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Wall Street has resumed its rally after a hiccup earlier this month. September has been one of the worst months for stocks, but all three major indexes this year seem to be snapping the tradition.
The rally is once again being fueled by tech stocks that have been on a dream run since 2023. With the Federal Reserve’s rate cut on the anvil, tech stocks are set to get further and drive the market rally. It would thus be ideal to invest in tech stocks such as Adobe Inc. ADBE, NetApp, Inc. NTAP, Fortive Corporation FTV and Arista Networks, Inc., ANET with solid growth potential for this year.
S&P 500, Nasdaq Stocks Boost Rally
On Friday, the S&P 500 and the Nasdaq recorded their fifth straight session of gains, as investors rushed to buy mega-cap tech and semiconductors stocks. The S&P gained 0.5% to close at 5,626.02 points. The index is now less than 1% from its all-time high recorded in July.
The tech-heavy Nasdaq rose 07% to close at 17,638. 98 points. The S&P 500 and the Nasdaq have gained 18.6% and 19.8%, respectively.
A softer-than-expected August jobs report unsettled markets at the beginning of the month. Also, inflation data showed that the consumer price index (CPI) increased slightly by 0.2% in August, which somewhat dented investors’ sentiment.
However, investors have since regained their confidence as they took the positives from the CPI report that showed the inflation rate falling to its lowest level since February 2021. Market participants are now looking forward to the Federal Reserve’s rate cut, which is likely to happen this week.
Tech Stocks Boosting Market Rally Led by AI
The Nasdaq and the S&P 500’s recent rally is being fueled by tech stocks. Technology and semiconductor stocks have largely been responsible for the broader market rally since 2023. The Technology Select Sector SPDR (XLK) has gained 14.5% year to date.
One of the major reasons behind the rally is the enthusiasm surrounding artificial intelligence (AI), especially generative AI, spearheaded by the industry darling NVIDIA Corporation NVDA.
Experts think AI has huge potential that hasn't been fully tapped into yet. NVIDIA's impressive achievements over the past year have encouraged many tech companies to explore AI's possibilities to secure lasting business benefits.
The advancement of smart devices is key in this area, as they need robust computing and learning abilities for tasks such as face detection, image recognition and video analysis. These functions demand significant processing power, speed, memory, energy efficiency, and advanced graphics processors, which in turn benefit the semiconductor industry.
Fed Set to Cut Rate in Upcoming FOMC Meeting
Although the latest inflation report has crushed hopes of a 50-basis point rate cut, market participants are confident that the Federal Reserve will go for a 25-basis point rate cut in its Sept. 17-18 meeting.
Any size of rate cut bodes well for the broader economy. Lower interest rates generally benefit growth assets by decreasing the opportunity cost of holding non-yielding assets, such as technology and semiconductor stocks.
Markets have so far tried to defy the stock market sluggishness in September. Moreover, the fourth quarter is about to begin, which is usually the best quarter of the year. Since 1950, the S&P has jumped more than 4% in the final three months of the year, with this rise occurring 80% of the time.
4 Tech Stocks to Buy Ahed of Fed’s Rate Cuts
We have chosen four top tech stocks from the S&P 500 that have seen positive earnings estimate revisions in the last 60 days and have strong potential for 2024. Each of the stocks has a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Adobe Inc.
Adobe Inc. is one of the largest software companies in the world. ADBE picks up licensing fees from customers, which form the bulk of its revenue. Adobe also offers technical support and education, which account for the balance.
Adobe has an expected earnings growth rate of 13.1% for the current year. The Zacks Consensus Estimate for current-year earnings improved 0.2% over the past 60 days. ADBE presently has a Zacks Rank #2.
NetApp, Inc.
NetApp, Inc. provides enterprise storage as well as data management software and hardware products and services. NTAP assists enterprises in managing multiple cloud environments, adopting next-generation technologies like AI, Kubernetes, and contemporary databases. It also helps in navigating the complexity brought about by the quick development of data and cloud usage.
NetApp has an expected earnings growth rate of 8.8% for the current year. The Zacks Consensus Estimate for current-year earnings improved 2.5% over the past 60 days. NTAP presently carries a Zacks Rank #2.
Fortive Corporation
Fortive Corporation is a diversified industrial growth company. FTV provides essential technologies for connected workflow solutions on a global basis.
Fortive Corporation has an expected earnings growth rate of 11.4% for the current year. The Zacks Consensus Estimate for current-year earnings improved 0.3% over the past 60 days. FTV presently carries a Zacks Rank #2.
