Dow Closes Above 44K for the First Time, S&P 500 Closes Above 6K

3 minutes ago

The Dow Jones Industrial Average rose 304 points on Monday to finish above 44,000 for the first time.

The S&P 500 finished above 6,000, gaining 6 points for the first time in its history.

The S&P 500 has gained 26 percent since the beginning of the year, outpacing the Dow’s 18 percent increase during the period.

What Are Analysts Thinking About Home Depot Ahead of Earnings?

1 hour 24 minutes ago

Home Depot (HD) Will report earnings before the bell on Tuesday Last quarters were disappointingMany Americans have postponed major purchases and home improvement projects to focus spending on essentials.

Most analysts covering the stocks tracked by Visible Alpha have a “buy” rating, although their average price target isn’t much higher than current levels. 14 of 18 analysts followed “buy” ratings and four have a “hold” rating, average price target $410.94.

Home Depot shares were up about 1% at $409.50 in late trading Monday.

Analysts predict Home Depot for third quarter sales It will rise to 39.2 billion dollars, an increase of 4% compared to the same period last year. net income It is expected to decrease by approximately 6% to 3.6 billion dollars.

JPMorgan analysts recommended Home Depot and rival Lowe’s (LOW) the quarter may see an increase in sales due to hurricanes affecting parts of the South, but the costs required for retailers to cover storm damage themselves may offset the sales increase.

Analysts said retailers may also receive an increase next year. easing mortgage interest rates lead the housing market to recover and consumers to undertake more renovation or home improvement projects.

The stock has gained 18% since the beginning of the year, lagging the S&P 500’s 25% gain so far in 2024.

–Aaron McDade

Tesla Shares Gained More Than 40% in the Last Week

2 hours 38 minutes ago

Tesla’s (TSLA) shares continued their post-election rally on Monday, boosted by hopes that the Trump White House and its CEO will reduce regulations Elon MuskAs an advisor to the president-elect, he has ties to the new administration.

Tesla’s shares rose 8.5% to $348.70 in recent trading. They are up more than 40% since trading began on Election Day, reaching their highest level since early 2022.

Adding to this enthusiasm was Wedbush’s increase of the Tesla price target from $300 to $400. They believe Trump’s victory “will be a game changer for Tesla and Musk in the autonomous and AI story in the coming years,” analysts wrote in a note to clients.

Analysts say they predict autonomous vehicle and artificial intelligence (AI) The deals will be worth $1 trillion for the company. They added that they expect “these important initiatives will now be fast-tracked as the federal regulatory spider web that Musk & Co. have encountered around FSD/autonomy over the past few years has been significantly eliminated under the new Trump administration.”

Analysts said they think Tesla “remains the most undervalued AI play in the market today.” Wedbush maintained its “outperform” rating on the stock.

–Bill McColl

AbbVie Loses Drug Trial Results; Bristol Meyers Squibb Rising

4 hours 1 minute ago

Shares of AbbVie (ABBV) fell on Monday after the company said its schizophrenia drug Emraclidine had missed key targets in several games. Phase 2 clinical trials.

AbbVie said the trials showed no statistically significant improvement in symptoms compared to the placebo group at week 6.

AbbVie Scientific Director Dr. “While we are disappointed with the results, we continue to analyze the data to determine next steps,” Roopal Thakkar said.

Abbvie’s shares are down 11% recently. Meanwhile, shares of Bristol Myers Squibb (BMY), producers recently approved treatment for schizophrenia Cobenfy rose 12 percent.

–Aaron Rennie

Bitcoin and Crypto-Related Stocks Continue to Rise

5 hours 1 minute ago

The cryptocurrency euphoria following Donald Trump’s victory in the US presidential election continued on Monday, with everything tied to the digital currency industry gaining ground.

Bitcoin once again traded at a new all-time high, surpassing $84,000. Shares of companies in the sector, including Robinhood Markets (HOOD), which increased by 10%. Coinbase Global (MONEY), Riot Platforms (REBEL) and Marathon Digital’s parent company, MARA Holdings (MARA) all up 17% or better.

Crypto exchange-traded funds (ETFs)like iShares Bitcoin Trust (IBIT) and Grayscale Bitcoin Trust (GBTC), also rose by about 10% each.

The excitement stems from Trump’s previous comments regarding his support for cryptocurrencies; at one point he said he wanted the US to become the “crypto capital of the planet.”

Also MicroStrategy (MSTRBitcoin, the largest institutional owner of Bitcoin, announced that it purchased an additional 27,200 Bitcoins in addition to $2.03 billion. MicroStrategy shares are up 17% recently.

–Bill McColl

Humana Falls, Cigna Rises as Agreement Talks Conclude

6 hours 16 minutes ago

person (HUM) shares fell 5% Monday morning after The Cigna Group (C.I.), said it is not pursuing a merger with its smaller health insurance rival. Meanwhile, Cigna shares are up more than 6%.

Cigna reportedly canceled It planned to acquire Humana late last year after both parties could not agree on financial terms. Bloomberg Last month, two companies revived Informal talks about a deal, with discussions in the early stages.

“In light of recent persistent speculation, Cigna Group expects to announce that the company is not pursuing a merger with Humana Inc.,” Cigna said in a press release Monday. he said.

The Bloomfield, Connecticut-based company added: “Cigna Group remains committed to established merger and acquisition criteria and will only consider acquisitions that are strategically aligned, financially attractive and have a high likelihood of closing.”

Cigna said it bought $6 billion in shares this year, including $1 billion in the fourth quarter, and will continue to “actively” buy back shares next year. It said it would use most of the proceeds from the sale of the Medicare businesses to fund buybacks.

Humana shaves have lost 40% of their value this year, while Cigna is up about 15%.

–Nisha Gopalan

S&P 500 Index Levels to Watch at Record Levels

7 hours 22 minutes ago

S&P 500 (SPX) closed record high friday After briefly passing the 6K level for the first time as stocks rose following the US presidential election.

Through Friday’s close, the S&P 500 had gained nearly 25% this year. The index broke above the rising wedge pattern on above-average volume last week, setting the stage for further potential gains next week.

A conservative move, calculating the distance between the two trend lines of the ascending wedge near their widest points and adding that amount to the initial breakout area, projects a price target of 6,500 on the S&P 500.

Investors should watch for key support levels around 5,900 and 5,670 on the index’s chart.

Read all Technical analysis article is here.

–Timothy Smith

Stock Futures Point to Higher Openness for Major Indices

8 hours 23 minutes ago

Futures tied to the Dow Jones Industrial Average rose 0.4%.

S&P 500 futures also rose 0.4 percent.

Nasdaq 100 futures rose 0.5 percent.