Latest news with #ChristopherHarvey
Forbes
22-07-2025
- Business
- Forbes
Forbes Daily: Stock Markets Stay Hot Amid Confidence In The S&P 500
Stocks are riding high on earnings and AI, a stark shift from this spring's tariff-induced chaos. Both the S&P 500 and Nasdaq reached intraday records Monday, before reducing the gains slightly, buoyed by increases among the 'Magnificent Seven.' Analysts expect the marquee S&P to gain an additional 5.4% by the end of the year, according to FactSet. Wells Fargo Securities' chief U.S. equity strategist Christopher Harvey is particularly bullish, even with President Donald Trump's continued tariff threats, predicting an 11% increase over Friday's closing price. 'The S&P is not the same as it was 25 years ago,' Harvey told Bloomberg. 'It is much stronger, the fundamentals are much better today than they were back then.' The release includes more than 240,000 pages of the FBI's surveillance of the civil rights leader, which had been under seal for decades. AP File Photo The Justice Department and U.S. intelligence officials on Monday unveiled records detailing the FBI's surveillance of civil rights leader Martin Luther King Jr., years ahead of their originally scheduled release. King's living children said in a statement that the release, which contains more than 240,000 pages of documents, should be 'viewed within their full historical context,' adding that their father was 'relentlessly targeted' by an FBI surveillance campaign. Critics of President Donald Trump have claimed that the release is an effort to divert attention from the Jeffrey Epstein controversy. Shipping billionaire John Fredriksen is the latest super-wealthy resident to announce plans to leave the United Kingdom, and is reportedly selling his 300-year-old Georgian manor in London, one of Britain's most expensive houses. A recent Henley & Partners report found that Britain is losing millionaires and billionaires faster than any other of the world's wealthiest countries, likely due to tax reforms. Fredriksen said he would relocate to the United Arab Emirates. This is a published version of the Forbes Daily newsletter, you can sign-up to get Forbes Daily in your inbox here. Former Astronomer CEO Andy Byron was caught on a "kiss cam" at a Coldplay concert with a company employee who is not his wife. Photo byInterim CEO of tech startup Astronomer Pete DeJoy made his first public comments in the wake of the now-viral scandal that resulted in the resignation of former chief executive Andy Byron. DeJoy said Astronomer is 'now a household name,' after Byron was caught on a 'kiss cam' at a Coldplay concert embracing Kristin Cabot, Astronomer's chief people officer, who is not his wife. MONEY + POLITICS The Pentagon will withdraw hundreds of remaining Marines sent to Los Angeles in the wake of anti-ICE protests, ending their controversial deployment, a spokesperson confirmed to Forbes . The Pentagon already pulled back about 2,000 of the 4,000 National Guardsmen that had been deployed in June, a move that resulted in pushback and a lawsuit from California leaders. SPORTS + ENTERTAINMENT People participate in a protest outside the Ed Sullivan Theater in New York City on Monday. Photo by CHARLY TRIBALLEAU/AFP via Getty Images Stephen Colbert addressed the cancellation of The Late Show in his monologue Monday night, where he repeatedly attacked President Donald Trump and vowed that 'the gloves are off.' In a public display of support for their colleague, other prominent late-night hosts appeared during the broadcast, with Last Week Tonight's John Oliver, The Tonight Show's Jimmy Fallon, Late Night's Seth Meyers and The Daily Show's Jon Stewart all shown sitting in the audience. TRENDS + EXPLAINERS President Donald Trump's move to sue the Wall Street Journal and News Corp founder Rupert Murdoch over its story about a 'bawdy' letter Trump allegedly sent Jeffrey Epstein could ultimately backfire. If the $10 billion suit goes to discovery, the publication will likely seek information from Trump about his relationship with the disgraced financier, which could include any communications