Arista Networks, Inc.
Arista Networks, Inc. is engaged in providing cloud networking solutions for data centers and cloud computing environments. ANET offers 10/25/40/50/100 Gigabit Ethernet switches and routers optimized for the next-generation data center networks. Arista uses multiple silicon architectures across its products.
Arista Networks’ expected earnings growth rate for the current year is 18.7%. The Zacks Consensus Estimate for current-year earnings improved 3.9% over the past 60 days. ANET presently has a Zacks Rank #2.
Zacks Investment Research
Tech stocks kicked off the week on the negative note, driven lower by concerns over weaker-than-expected demand for Apple Inc. ’s latest iPhone 16 models.
Shares of Apple tumbled over 3% by midday in New York, heading for their worst session in more than a month. The sell-off in Apple spilled over to chip stocks, with Arm Holdings plc plunging more than 5%.
The broader semiconductor sector, tracked by the iShares Semiconductor ETF , declined by 2.2%, reflecting widespread apprehension in the industry.
Elsewhere in the market, the S&P 500 edged lower, while the Dow Jones and the Russell 2000 managed to buck the trend, posting modest gains for the day.
Bonds outperformed equities as Treasury yields dropped amid growing expectations of Federal Reserve rate cuts.
Over the weekend, investor sentiment shifted toward an interest rate cut for the upcoming Sept. 18 meeting, with markets now pricing in a 60% probability of a larger 50-basis-point rate cut.
Gold prices extended their gains, rising 0.3% to reach new record highs, marking the third consecutive session of increases. In the energy market, oil prices climbed 0.7%, and natural gas prices surged 4% on a more optimistic demand outlook.
Bitcoin wasn’t spared from the sell-off in tech stocks, falling 2.5%.
Monday’s Performance In Major U.S. Indices, ETFs
Major Indices | Price | 1-day %chg |
Dow Jones | 41,490.08 | 0.2% |
Russell 2000 | 2,192.30 | 0.2% |
S&P 500 | 5,621.31 | -0.1% |
Nasdaq 100 | 19,377.78 | -0.7% |
According to Benzinga Pro data:
Monday’s Stock Movers
Read Now:
This image was created using artificial intelligence MidJourney.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Last Thursday, Adobe Inc reported its third quarter results, surpassing Wall Street’s estimates for both the top and bottom line. However, Adobe’s stock got punished for a lighter-than-expected fourth quarter guidance that sparked fears of smaller rivals taking business from software companies like Adobe and Salesforce Inc .
Fiscal third quarter highlights
For the quarter ended on August 30th, Adobe reported revenue grew 11% to $5.41 billion, topping $5.37 billion that LSEG expected. The biggest line of business, Digital Media, that is home to Creative Cloud subscriptions that use generative artificial intelligence called Firefly, grew 11% YoY, bringing in sales of $3.98billion. Within the digital media segment, creative revenue grew 10% YoY to $3.19 billion while Document Cloud grew 18% YoY to $807 million.
The total subscription revenue amounted to $5.18 billion, rising 11% YoY.
Digital Experience segment reported revenue rose 10% to $1.35 billion.
Net income rose to $1.68 billion with adjusted earnings amounting to $4.65, surpassing $4.53 that LSEG estimated.
Adobe demonstrated the strenght from its cash-generation capabilities, $2.02 billion, bringing in cash of $2.02 billion from its operations.
Adobe adjusted its outlook to a tough economy.
Taking into account current macroeconomic conditions and expected seasonal strength, Adobe adjusted its outlook. For the fourth fiscal quarter, Adobe guided for revenue between $5.5 billion and $5.55 billion, which fell short of FactSet’s estimate of $5.6 billion. Digital Media is projected to bring in $4.09 billion to $4.12 billion while Digital Experience segment is expected to report revenue between $1.36 billion and $1.38 billion. Adjusted profit is expected to range between $4.63 and $4.68 per share.
Adobe continues to empower its users with the technology of tomorrow.
Throughout the third quarter, Adobe outperformed across its key business segmens. More importantly, Adobe continues to integrarte AI across its portfolio. AI-powered enhancements, particularly Adobe Firefly, fueled the increased customer engagement and retention across Creative Cloud, Document Cloud, and Experience Cloud. However, the lighter than expected forecast sparked fears that AI gains will take longer to monetize, especially in the pressured buying environment.
