- U.S. index contracts lose slightly, despite more than 4% rise in Nvidia (NVDA.US)
- Euphoria on shares of Crowdstrike (CRWD.US), Semler Scientific (SMLR.US) and Arcturus Therapeutics (ARCT.US) and Agios Pharmaceuticals (AGIO.US)
- Fed Kashkari hawkish comments and strong US Conference Board sentiment reading
Today's session is again dictated by Nvidia's share price increases, which, however, are not reflected in the rising valuations of other companies. Stocks in the chip sector are down, with US100 futures trading down nearly 0.5% against a 0.4% retreat on the US500 and 0.3% on the US30. Kashkari's comments from the Fed suggest that the Fed may still be considering interest rate hikes, and they should not be ruled out. The president of the Federal Reserve Bank of Minneapolis indicated that not all data suggests that policy is currently restrictive, and is hoping for improved inflation data before considering easing in the US.
US Conference Board consumer sentiment index came in 102 vs 96 exp. and 97 previously (revised to 97.5)
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Stocks traded on the S&P 500, divided by sector. Source: xStation5
US 500 (H1 chart)
Source: xStation5
News from companies
- Agios Pharmaceuticals (AGIO.US) gains as the company agreed to sell the rights to 15% royalties on the potential sale of vorasidenib, manufactured by Servier to Royalty Pharma, in the US market.
- Airbnb (ABNB.US) shares are gaining on a wave of Wedbush commentary that upgraded the rental sharing and tourism company to outperform from neutral previously. The company views the stock's decline following a weak quarterly report as a buying opportunity.
- Apple (AAPL) shares are gaining nearly 3% after data showed a rebound in iPhone sales in China last month. Shipments jumped 52% thanks to discounts at partner retailers.
- Shares of Arcturus Therapeutics (ARCT.US) are up 20% as the biotech company provided an optimistic update on patients in a clinical trial dedicated to treating cystic fibrosis
- Crowdstrike (CRWD.US) is trading up more than 14%. Morgan Stanley raised its target price on the stock and listed the cybersecurity company's stock as a top pick, predicting it could become the best in a growing industry that has the prospect of growing its market capitalization to $100 billion.
- DuPont de Nemours (DD.US) is trading up after Citi raised its rating on the chemical company to Buy from Neutral, based on growth from recently announced plans to separate the business and the potential for a recovery in the electronics division.
- Duolingo (DUOL.US) shares are on the rise after an analyst at JMP Securities raised his recommendation for the language software company, citing “numerous catalysts” for its continued growth
- Shares of GameStop Corp. (GME.US) are gaining nearly 18% after the video game retailer said it earned nearly $1 billion through a stock sale on market growth fueled by euphoria 'memstocks'.
- Nvidia (NVDA.US) shares gained nearly 5%, with the chipmaker's stock gaining for a third straight session. The stock also gained after news of purchases from xAI, Elon Musk's plan to challenge OpenAI and invest $6 billion in artificial intelligence
NVDA.US vs. US30
Since the release of the Nvidia results, company shares have risen nearly 15%, but futures on the Dow Jones (DJIA) have fallen sharply.
Source: xStation5
