It was a mixed finish Monday ahead of key events happening this week. One is Wednesday’s mid-afternoon release of the May Fed meeting minutes.
The other – arguably even more anticipated – is Nvidia’s (NVDA, +2.5%) earnings report, due out after Wednesday’s close.
Plenty has happened since early May when the Federal Reserve kept interest rates steady amid persistent inflation. Indeed, the April jobs report showed the labor market cooled, while the Consumer Price Index (CPI) gave some relief on the inflation front.
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Speaking today in New York, Fed Governor Philip Jefferson said the April CPI data was encouraging, but it’s too early to tell if the disinflation trend will resume. Jefferson added that the current federal funds rate is “restrictive” and while we’re starting to see that with recent economic data, inflation isn’t declining “as quickly as I’d like.” As such, he’ll keep a close eye on incoming data to determine if or when rate cuts will be appropriate.
Analyst says Micron Sell rating is now a “mistake”
More important to investors this week is Nvidia‘s Wednesday evening appearance on the earnings calendar. Ahead of the highly anticipated event, Morgan Stanley analyst Joseph Moore reiterated his Overweight (Buy) rating and $1,000 price target on the semiconductor stock, which is 5.5% above today’s close at $947.80.
Moore expects another strong quarter and outlook from the company and says Nvidia’s $2.3 trillion market cap isn’t pricing in long-term growth.
Moore also chimed in on Micron Technology (MU), saying his Underweight (Sell) rating on the memory chipmaker is now a “mistake.” Moore upgraded MU to Equal Weight (Hold), explaining that while he is “still not positive,” he “should have foreseen the fundamental and narrative implications of the strength in AI [artificial intelligence] specialty memory.
MU shares closed up 3.0% today, bringing their year-to-date return to 51%.
Hims & Hers Health jumps on weight-loss-drug news
In other single-stock news, Hims & Hers Health (HIMS) jumped 27.7% after the telehealth platform said it will begin offering GLP-1 weight-loss injections for $199 per month. This is a roughly 85% discount to prescriptions for Novo Nordisk’s (NVO, +0.8%) Wegovy and Eli Lilly’s (LLY, +1.7%) Zepbound that are not covered by insurance, according to Bloomberg.
Elsewhere, Norwegian Cruise Lines (NCLH) climbed 7.6% as the company raised its full-year forecast at its annual investor day. Norwegian now expects 2024 earnings per share of $1.42, up from its previous forecast for earnings of $1.32 per share.
As part of its new three-year growth strategy aimed at “enhancing shareholder returns,” the company also said it expects full-year earnings to hit $2.45 per share by fiscal 2026.
As for the main indexes, the Nasdaq Composite rose 0.7% to 16,794 and the S&P 500 gained 0.1% to 5,308 – new record closes. The Dow Jones Industrial Average, meanwhile, lost its footing atop the 40,000 mark (see the significance of the Dow at 40K here), closing down 0.5% at 39,806.
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