Live Nasdaq Composite: Markets Poised for Volatility on Mega Witching Day
Quick Read
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Today marks the largest quarterly options expiration in history at $7.1 trillion across stocks, ETFs and indexes.
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Truist raised its Nvidia price target to $275 while Bernstein called the stock’s valuation compelling.
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Google and Palo Alto Networks expanded their partnership in Google Cloud’s largest security services deal ever.
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Big Tech Moves
Wedbush refreshed its targets on two Big Tech stocks, sticking with “outperform” ratings on both. The firm lifted its price target on Alphabet’s Google (Nasdaq: GOOGL) by $30 to $350 per share, while trimming its Meta Platforms (Nasdaq: META) price target by $40 to $880 per share.
The markets are holding their gains, with the Nasdaq Composite now up by 1%.
Bullish on TSLA
Truist analysts have issued a note on Tesla (Nasdaq: TSLA | TSLA Price Prediction) stock, lifting the price target to $444 per share with a “hold” rating. Tesla has retreated from its all-time high of nearly $500 per share.
Meanwhile, analysts at Deutsche Bank are more bullish, raising their price target on Tesla shares to $500.
Wall Street Analyst Moves
UBS analysts have reemphasized their “buy” rating on FedEx (NYSE: FDX) stock.
Deutsche Bank has reiterated its “buy” rating on Tesla (Nasdaq: TSLA) stock with a $500 price target, up from $470 previously on bullish EV deliveries.
Goldman Sachs is maintaining a “buy” rating on Nike (NYSE: NKE) but has worries after the company’s most recent quarterly earnings report amid a corporate recovery. NKE shares are plummeting by 10% today.
This article will be updated throughout the day, so check back often for more daily updates.
The markets are seeing early gains as AI names attempt one last push in the final stretch of the year, with Nvidia (Nasdaq: NVDA) and Broadcom (Nasdaq: AVGO) both gaining ground. All three of the major stock market averages are in rally mode after yesterday’s tamer than anticipated inflation data. Oracle (Nasdaq: ORCL) is out to recapture lost ground, rallying 5% on reports the company is joining an investor cohort involving the U.S. arm of TikTok.
Citigroup strategists highlight today’s expiration of roughly $7.1 trillion in stock, ETF and index options today as the biggest quarterly witching day in history. These stars have aligned for derivatives to mature alongside one another, typically sparking volatility amid position rollovers. Citi pros note that actual swings are often less severe than feared.
Here’s a look at where things stand as of morning trading:
Dow Jones Industrial Average: 48,159.92 Up 208.07 (+0.43%)
Nasdaq Composite: 23,165.33 Up 155.96 (+0.66%)
S&P 500: 6,810.76 Up 36.38 (+0.54%)
Tech Talk
Wall Street firm Truist Securities has lifted its price target on AI chip leader Nvidia by $20 to $275 per share. Separately, Bernstein analysts believe NVDA stock valuation is compelling, tossing around themes like “cheap.”
According to a Reuters report, Google (Nasdaq: GOOGL) and Palo Alto Networks (Nasdaq: PANW) have bolstered their partnership in what’s being billed as Google Cloud’s biggest security services deal ever, with Palo Alto poised to pour billions of dollars into the venture over the coming years.
Meta Platforms (Nasdaq: META) is up 13.4% year-to-date; Apple (Nasdaq: AAPL), with a market cap of $4 trillion, has gained 8.5% YTD; Amazon (Nasdaq: AMZN) stock has gained a mere 3.4% YTD.
Gerelyn Terzo is the author of dividend investing handbook "Dividend Investing Strategies: How to Have Your Cake & Eat It Too." A veteran financial journalist, she covers agri-finance for outlets like Global AgInvesting and the broader stock market and personal finance for 24/7 Wall Street. She began at CNBC and later helped launch Fox Business in New York. Gerelyn currently resides in Woodland Park, Colorado and dabbles in nature photography as a hobby.
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