Trump had with Epstein or records detailing their friendship, one expert told Forbes . MORE: The scrutiny over the president's relationship with the convicted sex offender has brought renewed interest in the Epstein case, giving a boost to books, podcasts and documentaries about the scandal. Views of Netflix's 2020 docuseries Jeffrey Epstein: Filthy Rich spiked 268% in recent weeks, and seven of the 24 most-listened-to podcast episodes on Apple Monday touched on the latest drama. DAILY COVER STORY Why JPMorgan Is Hitting Fintechs With Stunning New Fees For Data Access Jamie Dimon Photo byJPMorgan Chase, the biggest bank in America, has been angry for years about being forced to hand over customer data to fintech companies for free. Now its billionaire CEO Jamie Dimon seems to be capitalizing on a moment of deregulation to slap fintechs with new fees. It's a big escalation in the ongoing battle between financial services incumbents and challenger fintechs. Since the start of the fintech industry, upstarts have needed access to consumers' bank data to perform basic functions like transferring money and making budgeting recommendations. Data aggregators like Plaid and MX make software that bridges bank-to-fintech connections and charge the fintechs for the service. Big banks, including JPMorgan Chase, have long given these firms access to consumer data for free. A Consumer Financial Protection Bureau rule finalized last fall under President Joe Biden prohibits banks from charging for consumer data and was set to go into effect in 2026. But in May 2025, amid the Trump Administration's crusade to reduce regulations, the CFPB said it plans to repeal the open banking rule. Now JPMorgan Chase is essentially telling aggregators: You've built a nice business off of our data—now give us our cut. Details on the fees remain hazy, but the prices are steepest for payments-related data transfers and would require leading aggregator Plaid to pay an estimated $300 million a year in new fees, according to a person briefed on the pricing sheet. That's more than 75% of Plaid's 2024 revenue. WHY IT MATTERS 'Many experts believe it's fair for JPMorgan Chase to charge something for data access,' says Forbes senior editor Jeff Kauflin. 'The data feed has cost the bank money to set up and maintain securely, but the size of those costs remain a mystery, as does its method for coming up with the fees' eye-watering prices. If the fees don't come down, they could make popular features uneconomical for fintechs to offer and leave consumers worse off, fintech executives believe.' MORE Plaid Raises $575 Million In Funding At $6.1 Billion Valuation FACTS + COMMENTS For the second weekend in a row, Superman soared at the box office, turning the film into a much-needed hit for the stagnating DC Universe brand and Warner Bros. Meanwhile, this past weekend's new releases failed to capture large audiences: Over $400 million: Superman's box office total worldwide, per estimates $225 million: The film's estimated budget, according to the Wall Street Journal June 2026: The estimated release date for Supergirl , the next major installment in director James Gunn and co-DC Studios head Peter Safran's extended universe STRATEGY + SUCCESS Many workers are too anxious to take all of their allotted time off, but you shouldn't give up the time you've rightfully earned. Create a plan at the beginning of the year to use all of your vacation days—even if it's just for a 'staycation' or time to focus on your personal life. While you don't need to submit all of your requests at once, scheduling in advance will help you be intentional about how you want to spend the time. VIDEO For the past few weeks, millions of TikTok users have viewed videos that feature audio from one British airline's years-old advertising campaign. Which carrier is it? A. Virgin Atlantic B. British Airways C. Jet2 D. EasyJet Check your answer. Thanks for reading! This edition of Forbes Daily was edited by Sarah Whitmire and Chris Dobstaff.
Forbes
21-07-2025
- Business
- Forbes
Stocks At Record Highs: How Much Higher Could They Go In 2025?
