U.S. stocks were mixed in early afternoon trading Monday, after major indexes closed last week at record highs amid optimism that the Federal Reserve could be in a position to start cutting interest rates soon.
The Dow Jones Industrial Average was down 0.2 %, while the S&P 500 was flat and the Nasdaq Composite gained 0.2%. The S&P 500 and Nasdaq both finished at record highs on Friday, after rising 1.9% and 3.5%, respectively, for the week.
Chipmakers were giving the Nasdaq a boost on Monday, with Intel (INTC), Broadcom (AVGO) and Advanced Micro Devices (AMD) all moving higher.
Investors are eagerly awaiting more information that could shed light on the Fed’s timetable for rate cuts, after jobs data on Friday boosted expectations that the central bank could move to do so as soon as September.
The first opportunity comes Tuesday, when Fed Chair Jerome Powell starts two days of testimony before Congressional committees. Later in the week, the first readings on June inflation will be released, providing an indication of whether price pressures have continued to moderate. Fed officials have said repeatedly they need to see more evidence that inflation is under control before moving to cut the benchmark federal funds rate.
The yield on 10-year Treasurys was holding steady at around 4.27%, after falling last week as investors placed bets that interest rates will be cut.
Among other stock movers Monday, Corning Inc. (GLW) was up more than 12% after the glass maker raised its sales and earnings guidance. Paramount Global (PARA) was down nearly 3% following news the company has agreed to merge with Skydance Media in a deal that ends months of negotiations between principals and offers a lifeline to the struggling media company.
Meta Platforms Down After Hitting Record High
6 minutes ago
Shares in Facebook and Instagram parent Meta Platforms (META) were down 2% in afternoon trading Monday, after closing at a record high Friday amid optimism that the company’s significant AI investment is starting to translate into revenue growth.
Here are key price levels to watch:
Meta shares have broken out from a pennant pattern, but several chart indicators point to slowing price momentum.
The measuring principle, which calculates the distance of the most recent leg higher in points preceding the pennant and adds that amount to the pattern’s top trendline, projects a price target in Meta shares of $767.
During retracements, Meta shares may find support around $384 and $300.
Corning Surges More Than 10% On Guidance Boost
1 hr 30 min ago
Shares of Corning (GLW) soared Monday after the specialty glass maker boosted its guidance, citing rising demand for its products used in generative artificial intelligence (AI) applications.
The company now anticipates current-quarter earnings per share (EPS) at the high end of or slightly above its previous outlook of $0.42 to $0.46. It sees revenue of about $3.6 billion, $200 million more than its earlier estimate.
Corning shares were up more than 10% around midday Monday, trading at their highest levels since early 2022.
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Nvidia Gains As Analysts Boost Price Targets
2 hr 22 min ago
Nvidia (NVDA) shares climbed Monday as analysts lifted their price targets for the stock, citing “exceedingly robust” demand for the chipmaker’s upcoming Blackwell platform.
Shares of Nvidia surged over 3% to above $130 before paring back some gains in early trading Monday, after UBS analysts boosted their price target for the stock to $150 from $120, while Wolfe Research analysts lifted their objective to $150 from $125.
UBS analysts reported supply chain checks indicated “demand momentum for Blackwell rack-scale systems remains exceedingly robust” as Nvidia works to strengthen its supply.
They added that demand for Nvidia’s data center components is “in part being driven by the enhanced power efficiency” amid concerns about power constraints affecting artificial intelligence (AI) computing.
Telsa Shares Down After Last Week’s Big Gains
3 hr 31 min ago
Tesla (TSLA) shares were down more than 2% in early trading Monday, after a 27% surge in the EV maker’s share price last week drove the stock back into the green for the year. The rally followed a better-than-expected second-quarter deliveries report and building anticipation ahead of the company’s Robotaxi Day next month.
Following the big move for the stock, these are the key areas on Tesla’s weekly chart to watch out for.
Last week, Tesla shares closed above both the 50- and 200-week moving averages and a prominent 12-month downtrend line on the highest trading volume since mid-February, indicating buying conviction among market participants.
Tesla shares may encounter resistance on the weekly chart at $299.29, $384.29, and $414.50, while potentially finding support around $205.
Stock Futures Edge Higher
4 hr 37 min ago
Futures contracts connected to the Dow Jones Industrial Average were up 0.1%
S&P 500 futures were also up 0.1%.
Nasdaq 100 futures were up 0.1%.
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