14 minutes ago

Crude recovered from last week’s sell-off on OPEC+’s decision to raise production.

The future of crude oil Holding firm after rallying more than 2% on Monday, both benchmarks have largely recovered from last week’s losses.

U.S. oil and global benchmark Brent hit four-month lows last week after several OPEC+ members said they would begin returning barrels to the market in October. Oil market analysts have largely described the sell-off as an overreaction, noting that supplies will remain relatively tight throughout the third quarter.

John Evans, analyst at oil broker PVM, said this week’s recovery could be dip buying by traders. Meanwhile, OPEC stuck to its strong projections for oil demand and economic growth for this year.

– Spencer Kimball

38 minutes ago

Evercore ISI doubles on Google after Apple’s AI event, says shares could rise more than 28%

Even after Apple’s big AI announcements, Google Big Tech Stack’s Evercore is one of ISI’s favorite AI picks.

Analyst Mark Mahaney said he was more bullish on Google’s “competitive position” in basic search and creative AI search after running a U.S.-owned survey of 1,000 respondents, which ran ahead of Apple’s WWDC event on Monday. and asked users about adopting AI search. Usage He said Mahaney’s bullish sentiment stems from survey results that suggest Google’s market share in basic search among Gen Z users remains strong, despite the rise in social media use. When it comes to search-generating AI, the survey found that Google comes second to ChatGPT.

Mahaney reiterated his outperform rating on Google and raised his price target to $225, about 28.6% above its latest close. Google Lodge is one of the firm’s top choices in CapTech and Internet.

“Google’s competitive position is as strong as ever. And Google can have a “killer product cycle” these days! And killer product cycles can sometimes turn into killer stocks,” Mahaney wrote in a Monday note. “We believe this product cycle can materially improve the revenue growth potential of GOOG’s largest business segment, resulting in more sustainable double-digit top-line growth and 25%+ top-line growth for the next several years.” There will be earning power.”

– Piya Singh

52 minutes ago

Apple jumps nearly 6% as investors snap up shares of emerging AI play

Apple CEO Tim Cook comments at the start of the Apple Worldwide Developers Conference (WWDC) on June 10, 2024 in Cupertino, California. Apple will announce plans to incorporate artificial intelligence (AI) into Apple software and hardware.

Justin Sullivan | Getty Images

Tuesday’s Nasdaq Composite sell-off picked up steam during afternoon trading as investors appeared to be taking profits in the chipmaker. Nvidia And I spin applewhich has garnered excitement from the market after unveiling new AI features that analysts believe A long-awaited iPhone upgrade cycle could lead to this..

Apple jumped 5.8 percent as Nvidia fell nearly 2 percent. The tech-heavy Nasdaq was just below flat.

– Piya Singh

53 minutes ago

Bank of America downgrades, slides after Academy Sports misses earnings

Disappointing first quarter report from Academy Sports and Outdoors A sell-off by Bank of America has led to shortfalls.

The company reported $1.08 in adjusted earnings per share on revenue of $1.36 billion. Analysts had expected $1.21 in earnings per share on revenue of $1.38 billion, according to FactSet. Comparable sales fell more than expected.

The academy actually raised its full-year earnings guidance despite the decline, but that wasn’t enough to reassure investors. The stock was down more than 7 percent in afternoon trading.

Bank of America analyst Robert Ohms cut the stock to neutral from buy, citing “the risk of further earnings misses over the balance of the year,” and also cut earnings estimates.

— Jesse Pound

An hour ago

Apple has reached an all-time high.

apple Shares bounced back from Monday’s dip, up more than 6 percent Record high on Tuesday. The move comes as traders continue to analyze announcements from Monday’s developer conference, which included a boost to artificial intelligence.

See the chart…

Apple, all-time chart

An hour ago

14 stocks in the S&P 500 hit new 52-week highs.

Customers exit a Costco store in Teterboro, New Jersey on June 28, 2023.

Kena Betancur | Corbis News | Getty Images

I 14 stocks S&P 500 The index hit new 52-week highs during Tuesday’s trading session.

Of these stocks, 11 names hit new all-time highs. Tickers reaching this milestone include:

On the other hand, four stocks in the 500-stock index hit new 52-week lows. They include Brown Forman, Molson Coors, Market X Holdings And Pay work.

