Major U.S. stock indexes extended their gains in afternoon trading Wednesday, boosted by the strong performance of chipmakers as investors get set for a busy calendar of economic data and corporate earnings releases the rest of the week.
The S&P 500 and the Nasdaq Composite, which are both riding six-session winning streaks, were up 0.7% and 0.8%, respectively. The Dow Jones Industrial Average was up 0.5%.
The recent rally has been fueled by the strong performance of tech stocks and hopes the Federal Reserve will cut its benchmark interest rate soon.
Chipmaker and AI investor darling Nvidia (NVDA) was on the move higher once again Wednesday, amid optimism about better-than-expected demand for its upcoming Blackwell platform to power artificial intelligence (AI). Several other chipmakers, including Advanced Micro Devices (AMD), Micron (MU) and On Semiconductor (ON) and Arm Holdings (ARM), were also gaining ground.
The yield on 10-year Treasurys, which has been on the decline in recent weeks amid the growing optimism about the possibility of lower interest rates, slipped to 4.28%.
Federal Reserve Chair Jerome Powell told lawmakers this week that the Fed is weighing the risks of high inflation and rising unemployment as it decides when to cut the influential fed funds rate, which is at a 23-year high.
Moderating inflation and cooling labor market data have spurred hopes among investors that the central bank could cut rates as soon as September. The Fed will get its first reading on June inflation with Thursday’s release of consumer price index data, and Friday’s release of wholesale inflation numbers.
Market participants will also be turning their attention to earnings releases, which kick off in the coming days, notably with a number of big financial institutions reporting their quarterly numbers starting on Friday.
Carvana Stock Moves Into High Gear on Upgrade
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Carvana (CVNA) shares sped higher Wednesday after analysts at Needham upgraded its stock and the company unveiled new features for buying electric vehicles (EVs).
The digtal car-buying company is a “secular growth story with a cyclical recovery kicker,” Needham analysts Chris Pierce and Mackenzie Holleran wrote in a Wednesday note in which they lifted their rating to “buy” from “hold.”
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Needham issued a price target of $160, a 27% premium over Tuesday’s closing price. Carvana shares, which traded as low as $25.09 last November, were up 4.6% at $131.40 in recent trading.
“After a volatile past we see [Carvana] becoming a profitable secular growth story, with increasing retail unit sales and improving gross profit per unit metrics from leveraging a high-fixed-cost base,” the analysts wrote.
TSMC Stock Gains on Strong Revenue Growth
1 hr 21 min ago
Shares of Taiwan Semiconductor Manufacturing Company (TSM) rose Wednesday after the chipmaker released revenue figures for June, offering a full picture of the company’s second-quarter performance.
June revenue rose 33% from a year earlier. Added to its performance from April and May, the June data puts TSMC’s second-quarter revenue at NT$673.51 billion ($20.67 billion), about NT$20 billion better than what analysts had projected and 40% above last year’s mark of NT$480.84 billion.
The company, which supplies tech giants such as Apple (AAPL) and Nvidia (NVDA), has been a beneficiary of the artificial intelligence (AI) boom, as increased demand for chips to make AI products has offset lower demand for its other products, like semiconductors used in the production of cars.
Earlier this year, the Biden administration announced plans to award TSMC up to $6.6 billion in grants from the CHIPS and Science Act to help the chip maker increase its production capacity in the U.S.
TSMC shares were up 2.7% in recent trading.
LegalZoom Plunges to Record Low as CEO Departs
2 hr 21 min ago
Shares of LegalZoom (LZ) plunged 30% to an all-time low Wednesday as the online legal services provider announced Chief Executive Officer Dan Wernikoff is leaving and cut its full-year guidance.
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The company reported that Wernikoff “will be departing,” and will be replaced by current board chair Jeffrey Stibel, effective immediately. Wernikoff’s had been CEO since October 2019, and took LegalZoom public in 2021.
The company said that this was the “right time for this transition,” as it shifts its focus “towards subscription-based revenue to drive long-term profitable growth.”
Along with the CEO change, LegalZoom said it was reducing its 2024 revenue outlook to $675 million to $685 million from the previous $700 million to $720 million.
Corning Shares Up Again Amid AI Enthusiasm
2 hr 57 min ago
Shares of specialty glass maker Corning (GLW) moved higher in early trading Wednesday, adding to the 16% increase the stock registered over the previous two sessions. The rally started Monday after the company boosted its current-quarter outlook due to increasing uptake of its optical connectivity products used in generative artificial intelligence (AI) applications.
Since bottoming out at the lower trendline of a descending channel in late October, Corning shares have continued to trend sharply higher, with gains accelerating upon a breakout of the pattern’s upper trendline.
Importantly, the stock’s surge this week has occurred on the largest weekly trading volume since February 2018, indicating strong conviction behind the move. In addition, the relative strength index (RSI) confirms the bullish price momentum, but also signals significantly overbought conditions with a reading above the 80 threshold.
Given the stock’s recent move higher, the price may see an imminent retest of its April 2021 high at $46.82. The stock was up 0.8% early Wednesday at $45.03.
During periods of profit taking, Corning shares may attract buying interest at key chart levels including $39, $35, and $31.
Read more here about what the technicals and Corning’s weekly chart tell us.
Stock Futures Point to Higher Open For Major Indexes
4 hr 45 min ago
Futures contracts connected to the Dow Jones Industrial Average were up 0.1%.
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S&P 500 futures gained 0.3%.
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Nasdaq 100 futures rose 0.4%.
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