On Friday, May 24th, Wall Street was set for a higher open after a late-day selloff on Thursday. The Dow lost 1.5% and was at risk of breaking a five-week winning streak. Nvidia managed to maintain most of its post-earnings gains despite the market downturn. The S&P 500 and Nasdaq were uncertain and reliant on Friday’s trading to continue their winning streaks. Nvidia’s stock has seen a significant increase, positioning the AI chip maker to potentially reach a $3 trillion market cap, while CEO Jensen Huang’s net worth has skyrocketed from $3 billion to $90 billion over the past five years.
Wells Fargo upgraded its DuPont rating from hold to buy following the conglomerate’s announcement to split into three publicly traded companies: electronics, water, and the remaining DuPont focused on health care, advanced mobility, safety, and production. Wedbush raised its Apple price target to $275 per share, anticipating an iPhone 16 supercycle refresh with artificial intelligence integrations expected at Apple’s upcoming Worldwide Developers Conference. Deckers Outdoor experienced a nearly 9% increase in shares after exceeding estimates for its fiscal 2024 fourth quarter, with Hoka running shoes garnering attention.
Ross Stores had a strong quarter, but TJX, known for T.J. Maxx, Marshalls, and HomeGoods, outperformed, prompting an increase in price target. Intuit’s quarter was positive, resulting in a price target raise by Jefferies despite a 5.5% decline in shares. Workday had a good quarter but reduced its subscription outlook, leading to an 11% drop in shares due to elevated sales scrutiny and lower customer count. Wells Fargo’s expansion into investment banking from its retail and business lending background shows promise for the club’s stock outlook.
U.S. oil prices fell to three-month lows as the summer driving season began with the Memorial Day holiday. CNBC provided insight into the reasons behind the movement in West Texas Intermediate crude. Subscribers to the CNBC Investing Club with Jim Cramer receive trade alerts before Jim makes a trade, with specific rules on timing for executing trades. The information provided by the Investing Club is subject to terms and conditions, privacy policy, and a disclaimer, with no guaranteed outcome or profit.
