Daily Stock Market Report: September 23, 2024 - Intel Split, Nvidia GPUs, Zacks Rank Updates
Daily Stock Market Report: September 23, 2024
Top Stock Market News
Stock Futures Rise Slightly; PCE Data on Tap; Intel Soars on Breakup Plans Stock futures edged higher on Friday, setting the stage for a positive end to the week as investors awaited the latest reading on personal consumption expenditures (PCE), the Federal Reserve's preferred inflation gauge. Meanwhile, Intel Corporation (INTC) shares surged in pre-market trading after the chipmaker announced plans to split into two separate companies.
Stocks Soar as Fed Paves Way for September Rate Cut Stocks rallied on Wednesday, with the S&P 500 and Nasdaq Composite Index posting their biggest one-day gains since July, as investors cheered the Federal Reserve's dovish stance and growing expectations for a rate cut at the next policy meeting in September. Nvidia (NVDA) led the charge, surging 12% after the chipmaker unveiled its latest line of high-performance graphics processing units (GPUs).
New Strong Sell Stocks for September 23rd Zacks Investment Research added three stocks to its Rank #23 (Strong Sell) List today, indicating a potential sell recommendation for investors. The stocks added to the list are (ticker symbols to be added). Zacks also named its #1 Semiconductor Stock pick for the day.
US Stocks Nudge Higher Ahead of Fed Speakers Major U.S. stock indices inched higher on Monday as investors awaited speeches from several Federal Reserve officials later in the week. Tesla (TSLA) shares continued their recent rally, up 15% since the start of September, as the electric vehicle maker gears up for its highly anticipated robotaxi event on October 10.
Wall Street Drifts Around Record Highs The major U.S. stock indices traded in a tight range on Friday, hovering near their all-time highs, as investors digested a mixed batch of economic data and looked ahead to the upcoming earnings season. Argentine President Javier Milei rang the opening bell at the New York Stock Exchange (NYSE) to mark the start of trading.
Top Stocks to Watch
Opera Limited (OPRA) Opera Limited, a provider of mobile and PC web browsers and related products and services, has been added to the Zacks Rank #1 (Strong Buy) List today. The company has seen a surge in its Zacks Consensus Estimate for the current year, making it an attractive income stock for investors.
Tesla (TSLA) Tesla's stock has been on a steady recovery over the past month, up about 15% since the start of September, as the electric vehicle maker prepares to host its highly anticipated robotaxi event on October 10. Investors will be closely watching for any updates on Tesla's autonomous driving technology and potential new product launches.
New Zacks Rank #1 (Strong Buy) Stocks In addition to Opera Limited, Zacks Investment Research added four other stocks to its Rank #1 (Strong Buy) List today, indicating a potential buy recommendation for investors. The stocks added to the list are (ticker symbols to be added).
Best Stocks to Buy Now for September 2024 According to Forbes Advisor, some of the best stocks to buy now for September 2024 include Boeing (BA), Kraft Heinz (KHC), Sarepta Therapeutics (SRPT), Occidental Petroleum (OXY), and CSX Corporation (CSX). These stocks represent a diverse range of industries, from defense and consumer goods to healthcare, energy, and transportation.
The 10 Best Stocks to Buy and Watch Now in September Motley Fool has compiled a list of the 10 best stocks to buy and hold for the long term, starting from the smallest market cap to the largest. The list includes companies such as Airbnb (ABNB), Shopify (SHOP), and Berkshire Hathaway (BRK.A, BRK.B), among others. These stocks are considered promising long-term investments based on their growth potential, competitive advantages, and strong fundamentals.
Stock Market Expected Movement
Based on the latest stock market news and analyst projections, the overall sentiment for the upcoming trading week appears cautiously optimistic. With the Federal Reserve signaling a potential rate cut in September and the release of the PCE inflation data, investors will closely monitor any clues regarding the central bank's future policy moves.
The technology sector is expected to remain in focus, with companies like Intel and Nvidia grabbing headlines. Intel's plans to split into two separate companies could unlock significant value for shareholders, while Nvidia's new GPU lineup could further solidify its dominance in the gaming and artificial intelligence markets.
Stocks in the energy and transportation sectors, such as Occidental Petroleum and CSX Corporation, may also garner attention as investors seek exposure to sectors that could benefit from a potential economic rebound.
However, concerns over inflation, slowing economic growth, and geopolitical tensions could continue to weigh on investor sentiment, leading to bouts of volatility in the market.
Overall, investors are advised to remain vigilant and closely monitor the latest developments, company earnings reports, and economic data releases to make informed investment decisions.
Note: The stock opinions and recommendations provided in this report are subject to change and should not be considered as investment advice. Investors are encouraged to conduct their own research and consult with financial advisors before making any investment decisions.
