S&P 500 Closes Flat as Push Toward Record Stalls; Nvidia, Microsoft Hit All-Time Highs

Biggest S&P 500 Movers on Wednesday

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Decliners

• Paychex (PAYX) shares dropped 9.4%, losing the most of any S&P 500 stock, after the payroll and human resources services provider reported lower-than-expected sales for its fiscal fourth quarter. Although revenue was up 10% from the year-ago period, the majority of those gains stemmed from the acquisition of human capital management, or HCM, software firm Paycor, which closed in April. Paychex also provided full-year sales and profit guidance that came in below consensus estimates. Shares of fellow HCM software providers Paycom (PAYC), Dayforce (DAY) and Automatic Data Processing (ADP) were all down more than 4%.
• Cereal maker General Mills (GIS) missed fiscal fourth-quarter sales estimates and projected a larger-than-anticipated profit decline in fiscal 2026, and its shares fell 5.1%. A decline in the company’s North America Retail segment weighed on its results. The parent company of Cheerios and Bisquick baking mix anticipates that the uncertain macroeconomic environment will continue to affect consumers. CEO Jeff Harmening said General Mills intends to focus on reinvigorating volume-driven organic sales growth.
• Tesla (TSLA) stock slipped 3.8% after the the European Automobile Manufacturers’ Association reported that the automaker’s new car registrations in the European Union were down more than 40% year-over-year in May. This marked a fifth straight month of declines for Tesla in the region, even as overall battery electric vehicle registrations have consistently moved higher.

Advancers

• Super Micro Computer (SMCI) shares soared 8.8%, logging the top daily performance in the S&P 500. With Wednesday’s gains, the stock clawed back the steep losses posted earlier in the week after the server maker announced a plan to issue $2 billion in convertible notes. Although news of the offering raised concerns about potential share dilution, Supermicro said it would dedicate part of the proceeds to capped call transactions designed to mitigate the dilutionary impact.
• Northern Trust (NTRS) stock advanced 4.8%, extending gains posted earlier this week following news that Bank of New York Mellon (BK) had approached the smaller wealth and asset management firm about a potential merger. Additional reports Wednesday indicated that talks between the two companies have been occurring for months, suggesting that negotiations may be further along than previously believed, although Northern Trust has said that it is committed to remaining independent.
• Shares of AI semiconductor behemoth Nvidia (NVDA) jumped 4.3%, lifting the stock to its highest-ever close and returning the company to the top spot in the list of the world’s most valuable companies by market capitalization. Wednesday’s gains came as Bank of America analysts highlighted Nvidia’s leadership in the AI market, while Loop Capital analysts raised their price target on Nvidia stock, forecasting an oncoming “golden wave” in the adoption of generative AI technology.

–Mike Bromberg

Micron Revenue Surges on Booming AI Demand

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Micron Technology (MU) reported record quarterly revenue as data center sales more than doubled year-over-year on AI-driven demand.

The memory chip maker reported record revenue of $9.3 billion, up 37% year-over-year and well above of the analyst consensus compiled by Visible Alpha. Its adjusted net income of $2.18 billion, or $1.91 per share, rose from $702 million, or 62 cents per share, in the year-ago quarter, also beating estimates.

The gains came as the Nvidia (NVDA) partner’s data center sales more than doubled year-over-year.

“We are on track to deliver record revenue with solid profitability and free cash flow in fiscal 2025, while we make disciplined investments to build on our technology leadership and manufacturing excellence to satisfy growing AI-driven memory demand,” said CEO Sanjay Mehrotra in a release after Wednesday’s closing bell.

In the current quarter, Micron expects revenue of $10.4 billion to $11 billion and adjusted earnings per share of $2.35 to $2.65. Analysts had called for revenue of $9.99 billion and adjusted EPS of $2.04.

Micron shares were up about 1% in recent extended trading following the release. The stock has gained over 50% in 2025 through Wednesday’s close.

–Andrew Kessel

QQQ Levels to Watch as ETF Hits Another Record High

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The Invesco QQQ Trust (QQQ) hit an all-time high Wednesday for the second straight session as tech stocks continued to rally.

The fund, which tracks the Nasdaq 100 index, lost around a quarter of its value between mid-February and early April, dragged down by concerns over big tech’s significant AI spending and uncertainty over the economic impact of President Trump’s “Liberation Day” tariffs. The ETF has recovered all of those loses as concerns about trade policy have subsided and corporate earnings have been generally strong.

