Trade review: current reports, trends, indices, stock prices, bonds, foreign exchange and commodities and analyst recommendations
23:00
The main indices on Wall Street closed in a mixed trend. The Nasdaq rose 0.1%, the S&P 500 fell 0.2% and the Dow Jones shed about 0.6%.
Among chip and AI stocks, Nvidia locked around base levels, AMD increased by 1.6%, Super Micro Computer increased by about 3% andMicron jumped by about 5.5%.
The yield on the US 10-year bond jumped by about 13 basis points and is trading around 4.32%. The yield on two-year bonds jumped by 9 basis points to 4.71%.
21:40
The main indices on Wall Street are trading by the hour with slight decreases. The Nasdaq is down 0.1%, the S&P 500 is down 0.3% and the Dow Jones is down 0.7%.
stock Kamko is trading in sharp increases after Goldman Sachs raised the stock’s rating to ‘buy’ and stated that it has a potential upside of about 25%.
Also a share Semtech The positive momentum continues after the chip company reported quarterly reports last week that surpassed early forecasts.
20:16
stock Trump Media and Technology Group Drops by about 30% after reporting a net loss of about $60 million in 2023 and revenues of $4.1 million. It was also reported that a significant part of the net loss stems from interest expenses of 39.4 million dollars.
Also a share A.T. & T is trading lower after the company reported that it was investigating a data leak from the company. It was also reported that from a preliminary examination it was found that the data of more than seven million customers was leaked as a result of the incident.
On the other hand, a share Microsoft Up slightly by 0.7% following a report that Microsoft and OpenAI are planning a $100 billion project.
19:33
Government bond yields in the US are jumping at this time following Jerome Powell’s words last Friday that the Fed is in no rush to lower interest rates in light of the strong economic growth and inflation levels that are above the Federal Bank’s price stability target.
The yield on the US 10-year bond jumps by about 14 basis points and is trading around 4.32%. The yield on two-year bonds jumps by 9 basis points to a level of 4.71%.
19:01
The main indices on Wall Street are trading by the hour with slight decreases. The Nasdaq is down 0.3%, the S&P 500 is off 0.4% and the Dow Jones is down 0.7%.
stock Tesla Decreases by about 2.5% after the price increase on Model Y that the company previously announced went into effect today.
Also a share ups is trading lower despite reports that the company is expected to become the primary air cargo provider for the United States Postal Service.
17:19
US Macro: The ISM index in the manufacturing sector rose in March to 50.3 points. The early forecast was 48.5 points. At the same time, the purchasing managers in the manufacturing sector fell to 51.9 points while the early forecasts stood at 52.5 points.
16:45
The stock of chips Micron is currently jumping 7% after Bank of America raised its target price for the stock and indicated that, in its estimation, demand for the company’s chips will increase to more than $20 billion by 2027.
16:30
A mixed opening on Wall Street. The Nasdaq is up 0.3%, the Dow Jones is trading around fundamental levels and the S&P 500 is trading in a similar trend.
The price of gold jumps by about 1.5% at this time and trades around 2,272 dollars per ounce.
15:01
Satellite Communication Technology Company you discovered announced today orders totaling more than 13 million dollars, which it received from a number of satellite operators for the purpose of expanding their global satellite communication networks. The orders are for Gilat’s SkyEdge platforms which enable, among other things, in-flight connectivity, maritime communication and more.
Gilat is traded on Nasdaq and BTA worth 310 million dollars after an 11% drop in the stock since the beginning of the year.
13:35
Futures in the US are trading in a mixed trend.
In the US debt market, government bond yields are rising. The yield on the 10-year US bond is currently trading around 4.24%. The yield on the two-year bond is 4.02%.
08:42
Trading in Asia this morning has a mixed trend, the Nikkei fell by 1.3%, in China the Shanghai index rose by 1% and the Kospi index by 0.2%. The increases in China are a result of the publication of the business survey which showed that productive activity expanded in March, the Purchasing Managers’ Index stood at 50.8 this morning compared to 49.1 in February.
The futures are trading higher this morning – Nasdaq up 0.5%, Dow Jones and S&P 500 up 0.3%. The second quarter will start today after the shortened week last week. In a quarterly summary, the S&P 500 rose by about 10% and this is the first quarter The best of the index since 2019, the Dow Jones rose in that period by about 6% and the Nasdaq by about 9%. The employment report on Friday will determine quite a bit about the continuation of the momentum.
Tesla You will certainly want to forget this quarter, the worst first quarter in its history. For the electric car manufacturer and a permanent member of Wall Street’s “Magnificent Seven” it was a difficult quarter. The company’s value was cut by about 30%, the company’s worst quarter since the end of 2022, it is the company that fell the most among companies belonging to the S&P 500 index.
