2023-05-30 16:40:00
2 Mins Ago
Weak market breadth could portend a correction for stocks, chart analysts say
Wall Street’s chart analysts are warning that market breadth is alarmingly weak, with recent market gains powered largely by the AI boom lifting stocks like Nvidia and Alphabet.
CanaccordGenuity technical analyst Javed Mirza said in a note to clients on Monday that an “intermediate-term equity market correction looms” if market breadth does not improve.
Entering Tuesday, the Nasdaq-100 had gained more than 18% over the past three months, and the S&P 500 has advanced nearly 6%. Meanwhile, the Invesco S&P 500 Equal Weight ETF (RSP) has fallen more than 3%.
Read more about technical analysis on CNBC Pro.
— Jesse Pound
32 Mins Ago
Consumer confidence tops expectations
The Conference Board’s consumer confidence index came in above expectations for May, with a reading of 102.3. Economists polled by Dow Jones expected a print of 99. To be sure, that’s still down from a revised April reading of 103.7.
“Consumer confidence declined in May as consumers’ view of current conditions became somewhat less upbeat while their expectations remained gloomy,” said Ataman Ozyildirim, senior director of economics at The Conference Board.
“Their assessment of current employment conditions saw the most significant deterioration,” Ozyildirim added. “Consumers also became more downbeat about future business conditions. … However, expectations for jobs and incomes over the next six months held relatively steady.”
— Fred Imbert
39 Mins Ago
Broadcom soars as Nvidia lifts chipmakers, artificial intelligence stocks
See Chart…
Broadcom stock.
An Hour Ago
Mountain Valley Pipeline operator surges
Shares of the Mountain Valley Pipeline operator Equitrans Midstream surged more than 40% at the opening bell Tuesday after the tentative debt ceiling deal included measures to accelerate the development of the controversial pipeline.
The natural gas pipeline, which spans more than 300 miles from West Virginia to Virginia, has been under litigation for years.
See Chart…
Equitrans Midstream
An Hour Ago
Nvidia reaches $1 trillion market cap
Nvidia shares added to a recent string of gains on Tuesday to hit a $1 trillion market cap.
With Tuesday’s moves, Nvidia joins an elite club of companies with a $1 trillion market cap or more. That group includes Alphabet, Apple and Microsoft.
Shares gained more than 4% in early morning trading to last trade at around $405.56. Shares need to hold above $404.86 to maintain that distinction during Tuesday’s trading.
See Chart…
Nvidia shares pop again
An Hour Ago
Nasdaq and S&P 500 open higher
The Nasdaq Composite and S&P 500 were trading higher shortly after the opening bell.
The Nasdaq added 1.1%, followed by the S&P 500 with a 0.5% advance. The Dow lagged, trading around its flatline.
— Alex Harring
An Hour Ago
Major indexes are on pace for mixed month with two trading sessions left
Wednesday’s session is the last of the May trading month. With just two trading days left, the indexes are on pace to post varied performances.
The technology-heavy Nasdaq Composite has been the relative star as of Friday’s close, rallying more than 6% so far this month. The S&P 500 is on pace for a relatively modest advance of 0.9% month to date.
But the Dow has lagged, shedding nearly 3% on the month. Drops larger than 10% in Nike, Walgreens and Disney have weighed on the 30-stock, blue-chip average in May.
— Alex Harring
2 Hours Ago
Tesla shares rise following reports of Musk in China
Tesla shares rose more than 3% in premarket trading following reports of CEO Elon Musk’s trip to China.
Reuters reported Monday that a private jet used by Musk arrived in China. He’s expected to meet with senior Chinese officials and visit the electric vehicle maker’s Shanghai plant, according to Reuters.
The trip comes as Bank of America analyst Matty Zhao said Monday that China would likely be the world’s largest electric vehicle market by 2025, accounting for between 40% and 45%. That would mark a decrease as the country current made up about 60% of global market share in 2022, but Zhao said growth in the U.S and Europe would not be enough to make another country the biggest market in 2025.
— Alex Harring
2 Hours Ago
See the stocks making the biggest moves before the bell
These are some of the stocks making notable premarket moves:
- ChargePoint — Shares of the electric vehicle charging station company jumped 5% premarket after Bank of America upgraded the stock to buy.
- Nvidia — Shares continued to near $1 trillion in market value, up 3.7% in premarket trading. The AI semiconductor company has been soaring since its blockbuster earnings report last Wednesday.
— Alex Harring, Michelle Fox
3 Hours Ago
ChargePoint Holdings shares gain more than 5% during premarket trading
Shares of electric vehicle charging company ChargePoint rose 5.2% Tuesday before the bell following an upgrade to buy from Bank of America.
“The reason for our upgrade is simple – CHPT has proof of execution, line of sight to profitability and with its story largely unchanged since the PIPE offering, valuation is compelling against shares making all-time lows,” analyst Alex Vrabel wrote in a Tuesday note.
“CHPT [is] a best-in-class way to play [the] EV charging theme,” he added.
To read more about his upgrade, click here.
— Hakyung Kim
3 Hours Ago
Premarket Nvidia rally puts semiconductor maker on track to enter $1 trillion market cap club
A 3.8% premarket rally in Nvidia shares is putting the semiconductor maker on pace to join just a handful of stocks that have a market cap larger than $1 trillion.
