Tuesday’s biggest S&P 500 gainers
36 minutes ago
progressive
Shares of data analytics company Palantir Technologies (PLTR) soared 6.6% on Tuesday, the biggest single-day gain in the S&P 500 index. Asset management firm Ark Invest has identified software as an area with greater scope to benefit from artificial intelligence (AI) trends. Rahul Bhushan, managing director at Ark Invest Europe, said companies like Palantir are poised to take market share from mega-tech companies whose cloud computing platforms are the focus of a new AI boom. He said it may be ready. Edwards Lifesciences (EW) stock rose 6.2%. The company’s heart valve repair system could gain momentum after the Centers for Medicare and Medicaid Services (CMS) announced it is considering potential national Medicare reimbursement for transcatheter repair procedures. . Shares of cybersecurity provider Palo Alto Networks (PANW) rose 5.1% after positive comments from multiple investment research firms. Goldman Sachs raised its price target for Palo Alto, suggesting the company’s strategy to upgrade to a more sophisticated service offering could fuel growth. Meanwhile, BNP Paribas began covering the networking technology company’s stock with an “outperform” rating.
refuser
Oil futures prices fell more than 4% on reports that tensions in the Middle East may ease. Falling prices weighed on oil and gas stocks. Marathon Petroleum (MPC) stock plummeted 7.7%, the steepest decline of any S&P 500 stock. Shares of fellow oil refiner Valero Energy (VLO) closed down 5.3%.
Jakub Porzycki/NurPhoto/Getty Images
Super Microcomputer (SMCI) shares fell 5.0% on Tuesday, giving up some of the stock’s strong gains in the previous session after the company announced higher shipment numbers for graphics processing units. Challenges to Supermicro include reports that surfaced last month that the Justice Department was investigating the company’s accounting practices. KeyBank analysts downgraded their view on industrial chemical maker Celanese (CE) stock from “overweight” to “sector weight”, citing weakness in the automotive end market and the near-term outlook. Celanese stock fell 4.6% on Tuesday.
-Michael Blomberg
Palantir jumps on optimism of new AI demand
1 hour 12 minutes ago
Shares of data analytics software company Palantir Technologies (PLTR) rose to the top of the S&P 500 index on Tuesday after asset manager Ark Invest highlighted software as an area with greater scope to benefit from artificial intelligence (AI) trends. It became a price gainer.
Rahul Bhushan, managing director at Ark Invest Europe, said in an interview with CNBC that data analytics and software companies like Palantir are being sold by big-capitalized technology companies like Microsoft (MSFT), Amazon (AMZN), and Alphabet. He said it may be poised to take away market share. (GOOGL)’s cloud computing platform is at the center of the new AI boom.
Bhushan said hardware and infrastructure has accounted for 80% of the value generated over the past two-and-a-half years as investors pour money into stocks of AI companies. Ark Invest believes that companies operating further down the AI stack, such as those offering software-as-a-service products and platform-as-a-service products, “now have far more asymmetric opportunities. We are finding it,” Bhushan said.
Palantir CEO Alex Karp speaks at the FoundryCon event on March 7, 2024 in Palo Alto, California.
David Paul Morris/Bloomberg/Getty Images
Data analytics providers like Palantir can offer data and AI services customized to specific customer needs, Bhushan said.
Palantir stock rose more than 6% on Tuesday and is on track to rise about 140% in 2024.
-Michael Blomberg
Robinhood Stock Soars After Upgrade, Investor Day News
2 hours 35 minutes ago
Robinhood Markets (HOOD) stock soared Tuesday after the online trading platform announced its first investor day, and Barclays gave the company a positive view in its brokerage industry’s third-quarter outlook.
Robinhood said its investor day will be held in December in New York City, where the company will “share more about its vision for the next 10-plus years and how it can drive value for customers and shareholders.” said. Executives will also respond to questions from investors and analysts.
Barclays raised its price target on Robinhood to $23 from $20, and analysts at the firm said in a note to clients: “Given the attractive offer and product set, we believe business momentum is likely to continue.” ”. They said transaction revenue should increase from the second quarter and could exceed Wall Street expectations by 5%.
Analysts added that they expect CEO Vlad Tenev to announce new products at the company’s “HOOD Summit” scheduled for October 16th.
TradingView
Robinhood shares rose 10% in late trading Tuesday, doubling in price since the start of 2024.
-Bill McCall
S&P 500 nears all-time high again
4 hours 21 minutes ago
With Tuesday’s rally, the S&P 500 index is now just 0.5% from its all-time closing high set on September 30th.
TradingView
Chinese stocks fall after two weeks of strong gains
4 hours 39 minutes ago
Chinese stocks fell on Tuesday after the country restarted its economy after a week-long holiday, disappointing investors who had hoped for more stimulus.
