The Nasdaq and S&P 500 climbed into the weekend, adding a third straight weekly advance for both stock market indexes. The put the Nasdaq ahead more than 5% for September as it works on its sixth consecutive monthly gain. The S&P 500 has added 3% for September, as it leans toward a fifth straight up month.
With more than enough breakout-ready stocks to watch, investors will not need news or earnings to keep busy in the coming week. But Micron Technology (MU), Costco Wholesale (COST) and KBHome (KBH) are among the reports that could provide important guidance for their industries. And if the week’s economic news gives investors a whiff of improved rate-hike odds, markets could well respond.
Stocks To Watch: Five Leaders Near Buy Points
The stock market rally is at record highs with the critical Fed meeting now in the rearview mirror. It’s a time to be heavily invested, although a lot of leaders are significantly extended. Spotify (SPOT), Millrose Properties (MRP), Vistra (VST), Nvidia (NVDA) and Howmet Aerospace (HWM) are five stocks near buy points from a variety of industry groups. Spotify and Howmet already flashed early entries and are now just below traditional breakouts. Vistra, sitting on a 52% gain this year, has been testing a buy point. Recent spinoff Millrose is holding tight, not pulling back like some other housing plays. Nvidia, up 31% since January, is setting up amid big U.S.-China geopolitical issues.
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Stock Market Econ: Scouring The Rate-Cut Pipeline
The Federal Reserve’s primary inflation gauge headlines the coming week’s economic releases as Wall Street stays focused on the outlook for further rate cuts. The core PCE price index, released with the Bureau of Economic Analysis personal income and outlays report, comes out Friday. Economists expect a modest 0.22% increase, which would lift the 12-month core inflation rate to 3% from 2.9%, according to FactSet. Suspense is low since most inputs are released with the CPI and PPI. Meanwhile, economists expect personal consumption expenditures to rise 0.4% and personal income to grow 0.3%. slew of other econ news is also due, led by August existing home sales on Tuesday.
Fed Signals More Cuts, But Powell Says Don’t Be Too Sure
Semiconductors: Micron Ready For An EPS Leap
Memory-chip leader Micron Technology will report its fiscal fourth-quarter results late Tuesday. Shares have bolted 37% higher in September, climbing above the stock’s June 2024 record high. Analysts predict Micron will earn an adjusted $2.79 a share, up 136% from the same quarter last year. Micron’s sales are seen advancing 44% to $11.13 billion. For its fiscal first quarter, Wall Street predicts Micron earnings of $3.01 a share, up 68%, on sales of $11.84 billion, up 36%. The Boise, Idaho-based company is seeing robust sales of high-bandwidth memory (HBM) products for data centers running artificial intelligence applications. The stock sits on a year-to-date gain of 94%.
Micron Rips Higher Ahead Of Earnings, Helped By Booming AI Demand
Earnings And Charts To Watch
As earnings season chugs toward its finish, a handful of healthy stocks are due to report. Among those, AutoZone (AZO) and TD Synnex (SNX) are pulled back from highs after big run ups. Jabil (JBL) is climbing toward a buy point and Uranium Energy (UEC) rides a runaway advance. Charts for KBHome and Costco Wholesale are testing support.
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