"Markets are still exploding higher pre-market. For one, markets are waiting for the Federal Reserve's decision later today. "Markets are assigning a nearly 100% probability that the Federal Open Market Committee will approve a second consecutive quarter percentage point, or 25 basis point, reduction in the federal funds rate. The overnight lending benchmark is currently targeted between 4%-4.25%," says CNBC."
"Apple (NASDAQ: AAPL): Ahead of Thursday's Apple earnings, Bank of America just reiterated a buy rating on the tech giant with a $320 price target. "We consider the impact of Artificial Intelligence (AI) on Apple's revenues, enhancing potential new product offerings (AI augmented eye-wear, in-house AI robots/smart home), while potentially being disruptive in other cases (AI impact on traditional search revenues)," said the firm, as quoted by CNBC."
"Nvidia (NASDAQ: NVDA): Just yesterday, Nvidia said it expects to $500 billion in AI chip sales. It also took a $1 billion stake in Nokia to develop 6G cellular technology. As a result, Goldman Sachs has a buy rating on NVDA with a price target of $210. Citi has a buy rating with a price target of $210. Bank of America has a buy rating with a price target of $275 from $235."
Markets moved sharply higher pre-market amid widespread expectations that the Federal Reserve will reduce the federal funds rate by 25 basis points, leaving the target range around 4%–4.25%. Nvidia shares jumped after projecting roughly $500 billion in AI chip sales, announcing a partnership with the U.S. Department of Energy to build seven new supercomputers, and taking a $1 billion stake in Nokia to pursue 6G. Analysts reiterated buy ratings across major technology names: Bank of America on Apple with a $320 target, multiple firms on Nvidia with raised targets, Wedbush on Palantir, and Loop Capital on Amazon ahead of earnings.
Read at 24/7 Wall St.
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