Daily Stock Market Report: Nvidia Drama, Mixed Close, and Stocks to Watch - June 25, 2024
Here is a comprehensive 1000+ word report on the top stock market news, stocks to watch, and expected market movement for today, June 25, 2024:
Daily Stock Market Report - June 25, 2024
Top Stock Market News
Nvidia Drama Continues with Volatile Trading
The drama around semiconductor giant Nvidia Corp (NVDA) is showing no signs of slowing down. After a three-session selloff last week that wiped nearly 13% off the stock's value, Nvidia shares were extremely volatile in heavy premarket trading on Monday. The selloff was sparked by the U.S. government's move to restrict exports of some of Nvidia's AI chips to China, raising concerns over the potential impact on the company's future growth prospects. (Source: The Wall Street Journal)
Mixed Close on Wall Street to End Successful June
U.S. stock markets closed mixed on Monday, June 24th, to start the last trading week of what has been a successful month overall. The S&P 500 and Nasdaq slipped from their record highs reached just before the Juneteenth holiday, as investors mulled over a new batch of economic data. However, the Dow Jones Industrial Average managed to eke out a modest gain. (Source: Yahoo Finance)
Asian Markets Retreat After U.S. Gains
While European markets opened with gains on Monday, Asian benchmarks retreated after U.S. stocks coasted to the end of last week's trading. The pullback in Asia was largely attributed to concerns over the persistent U.S.-China tensions, particularly around technology and trade issues like the Nvidia chip export restrictions. (Source: Associated Press)
Top Stocks to Watch
Nvidia Corp (NVDA)
All eyes remain fixated on Nvidia as the chip maker's stock continues its rollercoaster ride. After last week's selloff, shares were up over 2% in premarket trading on Monday, showing the intense volatility around the name. Investors will be closely watching for any new updates or commentary from the company regarding the impact of the U.S. export restrictions.
Upland Software (UPLD), Costamare Inc. (CMRE), Pam Transportation Services (PTSI)
These three stocks have been identified as potential value buys for June 25th by Yahoo Finance, thanks to their buy rankings and strong value characteristics. Upland Software is a cloud software provider, Costamare is a shipping company, and Pam Transportation Services is a truckload carrier. Value investors may want to keep an eye on these names.
Nike (NKE), Micron Technology (MU)
Earnings reports are due this week from athletic apparel giant Nike and memory chip maker Micron Technology. Both stocks could see increased volatility around their releases as traders digest the latest quarterly results and guidance. Nike is scheduled to report on Thursday, while Micron's report is expected on Friday.
Stock Market Expected Movement
Looking ahead to today's trading session, U.S. stock futures were pointing to gains at the open on Wall Street. Contracts on the S&P 500 and tech-heavy Nasdaq were both up over 0.5% in premarket action, suggesting a potential rebound from Monday's mixed performance.
However, market volatility is likely to remain elevated, with investors keeping a close watch on any new developments around the Nvidia situation, U.S.-China tensions, and the ongoing economic data releases. The Federal Reserve's preferred inflation gauge, the Personal Consumption Expenditures (PCE) index, is due out on Friday and could impact market sentiment heading into the long weekend.
Overall, traders and investors should brace for continued choppiness in the markets, with individual stock moves potentially being amplified by earnings releases and company-specific news catalysts. As always, risk management and a disciplined investment approach will be crucial in navigating the uncertain landscape.
