Equity Indexes Wrap: Tech Leads Broad Market Rally; Tesla Misses Outꦡ Amid Entry-Level Model Uncertainty

The Dow

Amazon (AMZN) shares climbed 2.9% as a Wedbush survey showed 澳洲幸运5开奖号码历史查询:nearly 60% of respondents intended to increase their s🍷pending on the platform ꩲin 2024, the most of any retailer in the survey.

Salesforce (CRM) and Microsoft (MSFT) added 2.6% and ✨1.8%, respectively, amid a broad ral🐭ly that was led by tech. 

Apple (AAPL) shares ticked up 0.5% after the company said it would 澳洲幸运5开奖号码历史查询:lay off more than 600 employees who had been working on its electric vehicle before the project was 澳洲幸运5开奖号码历史查询:called off in February.

Johnson & Johnson (JNJ) stock was little changed after the company announced it would 澳洲幸运5开奖号码历史查询:buy Shockwave Medical (SWAV) for $13.1 billion to enhance its cardiovascular treatment portfolio. The po🐼ssibili𓂃ty of a deal had been reported in late March. 

Intel (INTC) slid 2.6%, falling for a fifth straight day as investors continued to digest its 澳洲幸运5开奖号码历史查询:disappoi💯nting foundry business financials. 

The S&P 500

GE Aerospace (GE) rose 6.1% after it announced it would pay a 28-cent per share dividend, 澳洲幸运5开奖号码历史查询:a 250% increase from the distribution it made before spinning off GE Vernova (GEV) earlier this week. 

Gold miner Newmont (NEM) climbed 5.1% as gold price🔯s surged to a record high amid heightened tensions in the🍰 Middle East.

Arch Capital Group (ACGL) advanced 4.2% after it said it would buy Allianz’s MidCorp and Entertainment insurance businesses 澳洲幸运5开奖号码历史查询:for $450 million.

Western Digital (WDC) rose 3.6% following 澳洲幸运5开奖号码历史查询:an upgrade to buy by Rosenblatt Securities.

Uber (UBER) rose 3% as Jefferies 澳洲幸运5开奖号码历史查询:raised its price target on the stock.

Packaged food stocks slid as markets embraced risk. Lamb Weston (LW) fell 2.2%, Campbell Soup (CPB) shed 1.6%, and Hormel Foods (HRL) slid 1.4%. 

The Nasdaq 100

Semiconductor stocks advanced as investors pivoted to growth following a strong jobs report. Meta (META) gained 3.2%, while Advanced Micro Devices (AMD) rose 2.8% and Nvidia (NVDA) climbed 2.5%. 

Tesla (TSLA) fell 3.6% amid reports it had scrapped plans to introduce an entry-level model. CEO Elon Musk 澳洲幸运5开奖号码历史查询:denied the reports.

Tesla Stock Unmoved by Musk's Denial of Reportedly Canceled Entry-Level EV Plans

Tesla (TSLA) shares were nearly 4% lower in intraday trading Friday as CEO 澳洲幸运5开奖号码历史查询:Elon Musk denied a Reuters report that the electric vehicle (EV) maker abandoned its longstanding plan to build a low-priced car, posting on his social media platform X, “Reuters is lying (again).”

Musk has said for years that Tesla's long-term goal was to produce affordable EVs. In the company’s 2006 Master Plan, he wrote, “Our long term plan is to build a wide range of models, including affordably priced family cars.”

Reuters noted Musk confirmed its reporting during an analyst call in January that Tesla was set to begin manufacturing its next-generation EV at its Texas gigafactory in the second half of 2025. Reuters said that the car, expected to be called the Model 2, 𒈔would have a starting cost of about $25,000, about $14,000 below its lowest-priced EV now, the Mod𓆏el 3. 

Tesla did not immed♛iately respond to a request for comment.

Shares of Tesla were down 3.4% at $165.32 later in the session Friday and have lost one-third ofℱ their value so far in 2024.

-澳洲幸运5开奖号码历史查询:Bill McColl

Fed’s Bowman Warns 🍎Hikes Could Still Be in the Cards; Markets Shrug

Citing the risks of long-term inflation on the economy, Federal Reserve Governor Michelle Bowman held open the possibility of further rate hikes in prepared comments given at♒ the Manhattan Institute in New York.

“While it is not my baseline outlook, I continue to see the risk that at a future meeting we may need to increase the policy rate further should progress on inflation stall or even reverse,” she said.

While there was progress on inflation last year, she said it was still unclear whether that would continue into 2024, she said. The Fed was still not at a point where it was “appropriate” to lower interest rates, she added🍃.

