share on the heels of the company’s earnings print amid data center strength.
Bank of America remains bullish on Nvidia (Nasdaq: NVDA) stock, maintaining a “buy” rating on the AI leader in this fiercely competitive AI race.
BofA has also added ASML Holdings (Nasdaq: ASML) stock to its list of top picks, sending shares slightly higher.
This article will be updated throughout the day, so check back often for more daily updates.
The markets are continuing their trend of one step forward, two steps back. Today stocks are under pressure on the heels of an ADP jobs report in which private sector jobs alarmingly fell by 32,000 last month, inserting greater uncertainty into the health of the labor market. The Nasdaq Composite is giving up ground, pressured by Big Tech stock Microsoft (Nasdaq: MSFT | MSFT Price Prediction), which is tumbling on reports of lowered AI software sales expectations in response to consumer preferences.
Elsewhere, Marvell Technology (Nasdaq: MRVL) is rising by 7.7% today in response to plans to scoop up Celestial AI in multi-billion-dollar transaction, bolstering its AI prowess.
Here’s a look at where things stand as of morning trading:
Dow Jones Industrial Average: 47,526.96 Up 50.50 (+0.11%)
Nasdaq Composite: 23,315.12 Down 102.00 (-0.44%)
S&P 500: 6,822.59 Down 6.78 (-0.06%)
Market Movers
Bank of America has turned increasingly bullish on Amazon (Nasdaq: AMZN), a trend that is gaining momentum on Wall Street of late. The analyst firm lifted its price target on the stock to $303 per share, suggesting there’s upside potential of 31.1%.
CrowdStrike (Nasdaq: CRWD) is spiraling by 3.5% today to below the key $500-per-share threshold. The cybersecurity company’s quarterly results failed to impress investors, owing to a widening YoY loss and a disappointing sales outlook.
Retailer Macy’s (NYSE: M) is falling by 1.4% today despite an improved sales outlook in this critical holiday shopping season. It could be a case of ‘buy the rumor, sell the news’ for the stock.
Discount retailer Dollar Tree (Nasdaq: DLTR) is up 2.6% this morning on better-than-expected quarterly results buoyed by an improved earnings outlook.
Gerelyn Terzo is the author of dividend investing handbook "Dividend Investing Strategies: How to Have Your Cake & Eat It Too." A veteran financial journalist, she covers agri-finance for outlets like Global AgInvesting and the broader stock market and personal finance for 24/7 Wall Street. She began at CNBC and later helped launch Fox Business in New York. Gerelyn currently resides in Woodland Park, Colorado and dabbles in nature photography as a hobby.
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