Stocks were choppy on Friday as investors sifted through multiple economic data and watched for key inflation figures due next Friday, but the major stock indexes ended mixed today, with all three posting weekly gains.
Today’s Economic Calendar While that pales in comparison to next week’s busy lineup, there were a few noteworthy announcements. Among them: National Association of Realtors The report found that existing home sales fell 0.7% in May from the previous month, with the median existing home price reaching a record high of $419,300. Year-over-year, existing home sales were down 2.8%.
moreover, S&P Global U.S. business activity grew at its fastest pace in more than two years in June, but input and sales price inflation both slowed. [in selling price inflation] “The survey’s price reading is consistent with the Fed’s 2 percent inflation target,” said Chris Williamson, the bank’s chief business economist. S&P Global Market Intelligence.
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The next big economic event will occur a week from today when the May personal consumption expenditures (PCE) price index, the Fed’s preferred inflation measure that tracks consumer spending, is released.
Nike raises rating ahead of earnings release
In individual stock news, Nike (NKE) rose 1.6%. Dow Jones Stock Price was upgraded before that turn Revenue Calendar Next Thursday. Oppenheimer analyst Brian Nagel He upgraded NKE to “outperform (buy)” from “perform (hold)” and restored it to his “top mega-cap” list, saying the internal and external challenges Nike has faced in recent quarters are now priced into the stock.
As a result, NKE is “positioned for a gradual recovery as efforts by senior management to refocus on product innovation and brand building bear fruit,” Nagel added.
Palantir downgraded to ‘sell’ after surge
On the negative side, Palantir Technologies (PLTR) fell 6.8% following comments from analysts at Mones, Crespi & Hart. Brian White White downgraded the data-analysis company to a sell rating from a neutral (hold). The stock has surged nearly 40% this year on hopes about its artificial intelligence efforts, but White says that rally has pushed PLTR up too quickly.
“Palantir shares were already trading higher going into 2024,” White wrote in a client note, adding that “valuation has now reached greedy extremes.” The analyst also set a price target for AI shares at $20, more than 16% below current levels.
Nvidia’s setbacks continue
NVIDIA (NVDA) was also a notable stock drop on Friday, dropping 3.2%. Shares were down 4.1% on the week, wiping $134 billion off NVDA’s market cap. To put that figure in perspective, that’s roughly the size of the stock as a whole. Market capitalization Semiconductor related stocks Intel (INTC, -1.5%).
Regarding the main indicators, Nasdaq Composite Index It fell 0.2% to 17,689. S&P 500 It fell 0.2% to 5,464. Dow Jones Industrial Average It closed slightly higher at 39,150.
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