DISCLAIMER: This content is for informational purposes only. It is not intended as investing advice.
This article is from an unpaid external contributor. It does not represent Benzinga's reporting and has not been edited for content or accuracy.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Nancy Pelosi, the former Speaker of the House, has been known for making high-profile stock trades that have garnered significant attention. While some of her investments have sparked controversy, others have led to impressive returns. One notable trade is her investment in Nvidia , a leading player in the semiconductor and artificial intelligence space.
Pelosi's Nvidia Trade: A Look at the Details
On June 3, 2021, Nancy Pelosi purchased 50 call options on Nvidia, with a strike price of $400. According to the disclosure filed on July 2, 2021, the total value of the trade was between $1 million and $5 million. At the time of Pelosi's trade, Nvidia's stock was experiencing strong momentum, driven by demand in gaming, artificial intelligence, and data centers.
The price of Nvidia stock on the day of her trade was around $16.9 (adjusted for stock splits). Fast forward to the present, and Nvidia has experienced explosive growth. As of 6th September 2024, Nvidia stock is trading at over $102 per share, a significant increase since Pelosi's trade.
The Returns: From $1,000 to a Potential Fortune
If you had invested $1,000 in Nvidia on the same day Pelosi made her call option purchase, your investment would have appreciated substantially. Let's break down the math:
Here's how your $1,000 investment would have fared:
Thus, a $1,000 investment in Nvidia on June 3, 2021, would be worth approximately $6,018 today, reflecting a 503% return on investment. This outpaces the broader market by a significant margin, as the S&P 500 increased by just 29% during the same period.
Pelosi's Other High-Profile Trades
Nancy Pelosi's Nvidia trade may be well-known, but it is far from her only high-profile investment. Over the years, Pelosi has frequently traded major tech stocks, including Apple , Tesla , Alphabet , and Microsoft . Notably, her December 2020 Tesla call options purchase came just before the stock's inclusion in the S&P 500, leading to significant gains. Despite accusations that her trades benefit from non-public information, Pelosi has maintained that her investments are managed by a third-party, deflecting concerns about potential conflicts of interest.
The Impact of Pelosi's Trades on Public Perception
Nancy Pelosi's stock trading has raised concerns about the potential for conflicts of interest among lawmakers. While it's legal for members of Congress to trade stocks, critics argue that they may have access to information that gives them an unfair advantage over ordinary investors. In fact, Pelosi's trades—along with those of other high-profile politicians—have inspired discussions about whether stricter rules should be put in place to regulate stock trading by lawmakers.
Conclusion: Should You Follow in Pelosi's Footsteps?
If you had followed Nancy Pelosi's investment in Nvidia in June 2021, you would have seen substantial returns. Pelosi's high-profile stock trades have sparked debates about ethics and fairness, but for those who followed her Nvidia trade, the results have been undeniably lucrative.
On the date of publication, Caleb Naysmith did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
Shares of NVIDIA Corp. , Super Micro Computer, Inc. and Micron Technology, Inc. shares are trading lower Monday. Here's a look at what's moving the stocks.
What To Know:
The intense growth of early-2024 in the semiconductor sector has slowed recently amid speculation surrounding a possible AI "bubble" as investors grow impatient for returns on the massive capital expenditures involved with AI-infrastructure build-out.
Micron’s stock has shed more than $70 billion in market value since June, and Raymond James recently lowered its price target on the stock from $160 to $125. Investors will be watching when the company reports its fourth-quarter financial results after the market close on Sept. 25.
Read Next: Why Temu Parent PDD Holdings’ Stock Is Down
The market has also digested a recent short report on SMCI, coupled with the company's delayed 10-K filing, and investors were less-than-impressed with Nvidia's second-quarter results.
However, Nvidia shares rose last week after CEO Jensen Huang said the company is experiencing "great demand" for its Blackwell chips causing frustration among some of its customers. Huang also addressed concerns related to the rising geopolitical tensions surrounding key Nvidia-supplier, Taiwan Semiconductor Manufacturing Company Ltd. .
In addition to rising tensions between China and Taiwan, chipmakers face increasing restrictions and scrutiny on exports to China and its allies which may be dragging on the sector as well.
NVDA, SMCI, MU Price Action: According to Benzinga Pro, Nvidia shares are down 2.64% at $116.96, SMCI shares are down 1.17% at $451.81 and Micron shares are down 5.03% at $86.62 at the time of publication Monday.
Read Also:
Image: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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