Anticipated earnings reports from the world's largest stocks boosted the S&P 500 and Nasdaq to new all-time highs Monday, marking the latest records for both indexes in recent weeks, though one analyst warned investor optimism might be short-lived as others say AI firms could propel the rally even more. One analyst warned of 'intense investor FOMO' as stocks exploited 'continued good news.' AFP via Getty Images The S&P increased by more than 0.6% on Monday afternoon to a record intraday high of 6,336, while the Nasdaq rose up to nearly 0.8% to an intraday record of 21,077 before both indexes pared gains back slightly. Both indexes benefitted from increases among the 'Magnificent Seven,' including Alphabet (up 2.3%), Amazon (1.2%) and Apple (1%), adding to other rallying stocks like Verizon (4.8%), Qualcomm (3%) and Broadcom (1.8%). Goldman Sachs wrote in a note earlier this month the S&P will likely increase another 4% to about 6,600 by the end of the year, just above a 2.5% rally to 6,500 forecast by Morgan Stanley analysts, while other economists for JPMorgan Chase anticipate the index dropping about 5.3% to around 6,000. Wells Fargo Securities' chief U.S. equity strategist Christopher Harvey gave one of the most bullish forecasts in an interview with Bloomberg, claiming he sees the S&P ending the year at 7,007—an 11% increase over Friday's closing price just below 6,300 amid a 'real secular trend in AI that will continue.' Julian Emanuel, chief equity strategist at Evercore ISI, offered a lower forecast in a note over the weekend: The S&P will likely decline up to 15% in the coming months and end the year near 5,600. A recent bull market featured a 'period of intense investor FOMO,' Emanuel wrote, arguing stocks have 'overdiscounted the potential for continued good news' as any upcoming 'good news on the tariff front' and positive economic data, like better-than-expected retail sales, has already influenced stock prices. 5.4%. That's the consensus estimate for how much analysts expect the S&P to grow by the end of the year, according to FactSet, bringing the index to 6,678. Crucial Quote 'The S&P is not the same as it was 25 years ago,' Harvey said. 'It is much stronger, the fundamentals are much better today than they were back then.' Stocks under the index—including 'Magnificent Seven' members Nvidia, Microsoft, Amazon, Apple and Meta—are 'more growthy, more techy' and have improved productivity and management, Harvey noted, arguing tech stocks will continue to boost the index as more companies report Q2 earnings. Harvey said he expects stocks to sustain President Donald Trump's continued tariff threats, as Trump will likely pull back on his harsher ideas: 'We had seen Trump 1.0,' he said, 'We know his style—it's to go out to the nth degree and then to come back in.' Contra The expected 12-month price-to-earnings ratio for the S&P is 22.2, above a five-year average of 19.9 and a 10-year average of 18.4, according to FactSet. The ratio—dividing a company's stock price by its earnings per share—is a signal of investor optimism as they pay more for a company's stock while expecting more profits. The average ratio ranges from 16 to 20, according to Charles Schwab, meaning a ratio of 22.2 implies stock may be slightly overvalued by investors. Alphabet and Tesla will be the first of the 'Magnificent Seven' to release Q2 earnings reports, with both companies reporting after the bell Wednesday. Alphabet is expected to report revenue just over $93.9 billion, while analysts forecast $22.4 billion in revenue for Tesla, according to a Dow Jones consensus. The 'Magnificent Seven' are expected to complement higher-than-expected earnings reports by companies listed under the S&P in recent weeks: 83% of firms to release Q2 earnings as of Friday reported earnings nearly 8% above estimates. 'Magnificent Seven' firms will likely post earnings growth of 14% through the second quarter, while the remaining 493 companies under the S&P will report growth of just 3.5%, according to FactSet. Tangent Shares of Tesla and Nvidia lagged behind other 'Magnificent Seven' stocks Monday, decreasing by 0.3% and 0.1%, respectively, as of around 3:10 p.m. EDT. Key Background The S&P and Nasdaq have risen to record highs in recent months in the wake of Trump's wide-reaching tariffs pulling down both indexes. The indexes have benefited from the growth of AI-backed companies like Nvidia, which rose to a record-high share price earlier this month while becoming the first firm to hit a $4 trillion market cap. Broader investor optimism appeared to be sustained by recent economic data, including second-quarter earnings, retail sales and jobless claims, each of which surpassed analyst expectations. Consumer confidence also rose to a five-month high in July as spenders expressed less worry about inflation, despite inflation jumping above estimates to 2.7% in June. Further Reading Forbes S&P 500 Hits New Record High As Stocks Boosted By Better-Than-Expected Earnings, Retail Sales And Jobless Claims By Ty Roush Forbes Consumer Confidence Hits 5-Month High Despite Rising Inflation By Ty Roush
Bloomberg
21-07-2025
- Business
- Bloomberg
S&P 500 Set for Double-Digit Gain on Big Tech, Wells Fargo's Equity Strategist Says
The S&P 500 Index is looking at a double-digit increase in the second half of the year, powered by the resilient strength of America's technology behemoths, according to Wells Fargo Securities LLC's Christopher Harvey. The bank's chief US equity strategist is Wall Street's biggest bull, with a year-end price target on the S&P 500 of 7,007, set in December. He's sticking to his call, implying an 11% gain from Friday's closing price of 6,296.79. His view is that Big Tech companies, which have been instrumental in the equity gauge's 27% surge since its April low, will keep the stock market soaring regardless of President Donald Trump's ever-changing trade policies.
