The stock market experienced gains on Thursday, with the S&P 500 reaching a new record high. Federal Reserve Chair Jerome Powell concluded his two-day testimony on Capitol Hill, indicating that interest rate cuts could begin this year. The European Central Bank kept rates steady but hinted at possible cuts in 2024. Nvidia's stock continued its upward trend, becoming the world's third most valuable company. New York Community Bancorp saw a 7% increase after receiving a $1 billion investment. After the market closes, earnings reports from Broadcom, Costco, and Gap are expected.
Investor optimism was further fueled by the European Central Bank's lower forecasts for inflation and growth, although interest rates remained unchanged. This, along with Powell's comments, added confidence that rate cuts are on the horizon. The Nasdaq benefited from a more than 3% increase in Nvidia's stock, and Apple also saw gains. However, Victoria's Secret's shares plummeted after disappointing financial guidance, while Novo Nordisk's shares surged following positive trial results for an obesity treatment. New York Community Bancorp's shares also rose after announcing a capital raise. The market is now looking forward to Friday's U.S. jobs report for insights into the labor market's resilience amid higher interest rates.
Movers of the hour:
Mind Medicine is up 52.86% at $9.08.
Ocean Biomedical is up 31.91% at $5.33.
MoneyLion is up 31.30% at $69.00.
CompoSecure is up 30.85% at $6.15.
Quantum-Si is up 28.88% at $2.08.
Here are the top stocks upgraded by Wall Street analyst:
Microsoft has received a rating of Strong Buy from Jefferies with target price remains $465.
Tesla has received a rating of Buy from Morgan Stanley with target price dropped to $320 from $345.
Visa has received a rating of Buy from Wells Fargo with target price increased to $325 from $300.
Mastercard has received a rating of Buy from Wells Fargo with target price increased to $530 from $490.
Salesforce has received a rating of Strong Buy from Argus Research with target price increased to $354 from $290.
Eaton has received a rating of Strong Buy from Berenberg with target price increased to $345 from $200.