US markets are opening the week with moderate gains after White House officials announced that many business partners have entered into talks on customs policy and that this week we can expect the first binding agreements between countries. 5 minutes after the opening of Wall Street, the Nasdaq is adding 0.21%, while the S&P500 is adding 0.25%.
Current volatility observed on Wall Street. Source: xStation
US100
The Nasdaq-100 index, represented by the US100 contract, is trading 0.15% higher today compared to Friday's close. The index continues to maintain a dynamic downward trend, however, today's session brings a retest of the 50-day EMA (blue curve), which in the short term indicates a downward trend so far. Breaking this zone could be a key element for a further rebound of the US100 after recent, sharp declines.
Source: xStation 5
News
Nvidia (NVDA.US) shares are down 1.35% to start the week after WSJ reported that Huawei is preparing to test an artificial intelligence processor that the Chinese tech giant believes could replace some of Nvidia’s products.
Boeing Co. (BA.US) is up 1.5% as Airbus SE (AIR.FR) agreed to acquire some assets and locations from Spirit AeroSystems (SPR.US), paving the way for Boeing to acquire Spirit. What’s more, Bernstein raised Boeing’s rating to “outperform.”
HSBC downgraded Eli Lilly & Co. (LLY.US) shares to “reduce” from “buy” twice, saying the company’s risk-reward ratio is “not attractive.” The stock is down 1.6%.
Amazon’s (AMZN.US) Prime Day is losing its shine among a key group: retailers. Some third-party sellers that previously offered made-in-China goods at Amazon’s major July shopping event are either not participating this year or are limiting the number of discounted items they offer, citing the U.S.-China tariff changes.
Analyst Recommendations:
- Raymond James is cutting its price target for Alphabet Inc. (GOOGL.US) stock from $205 to $185 as the lack of clarity on cloud AI and AIO monetization remains a key concern, analysts say.
- Oppenheimer is cutting its price target for Amazon (AMZN.US) from $260 to $220, highlighting uncertainty about the impact of tariffs ahead of first-quarter earnings.
- HSBC cuts its price target for Biogen Inc (BIIB.US) from $342 to $118, expecting difficulties in growing sales of Alzheimer's drugs and a slowdown in results for Skyclarys, a drug used to treat Friedreich's ataxia, an inherited disorder that causes damage to the nervous system.
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