The Chinese government said at a key policy meeting that it would accelerate spending, but otherwise reiterated previous plans to mainly increase investment and strengthen support for new graduates and low-income groups, Bloomberg reported. . Investors had been expecting a raft of fiscal spending measures to accompany the largely monetary-focused stimulus package announced last month.
The iShares MSCI China ETF (MCHI) is up 38% since the first round of measures was announced two weeks ago, but was down 12% in afternoon trading Tuesday.
TradingView
U.S.-listed shares of Chinese e-commerce giants Alibaba (BABA), JD (JD) and Temu’s parent company PDD Holdings (PDD) each fell more than 6%.
-Nisha Gopalan
Nvidia stock continues to rise, nearing all-time highs
5 hours 45 minutes ago
Nvidia (NVDA) stock rose on Tuesday after Foxconn, the world’s largest contract electronics manufacturer, touted strong demand for artificial intelligence servers.
Foxconn executives said during their annual Tech Day that they are building the world’s largest facility in Mexico to assemble AI servers that will house Nvidia’s GB200 chips, which are part of the Blackwell AI architecture.
Foxconn Chairman Young Liu said in an interview on Bloomberg TV that the company aims to produce 20,000 GB200 NVL72 servers at its factories in 2025. HSBC analysts estimate the cost of a single GB200 NVL72 server to be approximately $3 million.
Benjamin Ting, Foxconn’s senior vice president of cloud enterprise solutions, said at the company’s tech day that demand for NVIDIA’s Blackwell systems is “huge.” Liu told Bloomberg that demand is “insane,” echoing comments from Nvidia CEO Jensen Huang last week.
TradingView
Nvidia stock rose nearly 4% Tuesday afternoon, extending its gains from yesterday, when the company overtook Microsoft (MSFT) as the second-highest market capitalization company in the United States. The company’s stock, which was trading around $133 on Tuesday, is close to its June 18 closing high of $135.57. Nvidia’s highest intraday price was $140.76 on June 20th.
-Colin Laidley
Energy stocks fall as oil prices plummet
6 hours 40 minutes ago
Shares of several energy companies fell sharply on Tuesday as crude oil futures tumbled after days of strong gains on concerns about escalating tensions in the Middle East.
Brent crude oil futures rose 13% in the past five sessions, but were down nearly 5% in late morning trading on concerns that the Middle East conflict could affect global oil supplies. Some of the stocks that had benefited greatly from the soaring oil prices also fell all at once.
Marathon Petroleum (MPC) led the decline in the S&P 500 with an 8% decline, while Valero Energy (VLO) and Phillips 66 (PSX) also fell sharply.
TradingView
DocuSign, MDU Resources rise on changes in S&P Global Index
7 hours 40 minutes ago
Shares of DocuSign (DOCU) and MDU Resources Group (MDU) rose in early trading on Tuesday, a day after S&P Global announced index changes.
DocuSign is set to replace MDU in the S&P MidCap 400 Index, but MDU is moving to the S&P Small Cap 600 Index, hurting Chewy Holdings (CHUY).
S&P Global explained that the latter decision was based on the fact that Chewy is scheduled to be acquired by S&P 500 index member Darden Restaurants (DRI), a transaction that is expected to close soon. MDU added that it plans to spin off the company, a subsidiary of Everus Construction Group, later this month.
All index movements will take effect before the start of trading on Friday.
When S&P Global changes its index membership, stock prices often rise or fall. This is because inclusion in an index exposes a stock to a wider group of investors who can learn about a company through the index. You can also add to various index funds that track the stocks added to the measure. The reverse is also true.
-Bill McCall
The level of super microcomputers to watch as stock prices soar
9 hours 33 minutes ago
Shares of server maker Super Microcomputer (SMCI) rose 5% in premarket trading Tuesday, after surging 16% yesterday. The latest gains came after the company reported strong GPU shipments, driven by AI demand.
Supermicrocomputer stocks formed two troughs at similar levels on the chart last month, raising the possibility of a double bottom, a classic chart pattern that indicates a potential bullish reversal.
Source: TradingView.com.
Investors should keep an eye on key indirect price levels near $48, $70, and $97.50 on Supermicro’s chart while keeping an eye on key long-term support near $35.50.
Read the full technical analysis here.
-Timothy Smith
Major indexes expected to rise on Tuesday
10 hours 11 minutes ago
Futures, which track the Dow Jones Industrial Average, rose 0.2%.
TradingView
S&P 500 futures rose 0.4%.
TradingView
Nasdaq 100 futures rose 0.5%.
TradingView