Now the company is facing many challenges – car recalls and price competition, to which are also added problems related to the CEO Elon Musk. Tomorrow Tesla will publish the number of deliveries of the new cars for the first quarter and the analysts expect bad results despite the price reduction and the various incentives. The analysts expect 457 One thousand cars delivered, 8% more than the corresponding quarter last year.
In China, the competition from cheaper cars than Tesla’s cars is intensifying. As of the end of 2023, China’s BYD has overtaken Tesla as the leading manufacturer in the electric car market.
The one who is taking advantage of the decline in Tesla shares is Kathy Woods, the founder of the ARK investment fund, this week she purchased 65,000 shares of the company worth about 14 million dollars.
● The stock indices summarize a quarter of euphoria. Experts analyze where the market is going
In the American debt market, government bond yields rose slightly at the end of last week, and in the weekly summary remained stable – in the 10-year bond the yield was around 4.23% and in the two-year bond – 4.62%.
In the commodity market, oil prices are trading stable this morning, at 83.5 dollars per barrel of American oil and 87.4 per barrel of Brent oil.
The price of gold is rising again this morning following the macro data and the increase in geo-political tension in the world, the price of an ounce of gold traded this morning at $2,260 and an increase of about 1.5% compared to the closing price last Thursday. Bitcoin is also up 2% this morning and is trading at $70,900.
On Friday, the price index of private consumption expenditure, the PCE, the inflation index preferred by the Federal Reserve, was published in the US, and it was 2.8% on an annual basis, as expected and less than the index recorded the previous month, 2.9%.
Referring to the data, Jerome Powell, the chairman of the Federal Reserve, said that the results are “in line with what we want to see.” Powell emphasized again that inflation is a “bumpy road” on the central bank’s path to 2% inflation. “The question is, are these bumps only? Or beyond that? Is inflation cooling down too slowly in recent months?”, Powell maintained optimism that inflation will go down, “but if not, our monetary policy will be different.”
Yoni Penning, chief transaction strategist at Mizrahi Tefahot’s trading room, responded and wrote that “despite the figure being lower than expected, it is still somewhat marginal, and enough to push the annual PCE inflation up to a level of 2.5%.”
“In particular,” Fanning added, “while the Fed Chairman indicated in the latest interest rate announcement that he intends to start lowering interest rates in June, the ability to be convinced that inflation is indeed falling toward the target is critical to this matter. And the bottom line, the lack of surprise here supports our assessment of the Fed’s current path.”
In the Eurozone, the inflation index will be published on Wednesday.
The important economic figure this week will be published only at the end – at noon on Friday – the employment data in the US, the expectation is for an addition of 200 thousand jobs in March, the unemployment rate is expected to drop slightly to 3.8%.
The price index of private consumption expenditure, the PCE published in the US on Friday, led to several predictions regarding interest rate cuts in the world’s largest economy – Goldman Sachs economists who recently predicted that the Fed would cut interest rates four times this year, the first in May, now expect only three interest rate cuts, The first in June. In addition, they expect four cuts in 2025 and one more in 2026 – their forecast for the eventual rate, 3.25%-3.5%.
● WSJ | The psychologist who turned the investment world upside down: what I learned from Prof. Daniel Kahneman
On CNBC this morning, three preferred stocks are mentioned by senior Wall Street analysts according to data collected on TipRanks.
The manufacturer of the memory chips Micron Technology She is the first choice. Not only did its quarterly results amaze the analysts, the company anticipates a strong year thanks to the demand in the AI market. Needham analyst Kevin Bolton reiterated his “buy” recommendation and raised his price target to $120. Bolton cited the company’s wideband memory chip as a notable growth driver.
Bolton also expects the company’s gross profit to increase both this year and next year thanks to its competitive advantage, “In the long term, we expect Micron to benefit from the demand for data centers and the growing demand for AI applications.”
Lululemon Athletics , the sportswear manufacturer is the next recommended company. The company recently reported its quarterly results and exceeded expectations. Despite this, the company’s stock fell following a disappointing forecast.
Following the results, Robert Darbol, an analyst at Guggenheim lowered the company’s profit forecast slightly to reflect the need for greater marketing spending. The analyst even lowered the target price from $550 to $525 but reiterated the “buy” recommendation and called it “my favorite growth story. We are optimistic about Lulu Lemon and believe the company will benefit from the health and sports trend.”
Another recommended technology giant is the chip maker Broadcom . The company is considered one of the most profitable in the generative AI wave. At the last investor conference, the company stated that its goal is sales of 10 billion dollars this year.
At the end of the conference, Susquehanna analyst Christopher Rowland gave the company a “buy” recommendation and a target price of $1,650. Rowland believes that the company will meet the goal it has set, what’s more, the company has a variety of products across the AI market.
Roland also emphasized the fact that Broadcom’s products are “adaptable and therefore more effective in AI applications. The company works with the customer to jointly design the architecture of the AI accelerators, a competitive advantage.”