The QQQ gained 0.3% to close Wednesday’s session at around $541. The fund is now up 6% since the start of 2025.

After gapping above the neckline of an inverse head and shoulders formation last month, the QQQ fund continued trending higher before consolidating within a flag pattern just below its record high. The fund broke out from the flag in Tuesday’s trading session, paving the way for a further move higher.

Meanwhile, yesterday’s bullish price action coincided with an uptick in the relative strength index, though the indicator remains below overbought levels, providing ample room for the ETF to continue its uptrend.

The bars pattern tool projects an overhead target of around $575, while the measured move technique forecasts an overhead target of $586. Investors should monitor major support levels on QQQ’s chart around $524 and $494.

Read the full technical analysis piece here.

–Timothy Smith

BlackBerry Soars on Better-Than-Expected Results, Outlook

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BlackBerry Ltd. (BB) jumped Wednesday, a day after the security software provider posted better-than-anticipated results and raised its guidance following strong demand for its QNX automotive software.

The Canadian firm posted fiscal 2026 first-quarter adjusted earnings per share of $0.02, while analysts surveyed by Visible Alpha were expecting $0.00. Although revenue fell 1.4% year-over-year to $121.7 million, that still beat forecasts.

Revenue for the QNX unit rose more than 4% to $57.5 million. However, it was down almost 5% to $59.5 million at the Secure Communications division, and Licensing revenue slipped more than 1% to $4.7 million.

CEO John Giamatteo said the company had “a strong start to the new fiscal year, building on the solid foundation we as a company have laid over the past year.”  

BlackBerry now sees full-year revenue of $508 million to $538 million, up from its previous estimate of $504 million to $534 million.

Shares of BlackBerry closed 13% higher on Wednesday and have now gained 29% year-to-date.

–Bill McColl

Microsoft Hits Fresh High as Analysts Grow More Bullish

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Wall Street is growing even more bullish on Microsoft (MSFT), whose shares set another all-time high Wednesday. 

In a note to clients Tuesday, Wells Fargo raised its price target to $585 from $565. “We acknowledge shares are trading near historical highs, but think this is justified given its early AI lead and strong incumbent position in a tight market,” Wells Fargo said, adding, “We still see a bright future ahead for Microsoft.”

Microsoft shares rose 0.4% to $492.27 on Wednesday, marking the tech titan’s 12th record close in 17 June trading sessions.

Wedbush was even more bullish Wednesday, raising its price target to $600 from $515. Microsoft has “a massive adoption wave of Copilot and Azure monetization now on the doorstep” as enterprise clients deploy AI tools, analysts wrote.

Wells Fargo and Wedbush are more bullish than average, but they’re far from alone. All 19 brokers tracked by Visible Alpha have a “buy” or equivalent rating for Microsoft stock, with a mean price target of about $532.

–Andrew Kessel

Coinbase Gets a New Top Wall Street Bull

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Coinbase (COIN) has a new Street-high price target after several days of huge gains for the crypto trading platform.

Bernstein analysts hiked their target for Coinbase to $510 from $310 on Wednesday, well above any other target tracked by Visible Alpha. The stock was up roughly 2% in recent trading at around $351, after surging as much as 7% earlier in the day. Shares had gained 35% over the previous four sessions.

Bernstein called Coinbase “the most misunderstood company in our Crypto coverage universe,” pointing to a bearish consensus among Wall Street analysts, despite the company’s dominant position in consumer cryptocurrency trading and institutional crypto services. The mean target of brokers surveyed by Visible Alpha at $273 would suggest a decline from Wednesday’s level.

“The bear thesis on Coinbase has not played out,” Bernstein analysts said, adding “Coinbase’s market share has been persistent despite new competition.”

“Traditional brokerage competition is several months away from launch, which is an eternity on crypto timelines. And we believe, the traditional Crypto brokerage launches are likely not even going to be full suite products,” they said.

Coinbase shares have surged in recent weeks as Congress made progress on passing legislation related to the crypto industry, with a show of renewed confidence from investors like Cathie Wood, whose firm Ark Invest bought up more shares of Coinbase earlier this week. The stock has added over 40% of its value in 2025 so far.

–Aaron McDade

Nvidia Hits Record, Reclaims Spot as Most Valuable Company

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Nvidia (NVDA) shares climbed to an all-time high in Wednesday afternoon trading, helping the chipmaker reclaim the title of most valuable company by market value.