– Lisa Kailai Hahn

An hour ago

NFIB says small business optimism hit 2024 high in May

Confidence among small business leaders hit a year-high in May, according to a National Federation of Independent Business survey released Tuesday, although owners are still worried about inflation and plan to raise prices.

gave Small Business Optimism Index It hit 90.5 for the month, up 0.8 point from April and slightly above the Dow Jones estimate for 89.9. A total of 15% of firms said they expect to hire, also the highest level of the year. A net 28% said they expected prices to rise, up 2 percentage points a month, while 6% cited financing as their biggest issue, the highest since June 2010.

The index has run below its long-term average of 98 for the 29th consecutive month. Also, the NFIB Uncertainty Index rose to its highest level since November 2020.

– Jeff Cox

2 hours ago

Confirm buy now, pay later to embed in Apple Pay, increase shares

Shares of affirm It rose more than 5 percent after the announcement that buy it now, pay it later. Will be added to Apple Pay. On iPhones and iPads for US users.

A buy-now, pay-later option is expected to arrive later this year, Afram said in the filing.

See the chart…

Confirm holdings, 1 day

apple Shares also rose after the news, hitting about 3.5 percent.

– Sean Conlon

3 hours ago

Stocks open lower.

Traders work on the floor of the New York Stock Exchange during afternoon trading on June 03, 2024 in New York City.

Michael M. Santiago | Getty Images

3 hours ago

General Motors shares rise on $6 billion in new buybacks

4 hours ago

Stocks making the biggest moves before the bell

A sign with the company’s logo sits outside Eli Lilly & Company’s headquarters campus on March 17, 2024 in Indianapolis, Indiana.

Scott Olson | Getty Images

Here are the stocks that made the most significant moves before the bell:

Read the full list of stocks Here

– Samantha Sabin

4 hours ago

Barclays says the stock is likely to grind higher.

Barclays believes there is room for upside in equities if the current market rally widens.

“April’s sell-off reset the long bull run, and stocks are on better fundamentals after 1Q24 earnings in our view,” the bank wrote in a recent note. “Against this backdrop, we think equities are likely to continue to grind higher.”

Meanwhile, overweights in technology assets have reached record levels, strategist Venu Krishna added.

– Lisa Kailai Hahn

6 hours ago

Eli Lilly Shares After Clearing Regulatory Hurdle for Alzheimer’s Drug

6 hours ago

Elon Musk has threatened to ban Apple devices from his companies amid the OpenAI partnership.

Tesla CEO Elon Musk on Monday Threatened to ban Apple devices from their companies. When the iPhone maker said it had signed a deal with OpenAI.

“If Apple integrates OpenAI at the OS level, Apple devices at my companies will be banned. This is an unacceptable security breach,” Musk said in a post on X.

Apple told CNBC that the company is using its own AI, adding that its integration with OpenAI is an optional feature.

Apple shares were slightly lower in premarket trading. Tesla stock was flat.

– Fred Umbert, Ashley Capote

18 hours ago

BTIG says the S&P 500 is still more than 12% above key moving averages.

gave S&P 500 It’s still more than 12 percent above its 200-day moving average, according to BTIG, and it’s a place the index historically hasn’t been able to stay long.

This figure calculates the average close of the S&P 500 over the past 200 sessions. A broad index trading above this level usually means that it is considered to be in an uptrend.

Since it is currently well above the 200-day moving average, the S&P 500 could theoretically pull back without breaking below this key level. The S&P 500 closed at a fresh record on Monday, bringing its year-to-date gain to 12.4%.

“It’s not a sell signal per se, but historically it doesn’t last that long,” chief market technician Jonathan Krinsky told clients. “We remain tactically cautious here, while opportunistically looking for single-name ideas.”

– Alex Herring

18 hours ago

DXC rose on Reuters’ report of Apollo and Kyndryl bids.

Avishek Das | SOPA Images | Light Rocket | Getty Images

Information technology stocks DXC Technology After the extended trading rose about 4 percent. Reuters reported. Joint bid from Apollo Global And Kendrell Holdings.

The businesses have reportedly discussed offers of between $22 and $25 per share for DXC, according to Reuters. Apollo shares were little changed after hours, while Kyndryl slipped more than 1%.

– Alex Herring

18 hours ago

Stock futures are little changed.

Stock futures were near flat shortly after 6 p.m. ET.

Dow futures fell about 0.1 percent. S&P 500 and Nasdaq 100 futures traded slightly below their flat lines.

– Alex Herring

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