Stocks were mixed at the start of the new week, with energy stocks posting big gains. Dow Jones Industrial Average On the water surface, S&P 500 and Nasdaq Composite Index It wasn’t very resilient.
In fact, the Dow Jones Industrial Average rose 0.7% to 39,411. Chevron (CVX), the 30-stock average rose for a fifth straight day. Oil stocks rose 2.6% as U.S. crude futures rose 1.1% to $81.63 a barrel.
However, the S&P 500 (-0.3% to 5,447) and Nasdaq (-1.1% to 17,496) each ended lower due to declines in shares of large semiconductor manufacturers. NVIDIA (NVDA) continued to fall. NVDA closed down 6.7% today and is now in correction territory after dropping nearly 13% from its all-time high on June 18. This late June selloff has wiped $432 billion off Nvidia’s market cap, which is more than the entire market cap of the credit card giant. master Card (MA, +0.5%).
apply Kiplinger’s Personal Finance
Become a smarter, more informed investor.
Up to 74% off
Sign up for Kiplinger’s free e-newsletter
Profit and prosper with the best expert advice on investing, taxes, retirement, personal finance and much more – straight to your e-mail.
Get the best expert advice straight to your email and start profiting and prospering.
Despite the recent losses, NVDA has more than doubled since the start of the year, analysts at BofA Securities said. Vivek Arya We believe any volatility will be short-lived.
First, the generative artificial intelligence (GenAI) hardware adoption cycle can take three to five years, but we’re only in year two, according to analysts. Additionally, Arya expects strong demand for Nvidia’s Blackwell AI platform when it launches later this year.
And unlike the “dot-com boom,” which was funded by risky debt, GenAI’s deployments are a mission-critical race among the best-funded (cloud) customers, Arya said, adding that NVDA remains BofA’s “top pick.”
Target benefits from new Shopify deal
Other individual stock news includes: the goal (TGT, +2.4%) Shopify (SHOP, -1.1%) boosting the discount retailer’s e-commerce sales.
Terms of the deal were not disclosed, but the partnership will allow businesses that partner with Shopify to sell their products on Target Plus, a third-party marketplace, and the retailer will also sell certain popular items in its brick-and-mortar stores. One executive told CNBC:.
Analysts say Affirm could double its profits from Apple partnership
Elsewhere, Assert (AFRM) stock price is Dan Drev Pay later companies (BNPL) apple (AAPL, +0.3%) could see some big upside on and off the price charts. The deal, announced at Apple’s Worldwide Developers Conference (WWDC) earlier this month, will allow Apple Pay users to take advantage of installment loans through Affirm.
“We estimate that Affirm’s new partnership with Apple Pay could add $12 billion to Affirm’s BNPL opportunity, which represents a 35% increase over our consensus volume forecast for fiscal year 2025,” Dolev wrote in a client note. The analyst rates Affirm a Buy and sets a market-high $65 price target, which suggests a 93% upside from current levels.
EU accuses Apple of violating digital market law
Meanwhile, Apple made headlines today when it announced that the European Union was banning the company from offering developers options for their customers outside of the App Store. The complaint marks the first such complaint under the EU’s Digital Markets Act, which was passed earlier this year and aims to protect competition in the digital sphere.
Apple said in a statement that it “is confident that our plans comply with the law,” but if the case goes against the company, it could face fines up to 10 percent of its global revenue.
Related content