A market capitalization is the combined total value of a company’s outstanding shares and can help investors understand a company’s relative size in the stock market. Apple and Microsoft are among stocks who have already passed the $1 trillion threshold.
Nvidia shares rallied on the back of its strong earnings report last week. Investors have been increasingly excited about the stock given its exposure to artificial intelligence trends.
— Alex Harring
3 Hours Ago
Debt ceiling not a ‘sustainable positive’ for the market, trader warns
Tom Essaye of The Sevens Report noted Tuesday that the market will need more than a debt ceiling deal to sustain a rally.
“From a market standpoint, the news may cause a temporary knee-jerk rally, but this will not be a sustainable positive and is not a reason to buy stocks by itself, as extending the debt ceiling merely removes a potential catastrophic negative and does not add anything new and positive into the macro set up,” Essaye wrote.
“Conversely, the deal will not be a material negative for growth, either, as it does not drastically reduce federal spending (i.e. putting more pressure on an already slowing economy),” he added.
— Fred Imbert
6 Hours Ago
Europe stocks choppy
European stocks were mixed in morning trade, with the Stoxx 600 index moving between narrow losses and gains.
Investors are watching key votes on the U.S. debt ceiling and more clues from central banks on the path of interest rates.
Germany’s DAX index was up 0.25% by mid-morning, though France’s CAC 40 and the U.K.’s FTSE 100 declined by 0.5% and 0.14%, respectively .
See Chart…
Stoxx 600 index.
8 Hours Ago
Everyone can be a programmer, says Nvidia CEO
Fresh off Nvidia‘s stellar earnings report and subsequent stock rallyits CEO Jensen Huang is predicting that the world is entering a “new computing era”.
Speaking at the Computex forum in Taiwan. He says anyone can be a programmer, just by speaking to the computer, and the desired functions will come forth.
No longer will programmers need to write lines of code, only for it to display the dreaded “fail to compile” because of a missing semicolon.
“This computer doesn’t care how you program it, it will try to understand what you mean, because it has this incredible large language model capability. And so the programming barrier is incredibly low,” Huang pointed out.
Nvidia says that generative AI is the “most important computing platform of our generation” as individuals and companies move to create new apps and leverage on generative AI in the process.
— Lim Hui Jie
8 Hours Ago
Toyota’s April sales increase as demand from Japan and China rises
Toyota’s global sales rose almost 5% year-on-year in April, with strong demand from home market Japan and China.
Sales to Japan saw the largest gains, increasing 21.5% compared with April 2022 as parts shortages eased.
China sales saw a year-on-year jump of 46.3% to 162,554 units in April, rebounding from the impact of Covid-19 on the economy a year ago.
In contrast, sales to Europe slid 22.8% to 75,869 units. Toyota said despite solid demand, sales were lower due to operations being suspended, caused by the impact of shortages of semiconductors and other parts.
Shares of Toyota closed 0.6% higher on Tuesday.
11 Hours Ago
Australia’s building approvals fall to lowest in 11 years
Building approvals in Australia fell 8.1% month-on-month to 11,594 – marking its lowest level since April 2012 – when the number of total approved units stood at 10,860, government data showed.
Private sector houses fell 3.8% to 7,939 while private sector dwellings excluding houses fell 16.5% to 3,469.
Meanwhile, the value of total building rose by 4.7% – the value of new residential building fell 2.7%, while the value of non-residential building rose 13.5%.
– Jihye Lee
13 Hours Ago
Softbank shares slide almost 4%, leads losses on Topix
Shares of Softbank Group tumbled almost 4% on Tuesday, leading losses on the Japan’s Topix index.
This comes after Softbank owned chip designer Arm announced it rolled out new technology for mobile devices and Taiwan smartphone chip maker MediaTek Inc said it will be using it for its next-generation product.
Shares of Softbank surged 8.8% on Monday.
16 Hours Ago
Biden, Congressional leaders iron out debt ceiling agreement set for a vote this week
President Joe Biden and Congressional leaders reached an initial agreement on over the weekend to avoid a U.S. default, with the bill set for a vote as soon as this week.
House Majority Speaker Kevin McCarthy and Biden had been at odds for weeks over raising the debt ceiling, with the first inklings of real progress coming last week. Key provisions that necessitated compromise included keeping non-defense spending flat for the next two years as well as increasing work requirements of food stamp benefits.
Still, the bill will need both Republican and Democratic support to make it to President Biden’s desk before the so-called “X date” on June 5, which is the earliest time the Treasury Department has signaled the U.S. could default.
— Brian Evans
16 Hours Ago
S&P 500 and Nasdaq coming off weekly gains
Both the Nasdaq Composite and S&P 500 posted weekly gains of 2.5% and 0.3% on Friday, respectively, while the Dow Jones Industrial Average slipped 1%.
The tech-heavy Nasdaq heads into the new trading week looking to add to a stretch of five consecutive gains. Nvidia’s meteoric rise has added more hype to the investor optimism over artificial intelligence stocks.
— Brian Evans
17 Hours Ago
Stock futures open higher
Futures tied to the major averages opened higher on Monday night.
Dow futures were up about 70 points, or 0.2%. S&P 500 futures climbed 0.3%, while Nasdaq-100 futures popped 0.5%.
— Fred Imbert
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