Yahoo
24-05-2025
- Business
- Yahoo
‘Stay Invested': Wells Fargo Suggests 2 Stocks to Ride the Market Recovery
After a bruising spring that saw the stock market tumble under the weight of sweeping tariffs, stocks have mounted an impressive comeback. Since hitting a low on April 8, the S&P 500 has surged 17%, lifted by a temporary U.S.-China tariff truce and a powerful rally in mega-cap tech stocks, which have helped restore investor confidence. Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter However, underlying risks remain. Elevated Treasury yields, concerns over the U.S. fiscal deficit, and the potential for renewed trade tensions could pose challenges to the sustainability of this rally. Even so, Wells Fargo strategist Christopher Harvey is urging investors to stay the course. A consistent bull, Harvey hasn't wavered on his bold outlook – he's still targeting the S&P 500 at 7,007, a move that would add another 20% to today's gains. 'We felt [2H25] was always going to be much better,' Harvey said, referring to his prediction. 'We thought that tariffs were a negotiating ploy, which turns out mainly to be true. We thought the underlying economy and the strength of the consumer, while not pristine or stellar, were still solid.' The stock analysts at Wells Fargo are running with Harvey's bullish theory, and are picking stocks to ride a market recovery. We've used the TipRanks platform to pull up the broader Wall Street picture on two of the Wells Fargo picks; both have Buy ratings and double-digit upside potential. Here's a closer look at them. Blueprint Medicines (BPMC) The first Wells Fargo pick we'll look at is Blueprint Medicines, a biopharmaceutical company operating at both the commercial and clinical stages. Blueprint's work focuses on the invention of new medicines with life-changing potential for patients suffering from severe diseases. The company's medication portfolio is geared toward two fields – allergy/inflammation and oncology/hematology – each of which features large numbers of conditions with high unmet medical needs. On the commercial side, Blueprint is the maker of avapritinib, which was approved by the FDA in 2020 for the treatment gastrointestinal stromal tumor (GIST) that is not suitable for surgical treatment and then in 2023 for the treatment of indolent systemic mastocytosis (ISM). Avapritinib is marketed under the brand names Ayvakit and Ayvakyt. Currently, product sales of avapritinib make up Blueprint's revenue stream. For the first quarter of this year, Blueprint's product revenue came to $149.4 million, up 55% year-over-year – although it was $7.49 million below expectations. This figure included $129.4 million in US sales, and $20 million outside of the US. The company has raised its revenue guidance for this medication, and expects to bring in between $700 million and $720 million in global net product revenue from avapritinib (Ayvakit) in the full-year 2025. We should note that, along with the strong revenue growth, Blueprint saw a profit in 1Q25; the 1-cent EPS was 47 cents per share better than had been forecast. Looking at the company's pipeline, we find that most of Blueprint's drug candidate programs are at early stages of development. The exception is elenestinib, which is the subject of the ongoing Phase 2/3 HARBOR study in the treatment of indolent systemic mastocytosis. In addition, Blueprint has initiated two proof-of-concept studies of BLU-808, a drug candidate described as 'a highly selective and potent investigational oral wild-type KIT inhibitor' and under investigation for the treatment of mast cell disorders. While Blueprint has an active pipeline, it was the company's commercial potential that drew attention from Wells Fargo analyst Derek Archila. Archila notes an interesting catalyst on the horizon for Blueprint, namely that a competitor with a drug candidate that could compete with Ayvakit may soon report clinical trial data. Explaining this situation, Archila writes, 'We believe there is a high probability BPMC shares trade up +5-20% on COGT's bezuclastinib SUMMIT data in July, and view it as a clearing event. Why are COGT's bezu SUMMIT data important? COGT's bezu is also being developed in ISM, Ayvakit's largest mkt oppty, for which they have guided to ~$2B+ in revs by 2030. As a competitor, bezu could capture share and thus far its data updates have shown it is very active in ISM from its Part 1B trial with its reformulated version, though its safety profile remains a concern. For BPMC, COGT's SUMMIT trial has been a modest overhang, so we think getting through this event should be a clearing event.' For Archila, Blueprint