June 8, 2024 9:13 AM | 3 min read
Benzinga examined the prospects for many investors’ favorite stocks over the last week — here’s a look at some of our top stories.
The stock market continued its bull market rally for another week, achieving new record highs for both the S&P 500 and the tech-heavy Nasdaq 100 indices. The Dow rose by 0.29%, the S&P 500 gained approximately 1.32%, and the Nasdaq climbed 2.38%.
In May, nonfarm payrolls increased by 272,000, surpassing the Dow Jones estimate of 190,000 and April’s increase of 175,000. Despite these job gains, the unemployment rate increased to 4%.
Investors had anticipated weaker job numbers, hoping this would prompt the Federal Reserve to cut interest rates later in the year. However, Wall Street is now considering that the economy might be strong enough to continue growing without the need for lower interest rates.
Benzinga provides daily reports on the stocks most popular with investors. Here are a few of this past week’s most bullish and bearish posts that are worth another look.
The Bulls
“Ming-Chi Kuo’s Prediction Comes True As Nvidia Surpasses Apple Becoming The Second Most Valuable Company,” by Ananya Gairola, reports that Nvidia Corporation (NASDAQ:NVDA) has surpassed Apple Inc. (NASDAQ:AAPL) in market capitalization, fulfilling analyst Ming-Chi Kuo’s forecast due to strong AI growth and Apple’s innovation challenges.
“Dogecoin Whales Load Additional 200M DOGE In 4 Days: ‘Breakout Ready To Occur Any Day,’ Trader Predicts,” by Khyathi Dalal, highlights crypto analyst Ali Martinez’s observation of significant buying activity by Dogecoin (CRYPTO: DOGE) whales, who added 200 million DOGE, and trader Kevin’s prediction of an imminent breakout based on Bollinger Bands and LMACD indicators.
“Amazon Makes Prime Bet On Sports With NBA Deal: Streaming Platform Will Soon Have Content From 4 Major Leagues (And More),” by Chris Katje, details Amazon.com Inc. (NASDAQ:AMZN) securing a deal to stream NBA games on Prime Video, adding to its existing sports content, which includes NFL, MLB and NHL games, to enhance its subscriber base.
For additional bullish calls of the past week, check out the following:
Ron Baron Backs Elon Musk’s $56B Pay Package: ‘Tesla Is Better With Elon’
Palantir CEO Says Its LLM ‘More Like A Chemistry Experiment’ Being Refined For Business; Decodes Defense Spending, 2024 Election At AIPCon 4
Intel and Japan’s Sharp Team Up to Innovate Chip Production, Cut Costs
The Bears
“Jim Cramer Sounds Alarm Bell, Advises Investors To Take Profits As GameStop, AMC Shares Soar: ‘There’s Nothing There’,” by Adam Eckert, details Jim Cramer‘s warning to investors about taking profits on GameStop Corp. (NYSE:GME) and AMC Entertainment Holdings, Inc. (NYSE:AMC) as their shares surge, suggesting these stocks may not sustain their gains.
“Cult Of Tesla Crumbling: Early ‘Die-Hard’ Backers Bail As Musk’s EV Empire Faces Reality Check Amid Stock Slump,” by Shanthi Rexaline, highlights that early supporters like John Belton and Ross Gerber are losing faith in Tesla Inc. (NASDAQ:TSLA) due to declining fundamentals and strategic concerns, resulting in significant stock sell-offs.
“Spot Ethereum ETF Trading Launch Could Be Delayed, Says SEC Chair Gary Gensler,” by Murtuza Merchant, reports that Gary Gensler indicated the approval of spot Ether (CRYPTO: ETH) ETFs might face delays, despite recent approvals for asset managers like BlackRock (NYSE:BLK) and Fidelity.
For more bearish takes, be sure to see these posts:
Economist Mohamad El-Erian Says Fed ‘Traumatized’ By Big Mistake It Made In 2021, Calls For Rate Cut In July
Ex-Fisker Workers Accuse EV Startup Of Launching Products With No Repair Plan As ‘They Truly Thought They Built The Perfect Car:’ Report
Oil Prices Drop For Fifth Straight Session, Hit 4-Month Low On Growth Concerns, ‘Bearish’ OPEC+ Meeting
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This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image generated using artificial intelligence via Midjourney.
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