Bowman’s comments echoed those of Dallas Fed President Lorie Logan who, speaking at Duke University, described 澳洲幸运5开奖号码历史查询:January’s inflation report as “disappointing” and 澳洲幸运5开奖号码历史查询:February’s data as “better,” but still not great.

“I believe i🌊t’s much too soon to think about cutting interest rates. I will need to see more of the uncertainty resolved about which economic path we’re on,” Logan said.

Bowman’s comments, some of the most hawkish this year from an FOMC member, fell on deaf ears on Wall Street. Stocks, which climbed 🔥throughout the morning, have held onto much of their gains in afternoon trading, and Treasury yields have settled about 6 basis points above where they started the day.

-澳洲幸运5开奖号码历史查询:Terry Lane

Uber Stock Gets Bump From Jℱefferies🥀 Price-Target Increase

Uber Technologies (UBER) shares rose Friday after Jefferies research analysts 澳洲幸运5开奖号码历史查询:raised their price target on the stock to $100 from $95, citing the comp🃏any'sꦬ continued creation of ways for people to use the app, particularly in its Mobility division.

Compared with early in the company's life when it only had a few Mobility options like Uber Black or UberX, Jefferies analysts noted that Uber now has approximately 20 methods users ✱can use to reserve trips, which can help build the app's customer base. The company operates in two sectors, ridesharing and🎉 food delivery, each with addressable markets of about $1 trillion, and analysts wrote that Uber only has about 5% penetration into each market, leaving massive room for growth.

Uber stock rose almost 4% to $77.81 Friday afternoon, and has gai൲ned 26% so far in 2024 and about 150% in the last 12 months.

-澳洲幸运5开奖号码历史查询:Aaron McDade

Gold Hits New Record and Oil Cli༺mbs as Geopolitical Jitters Linger

Gold futures surged to a fresh record Friday, even as Treasury yields clim𓃲bed following robust U.S. jobs data. 

Gold traded just shy of $2,350 a troy ounce Friday af🐠ternoon, bringing i👍ts year-to-date return to more than 13%. 

Prices have been buoyed by escalating geopolitical tensions, which have led some investors to seek shelter in traditional 澳洲幸运5开奖号码历史查询:safe-haven assets like gold and Treasury debt. 

A suspected Israeli airstrike on the Iranian embassy in Syria, and Iran’s vow to retaliate, have amplified the threat of Israel’s war in Gaza spilling ove🌠r and engulfing the region in a wider conflict.

That has sent oil prices surging—with 澳洲幸运5开奖号码历史查询:Brent crude rising above $91 a barrel today after surging past $90 yesterday—threatening to drive up gas prices and reaccelerate U.S. inf⛄lation.

Gold prices have flown in the face of conventional wisdom, which says rising Treasury yields should weigh on gold, which acts as a store of value but offers no investment yield. Yet gold has surged in the last month while yields have climbed amid concerns the 澳洲🎃幸运5开奖号码历史查询𝓡:Fed's progress against inflation has stalled.

J&🌠;J Acquires Shockwave Medical to Boost Its Cardiovascular Treatme🌃nt Portfolio

Johnson & Johnson (JNJ) announced Friday it was 澳洲幸运5开奖号码历史查询:buying Shockwave Medical (SWAV) for $13.1 billion in cash, pushing shares of the maker of cardiovascular catheters to near all-time highs.

J&J said it was paying $335 each for all of Shockwave’s outstanding shares, a 4.7% premium over their closing price Thursday. Shockwave shares jumped 10% to $316 on March 26 after the Wall Street Journal reported the two companies were discussing a deal.

Shockwave shares were up 2% at $326.44 early Friday afternoon, bringing their gains this year to about 71🍷%. J&J shares were lꦺittle changed, and are down about 3% this year.

-澳洲幸运5开奖号码历史查询:Bill McColl

GE Aerospace, Separated From Energy Business,𒁏 Takes Off

Shares of GE Aerospace (GE), the leftovers of a broken-up General Electric, surged Friday, leaving shares of its spun-off en🐭ergy business in the dust.

GE Aerospace shares were up nearly 5% midday Friday, after gaining more than 5% in the three days since its split with GE Vernova (GEV), Ge🌼neral Electric’s energy business. The stock’s performance stands in stark contrast to ಌVernova’s, which traded at $125.10 midday Friday, about 13% below its opening price of $142.85 on its first day of trading Tuesday.

In the year leading up to Tuesday’s split, GE shares gained more than 83%. GE Aerospace, having retained the “GE” ticker, could be benefiting from that momentum. The stock may also be boosted by the perception that it, having retained the legacy ticker, is the business shareholders actually bought into.

