Moovin Stonks | Tesla Climbs, Market Flat to Start the Week at Index Records
Happy Monday, September 23, traders. The market was slowly rising, mostly flat Monday as investors digested all-time high indexes and a bit of tech stock pullback. FOMC rate cuts are feeling priced in, my name is Kevin Travers, and here are stonks and stories mooving on Wall Street today.
$Constellation Energy (CEG.US)$ climbed 6% at one point Monday morning, after analysts at Morgan Stanley raised their price target from $233 to $313, according to Benzinga. Keybanc analyst Sangita Jain maintained an Overweight rating and raised the price target from $230 to $265. The stock jumped but then pulled back, as the market priced in the news that $Microsoft (MSFT.US)$ would fund the reop[ening of Unit 1 of Three Mile Island Friday.
$General Motors (GM.US)$ fell 3%, the lowest on the slowly moving S&P 500 after analysts at Bernstein cut the stock from $53 to $54. Shares were trading at $47, about 77% higher than last year when the firm faced a United Auto Workers Strike.
$Tesla (TSLA.US)$ climbed 4%, the highest on the Nasdaq 100. Seeking Alpha and Barrons attributed the climb to analysts' expectations of the firm's October 2nd delivery release., Barclays analyst Dan Levy wrote Monday that he sees third-quarter deliveries coming in at about 470,000 vehicles, higher than the roughly 460,000 consensus estimate.
$Qualcomm (QCOM.US)$ shares pulled back after the Friday Intel acquisition news was confirmed over the weekend. $Intel (INTC.US)$ shares, after pricing in a 15% jump over the weekend, did not advance much Monday, after analyst opinions on the long regulatory process for a possible deal tempered enthusiasm for the takeover possibility.
$Crude Oil Futures(NOV4) (CLmain.US)$ remained at $70, $Bitcoin (BTC.CC)$ remained at $63k/coin. Gold climbed, Silver stayed at $30. $U.S. 2-Year Treasury Notes Yield (US2Y.BD)$ and the $U.S. 10-Year Treasury Notes Yield (US10Y.BD)$ climbed.
The market was overall boring Monday morning, with 5000 equities in decline to 5700 climbing- it was a flat day just before noon.
Just past 11:38 am ET the $S&P 500 Index (.SPX.US)$ traded +0.33%, the $Dow Jones Industrial Average (.DJI.US)$ climbed 0.13%%, and the $Nasdaq Composite Index (.IXIC.US)$ climbed 0.29%.
In macro, the market priced in FOMC rate cuts from last week. S&P manufacturing PMI came in lower at 57 compared to estimates for 58.6.
Speaking virtually Monday at a seminar hosted by the European Economics and Financial Center in London, Atlanta Federal Reserve President Raphael Bostic said he voted for a 50-point cut because PCE inflation fell to 2.5% in July He believes the Fed's efforts to cool the economy have nearly achieved their goal
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Over the weekend, users were talking about rate cuts and bull runs. Some said the run was over now that cuts were here, one said stock climbs will continue, but broaden out past tech and AI.
Traders, what do you think, is the market in 2024 about following the herd? What you watching on the stock market today? What is the herd following? Let me know in the comments below!
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Moomoo News and Community Manager
Moo moo News and Community Manager, NJ Office.
Fmr CNBC contributor, reporter/investor/trader
Posts do not represent mm
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OhNowGombie 151160998 jm : Isn’t it because people don’t have money that inflation might go down? The US worker gonna get bailed out ??? Or debased currency is inflation???? What???
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Laine Ford : all good stock