Stock Market News: Live Updates

24 minutes ago

AllianceBernstein sees Apple up 28% in upside

The new Apple iPhone 15 is on display inside the tech giant’s flagship store on Regent Street in central London. Photo date: Friday, September 22, 2023.

Jonathan Brady | Photos of the Palestinian Authority | Getty Images

If Apple’s AllianceBernstein rally, analyst Toni Sacconaghi believes the iPhone maker’s stock could rise 28% to $235.

“The bullish argument is that the replacement cycle and AI tailwinds could drive a strong iPhone 16 cycle, and that Apple’s long-term valuation is reasonable given the very high quality of earnings/cash flow, strong moat, and sustainable growth story,” the analyst wrote in a note from Monday. .

Sacconaghi currently assigns the stock an outperform rating accompanied by a $195 price target, meaning shares could add roughly 7% from Friday’s close.

In the same report, the analyst said he was less concerned about the Chinese market.

“We see that business in China is under cyclical pressure, and has not changed structurally.
he added.

-Lisa Kailai Han

54 minutes ago

Stocks make the biggest moves pre-market

Check out the companies making headlines before the bell.

GameStop – GameStop shares rose more than 37% pre-market after “Roaring Kitty” was first published in nearly three years. The post, an image on the

Arm Holdings – Shares rose 3.4% after Nikkei report the chip company is eyeing Launching the first artificial intelligence chips Next year. Arm hopes to build the prototype by spring 2024, according to the report.

Nvidia – Nvidia shares added about 1% after Jefferies raised its price target for the chipmaker to $1,200 per share, implying an upside of about 34%. “We think it’s too early to sort out winners and losers in the AI ​​basket yet, but NVDA is our favorite,” analyst Blayne Curtis wrote.

— Hakyung Kim

one hour ago

Morgan Stanley Research expects a “slowdown” of the US economy, with 3 interest rate cuts in the future

Morgan Stanley sees signs that the US economy is slowing, with inflation resuming a decline in the April CPI reading and accelerating in the latter half of 2024.

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“Weaker monthly prints ahead with a faster decline in inflation beginning in the second half of 2024 should provide the Fed with the confidence it needs that inflation is on a sustainable path toward target,” the bank wrote in a recent note. “We remain optimistic that the Fed will cut rates three times this year – but starting in September instead of July – with two additional cuts in November and December.”

Against this backdrop, the bank wrote that it currently favors consumer staples stocks over their discretionary counterparts.

“We see the US consumer staples sector benefiting from bearish trade from discretionary categories; furthermore, relative earnings revisions for staples versus discretionary have recently turned higher, indicating potential upside in relative stock performance by Staples of here”. .

-Lisa Kailai Han

one hour ago

GameStop rises after ‘Roaring Kitty’ post.

The screen shows the logo and trading information for GameStop on the floor of the New York Stock Exchange (NYSE) on March 29, 2022.

Brendan McDiarmid | Reuters

GameStop shares rose more than 37% pre-market after “Roaring Kitty” was first published in nearly three years.

the postan image on

Kitty, whose legal name is Keith Gill, is one of the Reddit traders who led the meme stock craze in 2021.

– Fred Imbert, Yun Lee

3 hours ago

Big inflation data is due this week

A view of a grocery store in Washington, D.C., United States on February 14, 2024.

Mustafa Bassem | Anatolia | Getty Images

Key events this week include key US inflation reports, as investors look for clues on whether the Federal Reserve will cut interest rates this year.

The Consumer Price Index report is scheduled to be released on Wednesday. Economists polled by Dow Jones expect the CPI in April to rise 0.4% month-on-month and 3.4% year-over-year. The core CPI, which excludes food and energy, is expected to rise 0.3% from March and 3.6% year-on-year.

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The Producer Price Index is scheduled to be released on Tuesday and is expected to rise 0.3% on a monthly basis.

-Fred Imbert

4 hours ago

European markets open mixed

European markets started the new trading week in mixed territory, with the pan-European Stoxx 600 index rising slightly to trade 0.03% higher.

The UK’s FTSE 100 rose 0.07% to 8,439, Germany’s DAX fell 0.13% to 18,748, France’s CAC fell 0.4% to 8,216, and Italy’s FTSE MIB rose 0.4% to 34,808.

9 hours ago

China is reportedly moving forward with plans to sell $138 billion worth of long-term bonds

China has reportedly begun plans to sell 1 trillion yuan ($138.24 billion) worth of long-term bonds, the Financial Times and Reuters report.

The Financial Times said The People’s Bank of China “asked brokers for advice on pricing the sale of the first batch of sovereign bonds.”

Meanwhile, Reuters said the bonds would be issued starting May 17, citing sources who said there would be 300 billion yuan of 20-year bonds, 600 billion yuan of 30-year bonds, and 100 billion yuan of 50-year bonds.

Announced in March, these ultra-long-term bonds are designed to finance major projects aligned with national strategies.

These bonds have only been issued three times before, during the Asian financial crisis in 1998, to capitalize the China Investment Corporation in 2007, and during the Covid-19 pandemic in 2020.

– Lim Hui Ji

10 hours ago

Shein is said to be ramping up IPO preparations in London amid US hurdles

People walk past the pavilion of fast fashion e-commerce company SHEIN during the China International Supply Chain Expo (CISCE) in Beijing on December 1, 2023.

Jade Gao | AFP | Getty Images

Chinese company Shein is stepping up its preparations to go public in London after a New York listing attempt hit by regulatory challenges. Reuters reportedciting sources familiar with the matter.

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The fast-fashion retailer plans to file documents with the London Stock Exchange (LSE) as early as this month and will update China’s securities regulator on the location of the IPO, according to the report.

Shein filed for a U.S. IPO in late November, valuing it at $66 billion.

— Shreyashi Sanyal, Reuters

13 hours ago

China’s inflation in April came in slightly higher than expected

Consumer prices in China rose faster than expected, with… Consumer price index Data from the National Bureau of Statistics showed on Saturday that April recorded a 0.3% increase year-on-year.

This was higher than the 0.2% forecast of economists polled by Reuters, and more than the 0.1% increase recorded in March.

separately, Producer price index in China It decreased by 2.5% compared to April of last year, compared to a decrease of 2.8% in the previous month.

– Lim Hui Ji

14 hours ago

Stocks face a major inflection point this week with April inflation data

Traders work on the floor of the New York Stock Exchange during morning trading on February 29, 2024 in New York City.

Michael M. Santiago | Getty Images

Wednesday’s CPI report will give much-needed insight into the direction the Fed will take monetary policy from here.

Inflation has risen in recent months and raised concerns that price pressures could rise persistently again. Fed Chairman Jerome Powell said last month that the Fed’s next step would likely not be to raise interest rates and reiterated the data-driven approach. Sentiment was helped by stocks that found a stable footing thanks to a strong first-quarter earnings season.

However, Wednesday’s CPI reading will give investors a litmus test on whether or not a rate hike is off the table.

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– Brian Evans

15 hours ago

Stock futures were little changed

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