is worth buying, and he puts an Overweight (i.e., Buy) rating on the stock. His $143 price target implies that BPMC will gain 42.5% in the next 12 months. (To watch Archila's track record, click here) This stock has 15 recent analyst reviews, breaking down to 11 Buys and 4 Holds for a Moderate Buy consensus rating. The shares are priced at $100.34 and their $125.50 average target price points toward a one-year upside potential of 25%. (See BPMC stock forecast) Cisco Systems (CSCO) From biotech we'll shift to networking tech, where Cisco is a global leader. The company is known for its varied product lines that bring the latest technology to life in networking, connectivity, and even AI applications. Cisco's technology hardware portfolio has found use in a wide range of industries, providing safe and secure collaboration, cloud management, networking, and security features. These varied product lines offer solutions to the tech issues that Cisco's customers face – in fields such as government and financial services, education, retail, and healthcare, and in hard industrial areas like the oil and gas industry, mining, and utilities. Cisco has been around since 1984, and today is one of Silicon Valley's major names. The company continues to innovate, keeping its products and services relevant to the changing tech environment. Prominent among Cisco's more recent developments are its AI-capable products, including Agile Services Networking, which simplifies network architecture while providing the flexibility that AI needs in order to operate, and the company's hypershield security, which is purpose-designed to defend the large-scale data centers that make up the physical support for AI technology. On the financial side, Cisco's last reported quarter – fiscal 3Q25 – showed some solid results. The company's quarterly revenue, of $14.1 billion, was up 11% year-over-year and came in $90 million better than had been anticipated. At the bottom line, Cisco's 96-cent non-GAAP EPS was 4 cents per share ahead of the forecast. Within these results, Cisco reported that its product orders, across all of its relevant geographical and customer markets, were up 20% year-over-year. The company's AI infrastructure showed particularly strong results – AI-relevant orders from webscale customers were more than $600 million, and passed the company's target of $1 billion one quarter ahead of expectations. Cisco's results fully supported the company's dividend, which was declared on May 14 at a rate of 41 cents per common share. At this rate, the dividend annualizes to $1.64 per share and gives a forward yield of 2.6%. The dividend is scheduled for payment on July 23. Covering this stock for Wells Fargo, 5-star analyst Aaron Rakers starts by noting Cisco's success with AI tech and goes on from there. He writes, 'Our OW rating reflects: 1. Ongoing/accelerating AI order momentum, surpassing $1B+ cum order target for FY25 exiting F3Q25; expected cont'd AI diversification – e.g., large scale sovereign AI opportunities, & LT traditional enterprise adoption. 2. Capitalize on a broadening enterprise campus/branch networking upgrade cycle. 3. Sustainable 30%+ non-GAAP Op. margins with strong & consistent FCF supporting capital return (divs + share buyback); 4. Expanding recurring subscription rev contributions.' Outlining his positive stance, Rakers, who ranks amongst the top 1% of Street stock experts, adds a bullish outlook: 'With increasing confidence in a normalizing order growth recovery, we see Cisco as presenting a continued EPS upside + value rerate story… We think increasing confidence in a return to sustained growth + AI traction should support a 16-18x NTM P/E.' Along with that Overweight (i.e., Buy) rating, Rakers puts a $75 price target on CSCO shares, suggesting a one-year gain of 18% for the stock. (To watch Rakers' track record, click here) This venerable tech company has a Moderate Buy consensus rating from the Street's analysts, based on 16 recommendations that include 9 to Buy and 7 to Hold. Cisco's stock is priced at $63.36 and its $70.77 average price target implies an upside of 12% for the year ahead. (See CSCO stock forecast) To find good ideas for stocks trading at attractive valuations, visit TipRanks' Best Stocks to Buy, a tool that unites all of TipRanks' equity insights. Disclaimer: The opinions expressed in this article are solely those of the featured analysts. The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment. Disclaimer & DisclosureReport an Issue
Yahoo
15-05-2025
- Business
- Yahoo
Wall Street's biggest bull held his nerve throughout this year's selloff. What he's saying now.
