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An Hour Ago
CNBC Pro: Top tech investor Paul Meeks says he’d buy these tech stocks once the dip runs its course
Tech investor Paul Meeks said he’s looking to buy into the weakness surrounding tech stocks — once the correction has run its course.
The S&P 500 has rallied hard for most of this year on the strength of tech stocks. But in August, the Wall Street index fell 1.8%, snapping a five-month winning streak. The tech-heavy Nasdaq Composite fell more than 2%.
He names nine tech stocks — including his favorite mega-cap U.S. tech stock — as well as some smaller, “contrarian” picks.
CNBC Pro subscribers can read more here.
— Weizhen Tan
14 Hours Ago
Fed officials feeling less urgency for another rate hike, WSJ report says
Federal Reserve officials are growing less certain about the need for more interest rate hikes, marking a significant shift in their inflation-fighting policy, according to a Wall Street Journal report.
The central bank’s rate-setting Federal Open Market Committee is still likely to pass on an increase at its meeting next week while indicating that one more move is likely before the end of the year.
However, as inflation data has improved, the willingness of committee members to do too much to fight inflation as opposed to too little is beginning to shift, the report states. In recent statements, a number of officials say the balance of risks has shifted and they are now feeling less urgency to tighten.
Market pricing points to a 44.6% chance of a final rate hike at the November meeting, according to CME Group data.
—Jeff Cox
An Hour Ago
CNBC Pro: Apple bear says he’s not shorting the stock just yet despite China concerns. Here’s why
Apple shares fell sharply last week on reports that China is restricting government employees from using iPhones and other Apple devices for work purposes.
Itau BBA analyst Thiago Kapulskis, an Apple bear, said in a note to clients that China concerns were proving to be a catalyst that could bring down Apple’s “hard-to-understand valuation” to more reasonable levels.
However, Kapulskis said he was holding off on shorting the stock for now.
CNBC Pro subscribers can find out why.
— Ganesh Rao
15 Hours Ago
Morgan Stanley’s Adam Jonas upgrades Tesla over autonomous driving leap
Morgan Stanley Adam Jonas and top auto analyst is convinced Tesla’s autonomous driving supercomputer is the next catalyst for massive growth.
The analyst upgraded Tesla stock to overweight from equal weight in a Sunday note, and now forecasts more than 60% upside. Jonas says the company’s supercomputer project, Dojo, could add as much as $500 billion in company value as Tesla continues its own vertical integration.
The bank also made Tesla one of its top picks.
Tesla stock is up nearly 6% in premarket trading.
PRO subscribers can read the full story on the call here.
— Brian Evans
An Hour Ago
CNBC Pro: HSBC names its ‘must see stocks’ in the UK with substantial upside
British bank HSBC has revealed a bucket list of “must see stocks,” in the U.K. regardless of how market conditions pan out over the rest of the year.
The stocks were selected based on factors such as price, growth prospects and value.
CNBC Pro subscribers can read more here.
— Amala Balakrishner
10 Hours Ago
Chip funds fall despite Qualcomm rally
10 Hours Ago
Consumer discretionary stocks give S&P 500 upward momentum
Outperformance among consumer discretionary stocks in the S&P 500 helped the broad index take a leg higher in Monday morning trading.
The S&P 500 sector gained 1.9%, while the index as a whole rose 0.4%. It was the best performing sector of the 11 that make up the index, with materials and communication services following at 0.9% and 0.8%, respectively.
Just three of the 11 sectors traded down in Monday’s session. Industrials and information technology each slid 0.2%, while energy shed 0.1%.
Tesla led the consumer discretionary sector higher with a gain of nearly 7%. PulteGroup and Amazon were the next best performers, with both up more than 2%.
— Alex Harring
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