Though, business fundamentals are likely also at play. In the fourth quarter of 2023, GE Aerospace grew revenue by 10% and reported a $1.6 billion profit. GE Vernova, meanwhile, grew renewable energy revenue by 23% but still reported a net loss of $347 million. Its power business posted a profit of $759 million. 

Western Digital Receives Analyst Upgrade on Projected Memory Chip 🌳Growth

Western Digital (WDC) shares surged before paring back some gains in♏ early trading Friday as Rosenblatt upgraded its stock and raised its price target💮, anticipating an increase in demand for the company's flash memory chips.

Rosenblatt analyst Kevin Cassidy wrote that Western Digital could benefit from an expected increase in price around the industry for the type of memory chips it makes, upgrading the stock to "buy" from "neutral," and raising its price target to $115 from $65.

"Our upgrade of WDC to a Buy recommendation is anchored on the strengthening NAND Flash market, with expected 15%+ sequential price increases in 2Q24, driven by rising demand, low inventories, and controlled capacity," Cassidy wrote.

Western Di🎃gital shares were up about 2% as markets opened Friday before paring back some gains. They were 1.4% higher at $71.55 late Friday morning. Shar🎃es are up about 47% so far this year and have more than doubled in value over the last 12 months.

-澳洲幸运5开奖号码历史查询:Aaron McDade

Apple Stock in Focus After Announcing First Major 🐼Headcou🅠nt Cut Since Pandemic

Apple (AAPL) shares inched higher in early trade Friday after the 澳洲幸运5开奖号码历史查询:iPhone maker revealed late Thursday via state regulatory filings that it had slashed more than 600 jobs in California, mark♏ing the tech giant’s first major headcount reduction since the pandemic

According to eight filings cited by Bloomberg lodged with the California Employment Development Department, 614 employees were let go from Apple’s Santa Clara main car-related office, its next-generation screen development facility, and from its smaller 澳洲幸运5开奖号码历史查询:satellite offices most likely used to protect the tech giant’s secretive projects.

Apple follows in the footsteps of other mega-cap tech companies that 澳洲幸运5开奖号码历史查询:have downsized their global wo🌳rkforces this year in a post-pandemic staffing rebalancing amid uncertainty over the 𝐆macroeconomic outlook.

Apple's share price forged two distinct peaks between July and December last year, raising the possibility the stock is carving out a broad 澳洲幸运5开奖号码历史查询:double top pattern. Moreover, the 澳洲幸运5开奖号码历史查询:50-day moving average crossed below the 200-day moving average last month to form a 澳洲幸运5开奖号码历史查询:death cross—a bearis💫h chart signal that of✃ten precedes a new downtrend.

Looking ahead, investors should closely monitor the pattern’s neckline, which sits around $166.50. A 澳洲幸运5开奖号码历史查询:breakdown below this closely watched leve🥂l would confirm the double tဣop, potentially opening the door for further near-term falls.

Apple shares were up 0.6% at $169.30 Friday morning. They🐭 have lost about 12% of their value so far this year.

-澳洲幸运5开奖号码历史查询:Timothy Smith

Stocks Making the Biggest Moves Premarket

Gains: 

• Krispy Kreme Inc. (DNUT): Shares of the donut maker jumped 5% after analysts at Piper Sandler upgraded the stock to buy, citing its 澳洲幸运5开奖号码历史查询:recent deal with McDonald’s as a “game changer.”
• Western Digital Corp. (WDC): Shares of the data storage device maker rose about 4% after Rosenblatt Securities upgraded the stock to buy on its potential to benefit from rising demand and prices for memory chips. 
• Shockwave Medical Inc. (SWAV): Shares of the medical device maker rose about 2% after Johnson & Johnson (JNJ) offered to buy the company for $13.1 billion. Shockwave shares jumped in late March when a potential deal was first reported. 
• Apple Inc. (AAPL): Shares of the tech giant ticked up about 0.5% after it said it had 澳洲幸运5开奖号码历史查询:laid off about 600 employees who formerly worked on its abandoned electric vehicle project. 
  

Losses:

• Enphase Energy Inc. (ENPH): Shares of the energy technology company slid more than 3% after Chief Commercial Officer David Ranhoff announced his departure effective June 30. 
• Coinbase Global Inc. (COIN): Shares of the cryptocurrency exchange slid 2% while cryptocurrency prices slumped as markets went risk off. 

Futures Rise Ahead of March Jobs Report

Futures contracts conℱnected to the Dow Jones Industrial Average were up 0.3🐲% in premarket trading on Friday.

S&P 500 futures traded 0.4% higher.

Nasdaq 100💧 futures were also up 0.4% about an hour and a half bef🅷ore markets opened.