Throughout the tumultuous trading months of this year, Christopher Harvey has never flinched when it came to his Wall Street-topping S&P 500 SPX target of 7,007. 'I was asked many times if I was going to change [the target] and the answer was always, 'No change,'' Harvey told MarketWatch in an interview on Tuesday. My wife and I paid off my stepdaughter's $415K mortgage in exchange for her house, but it's now worth $310K. Should we sue? The retail buy-the-dip move paid off. What that crowd of investors is doing now, according to JPMorgan. Why Friday's options expiration could send this historic stock-market rally skidding to a halt My second wife says her 2 kids should inherit our estate, but I also have 2 kids. Is that fair? My husband and I spend more money on our daughter and her family than on my single son. Do we compensate him? 'We felt the second half [of 2025] was always going to be much better. We thought that tariffs were a negotiating ploy, which turns out mainly to be true. We thought the underlying economy and the strength of the consumer, while not pristine or stellar, were still solid,' said Harvey, head of equity strategy at Wells Fargo Securities. The S&P 500 has rapidly recovered, after nearly falling into bear-market territory to turn slightly positive for the year, but it still needs a 19% gain from here to reach Harvey's goal. He's had some past wins, with the index's 2024 finish of 5,881 not far off the 5,830 he expected. He said the firm also correctly forecast a melt up in 2021 and selloff in 2022, though the latter ended up bigger than they thought. As for his current goal? 'It's still a very healthy target. We still expect double-digit upside,' he said. One path to his lofty target would be from Fed interest-rate cuts, he said, noting the firm has consistently expected two or three would come later this year. 'What we're seeing is inflation expectations are coming down,' he said. 'Some of our research is also indicating to us that corporations are not elevating prices the way the narrative is being portrayed. To that effect, price increases are quite modest.' As consumers have been 'very value oriented,' if prices do rise, they will either 'substitute out or they're going to change the way the basket looks. So it's not actually clear to me we'll realize some of these price increases,' he said. Also baked into Harvey's S&P 500 forecast was resolution or progress on trade talks, which has started to come after deals struck with the U.K. and China. 'And when you resolve that or provide a clarity, that would provide a path for the Fed to start easing,' he said. Harvey expects uncertainty over trade talks will linger, but believes the 90-day U.S.-China tariff pause could speed up other deals. 'I think it puts pressure on many nations, especially allies, to start to come to the table and produce more fruitful conversations.' And now that investors have signs of trade progress, 'we can now start getting back to the fundamentals and moving away from a lot of the macro overhang, which was clouding the picture.' 'The underlying fundamentals as we look at them over the next 6, 12, 18 months, we think are very constructive related to the secular trade in AI, due to the change in the regulatory environment and expected M&A activity over the next 12 to 18 months,' he said. Harvey says the AI trade, which was plagued by doubts coming into 2025 over whether investments would pay off, is 'quite robust.' Read: Nvidia surpasses $3 trillion market cap on hopes for U.S. chip deal with Saudi Arabia He said investors should remember that AI is very different from the internet boom of the late 1990s, when the 'telco build-out was funded by highly levered companies that needed to tap the credit market' to fund it. Fast forward and 'some of the best and brightest are funding the capex build out' of AI, as the realization and commercialization of that technology is also happening a lot faster. Earlier this month, his team produced a screen of stocks — so-called picks and shovels — whose valuations they view as now closer to that of the broader market . He said their bets are across sectors. Nvidia NVDA, Broadcom AVGO, NextEra Energy NEE, Arista Networks ANET and Marvell Technology MRVL are just a few names on that screen. Harvey said the crisis seen for markets this year resembles that of the pandemic, both caused by exogenous shocks. But for both 'the underlying economy and underlying balance sheets were actually in okay shape. Again not crispy, but okay shape,' he said. And that's another big reason why he said the firm stuck to the S&P 500 target. 