The chipmaker’s stock was up close to 4% in recent trading near $154, topping an intraday high of $153.13 set in January. It would be the stock’s highest closing price ever, if the stock can sustain that level. The gains pushed Nvidia’s market capitalization to a whopping $3.75 trillion, surpassing Microsoft’s (MSFT) at $3.65 trillion. 

Nvidia CEO Jensen Huang reportedly said at the company’s annual shareholder meeting Wednesday that he believes there are “many growth opportunities across our company, with AI and robotics the two largest, representing a multitrillion-dollar growth opportunity.”

Bank of America analysts told clients Tuesday they believe Nvidia “remains the undisputed leader in performance” among semiconductor firms as the AI market accelerates. The bank expects the AI market to reach $1 trillion by 2030, with Nvidia a “key beneficiary.”

One facet of Nvidia’s market opportunity is in growing sovereign AI demand, with BofA expecting “every major country” to invest in sovereign AI, “generating high-tech employment, and serving critical healthcare, defense, industrial, financial and cyber needs.”

Earlier this month, Huang announced multiple sovereign AI partnerships during a European tour. Oppenheimer analysts recently estimated the global sovereign AI market could reach $1.5 trillion, including $120 billion in Europe.

–Andrew Kessel

BP Shares Jump on Report Company in Merger Talks with Shell

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Shares of BP jumped Wednesday, lifted by a report that Shell was in talks to acquire it in what would mark a huge deal for the pair of U.K. oil giants.

BP’s (BP) U.S.-traded stock was up 2% recently, after surging nearly 10% immediately after the report, while Shell’s (SHEL) stock was off roughly 1%. The Wall Street Journal, citing people familiar with the matter, wrote that the companies were in “early stage talks” to merge. Bloomberg in early May wrote that Shell was studying a possible deal.

A deal would combine two massive oil companies. Shell’s market capitalization is around $208 billion, according to Visible Alpha, while BP’s was around $79 billion.

“As we have said many times before, we are sharply focused on capturing the value in Shell through continuing to focus on performance, discipline and simplification,” a Shell spokesperson said in emailed comments.

BP did not respond to Investopedia’s request for comment in time for publication.

–David Marino-Nachison

Paychex Leads S&P Decliners After Soft Results

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Paychex (PAYX) was the worst-performing stock in the S&P 500 Wednesday after the payroll and human resources services provider missed sales estimates as most of its gains came from its acquisition of human capital management software maker Paycor.

Paychex reported fiscal 2025 fourth-quarter revenue rose 10% year-over-year to $1.43 billion, while analysts surveyed by Visible Alpha were looking for $1.44 billion. Adjusted earnings per share (EPS) of $1.19 was in line with forecasts, but GAAP EPS of $0.82 was well below them.

Management Solutions revenue increased 12% to $1.0 billion, but the company noted that without the contribution of Paycor, it would have risen 3%. Interest on funds held for clients grew 18% to $45.2 million, which was primarily because of the acquisition of Paycor. The deal closed in April.2

The company anticipates fiscal 2026 adjusted EPS will be up 8.5% to 10.5%, with revenue rising 16.5% to 18.5%. Both forecasts were above Visible Alpha consensus.

Paychex shares were down 7.5% in early-afternoon trading, putting the stock back to near unchanged for 2025.

–Bill McColl

Pony AI Jumps as Uber Partner Added to China-Tracking Index

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Shares of robotaxi maker Pony AI (PONY) surged for a second straight session Wednesday after a prominent Nasdaq index tracking Chinese firms added the stock to its ranks.

The Nasdaq Golden Dragon China Index (HXC) on Monday added Pony AI to its ranks, now comprising 73 companies, the Guangzhou, China-based firm said. Other components include Alibaba Group (BABA), NetEase (NTES), JD.com (JD), electric vehicle maker NIO (NIO), offering traders exposure to China’s economy through U.S.-listed stocks.

Pony AI’s U.S.-listed shares were up more than 2% in recent trading, after jumping nearly 17% yesterday.

The autonomous driving company operates a fleet of roughly 300 vehicles and partnered with Uber (UBER) last month to add robotaxis to the ride-hailing giant’s fleet. Pony AI reported nearly $14 million in revenue in the first quarter.

–Andrew Kessel

How Much Traders Expect Micron Stock to Move After Earnings

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Micron Technology (MU) is scheduled to release its quarterly earnings report after the closing bell on Wednesday, with traders expecting a sizable move from the chipmaker’s stock in the coming days.

