Wall Street continues its upward trajectory, with stocks opening higher this morning as the S&P 500 and Nasdaq aim for their fourth consecutive session of gains. Investors are keenly observing developments that may influence the Federal Reserve’s interest rate decisions in the upcoming month. It’s essential to note that the stock market will be closed on Thursday for Thanksgiving, with trading set to resume on Black Friday, albeit with an early close at 1 p.m. ET.
In the tech sector, Nvidia’s stock saw a nearly 2% increase today, bouncing back from nearly three-month lows experienced yesterday, spurred by reports of Meta Platforms potentially opting for Google chips. Financial expert Jim Cramer labeled the recent selloff as misguided, urging investors to maintain their positions in Nvidia.
Meanwhile, Goldman Sachs has revised its price target for Broadcom, raising it to $435 from $380 in anticipation of next month’s earnings report. Analysts have retained a buy rating, flagging ongoing growth in AI revenue as a driving factor. Cramer highlighted that Meta’s consideration of Google chips could positively impact Broadcom, a key player in the chip design market.
Dell Technologies witnessed a surge of over 5% in its shares despite missing quarterly revenue expectations. The company projected a more favorable outlook for the current quarter, attributing this to rising AI sales.
HP Inc., on the other hand, issued lower-than-anticipated earnings projections for the upcoming year, which weighed on its stock, resulting in a more than 2% drop despite surpassing expectations in its fiscal fourth quarter.
Heavy equipment manufacturer Deere saw a 5% decrease in its shares following a full-year net income forecast for 2026 that fell short of estimates. Although the company reported solid fiscal fourth-quarter earnings and revenue, it indicated that next year may represent the low point in the large agriculture cycle.
In contrast, Urban Outfitters saw a remarkable 16% jump in its stock price after posting third-quarter earnings and revenue that exceeded expectations. The company’s namesake brand experienced a same-store sales growth of 12.5%, while Anthropologie also posted strong results, though Free People did not meet expectations.
The Mortgage Bankers Association reported that total mortgage application volume remained almost flat last week, with purchase loans increasing by 8% while refinances declined by 6%. A slight uptick in mortgage rates last week appeared insufficient to motivate potential borrowers, leading to indications of a drop in home loans for the current week.
In the software arena, Workday shares dropped 6% following a lackluster forward guidance despite a strong third-quarter earnings report that matched revenue expectations. Although the company noted a 17% increase in its total subscription revenue backlog to $25.96 billion, this figure fell short of estimates.
Lastly, JPMorgan advised investors to consider buying the post-earnings dip in Amazon stock, which currently sits about 10% below its November highs. Analysts believe the recent weakness is unwarranted after a quarter that yielded clarity regarding Amazon Web Services. Anticipation is building for next week’s AWS re:Invent event in Las Vegas, where updates on Amazon’s custom chips and its cloud strategy are expected.
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