'We always felt that the fundamentals were solid,' unlike what was seen in past crisis. Harvey concedes it's not a risk-free market. 'We're not out of the woods yet, but we are seeing rates backing up, and there are some calls for interest rates to go higher for various reasons, and that's a concern that's on our radar and could cause a near-term hurdle or a near-term ceiling,' he said. Read: As the Dow and S&P claw back their 2025 losses, they're setting up for an extremely rare comeback victory And: Stocks have climbed out of a big hole. Here's what Goldman Sachs says investors should do next U.S. stocks DJIA SPX COMP have opened higher led by tech, with Treasury yields BX:TMUBMUSD02Y BX:TMUBMUSD10Y steady, and gold GC00 under pressure again as the dollar DXY also falls. Need to Know starts early and is updated until the opening bell, but to get it delivered once to your email box. The emailed version will be sent out at about 7:30 a.m. Eastern. Key asset performance Last 5d 1m YTD 1y S&P 500 5886.55 4.99% 9.08% 0.08% 12.20% Nasdaq Composite 19,010.08 7.46% 13.00% -1.56% 15.13% 10-year Treasury 4.478 20.40 19.60 -9.80 13.40 Gold 3233.2 -6.06% -0.43% 22.50% 36.80% Oil 63.35 7.37% 2.96% -11.85% -19.25% Data: MarketWatch. Treasury yields change expressed in basis points Mobile-app stock and digital-currency company eToro ETOR aims to raise $620 million on the Nasdaq later with a $52-per share debut. Septerna SEPN shares are up 60% on news the biotech will receive up to $2.2 billion from Novo Nordisk NVO as it licenses an oral obesity drug candidate. Super Micro Computer SMCI stock is up 15%. Saudi data group DataVolt reportedly signed a $20 billion deal with Super Micro, which saw a similar gain on Tuesday. The stock got a lift after Nvidia NVDA announced a partnership with Saudi Arabia's state-backed Humain AI firm on Tuesday. Nvidia stock is up another 3%. Tesla's TSLA board is reportedly looking into a new pay deal for CEO Elon Musk. Read: Elon Musk pay talks at Tesla present dilemma given automaker's premium and his controversial profile Cisco Systems CSCO will report after the close. Alibaba's BABA Taobao, Tmall and other China e-commerce platforms are offering steep discounts on Apple's AAPL iPhone 16. Tiny company with China ties announces big purchase of Trump cryptocurrency. DeepSeek's 'tech madman' founder threatening U.S. dominance in AI race. 'We are too focused on wealth and not on happiness.' The legacy of Uruguay's former president and guerrilla warrior José Mujica. Stock-market gains may just be getting started, according to Jason Hunter, head of technical strategy at JPMorgan. The S&P 500 gapped through crucial resistance at 5,750-5,785 — that is, it opened much higher from the previous close in this case with little activity in between — after the U.S.-China trade deescalation, he said. That zone included the 3% threshold above the SPDR S&P 500 ETF Trust's SPY volume weighted average price shown in his chart. 'Each time the market closed above that threshold after a correction or bear market period since the mid-1990s, the index saw a continuation of the rally in the weeks and even months ahead,' said Hunter. These were the top searched stock-market tickers on MarketWatch as of 6 a.m.: Ticker Security name TSLA Tesla NVDA Nvidia GME GameStop PLTR Palantir SMCI Super Micro Computer AAPL Apple TSM Taiwan Semiconductor Manufacturing UNH UnitedHealth AMZN Amazon AMD Advanced Micro Devices Buried deep under Greenland ice — a U.S. Cold War nuke base. Watch party. Hundreds of rattlesnakes emerging from a secret den. The Pope is apparently a lousy tipper. No more nudes. Cannes Film Festival lays down the red-carpet law. I have $50,000 in credit-card debt after my divorce, but received $30,000 after a car wreck. Do I buy a used Lexus? Wall Street's biggest bull held his nerve throughout this year's selloff. What he's saying now. 'I am scared to death that I'll run out of money': My wife and I are in our 50s and have $4.4 million. Can we retire early? These $5,000 bonds can help you fix a stock-heavy portfolio Wall Street's fear gauge just dropped with striking speed. What historically comes next for stocks? Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