As of the close of trading Tuesday, options pricing suggested traders anticipate the shares could move close to 8%, or nearly $10, in either direction in the two days following the chipmaker’s report. At the high end, that would leave shares near $138, or bring them down to $118 at the low end. 

In March, shares dropped 8% the day after Micron issued a gross margin  forecast that one analyst called a “fly in the ointment” of otherwise strong results. The stock plunged 16% following Micron’s December earnings report, which included a warning from the chipmaker about softness in the PC market. 

Still, Micron’s stock has gained over 50% in 2025 so far amid expectations it could benefit from growing AI demand. The stock was down more than 1% at around $126 in early trading Wednesday, after surging 5% yesterday.

Heading into Wednesday’s earnings, most analysts tracked by Visible Alpha expect growing profits from the chipmaker and rate its stock a “buy,” though their average price target at $121 would suggest a decline from current levels.

–Andrew Kessel

FedEx Levels to Watch as Stock Slides After Earnings Release

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FedEx (FDX) shares dropped in early trading Wednesday after the shipping giant suspended its annual outlook and issued light guidance for the current quarter, which overshadowed quarterly results that surpassed Wall Street expectations.

The company decided not to issue full-year earnings and revenue forecasts, citing uncertainty over U.S. trade policies. Executives said they expect the Trump administration’s decision in April to end duty-free treatment on low-value shipments from China to continue weighing on air freight demand, with CEO Raj Subramaniam telling analysts on an earnings webcast that the global demand environment remains volatile.

Heading into the company’s earnings report, FedEx shares were down 18% so far in 2025, pressured by uncertainty surrounding tariffs and a falloff in demand from industrial customers. The stock was down 5.5% at $217 in the opening minutes of Wednesday’s session.

After bottoming out in early April, FedEx shares consolidated within an ascending triangle, a chart pattern that potentially signals a continuation of the stock’s longer-tern downtrend upon a breakdown from the formation.

Investors should monitor key support levels on the FedEx chart around $214 and $194, while also watching important resistance levels near $233 and $254.

Read the full technical analysis piece here.

–Timothy Smith

Futures Point to Slightly Higher Open for Major Indexes

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Futures tied to the Dow Jones Industrial Average were fractionally higher.

S&P 500 futures were up 0.1%.

Nasdaq 100 futures added 0.4%.

Tuesday’s Market Recap

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Stocks surged Tuesday as investors welcomed news of a cease-fire agreement that could put an end to a Middle East conflict that has roiled markets in recent weeks.

The Dow Jones Industrial Average (DJI) rose 1.2%, or 500 points, while the S&P 500 (SPX) gained 1.1% and the tech-heavy Nasdaq Composite (IXIC) added 1.4%. Stocks were coming off a winning session on Monday amid hopes that geopolitical tensions would subside. With two straight days of solid gains, the benchmark S&P 500 index is now less than 1% away from the all-time high it set in February, while the Nasdaq 100 closed at a record today.

President Donald Trump—who has played an increasingly central role in the conflict, as the U.S. bombed Iranian nuclear sites over the weekend—said this morning that Iran and Israel had violated the cease-fire overnight, but that the agreement remained in effect. Investors were encouraged throughout the day by signs the peace was holding, including Israel’s decision to lift most wartime restrictions and fully reopen major airports.

Oil prices continued to slide Tuesday as fears subsided about the possibility that supply could be hurt by attacks on infrastructure or disruptions to shipping lanes. West Texas Intermediate futures, the U.S. crude oil benchmark, were down 5.1% at $65 per barrel in late-afternoon trading, after surging to a five-month high of around $77 early Monday.

In addition to monitoring developments in the Middle East, market participants kept a close eye on Federal Reserve Chair Jerome Powell’s testimony before Congress. The Fed last week decided to leave its benchmark interest rate unchanged, much to President Trump’s displeasure, but Powell reiterated this morning that the central bank needs more time to see how tariffs feed through the economy before adjusting policy.

Mega-cap technology stocks, which helped lead Monday’s rally, were mostly higher on Tuesday. Chipmaker Broadcom (AVGO) rose nearly 4% to a record high, while rival Nvidia (NVDA) added 2.6%. Amazon (AMZN) and Meta Platforms (META) each added 2%, and Microsoft (MSFT) and Alphabet (GOOG) both tacked on about 1%. Tesla (TSLA) shares dropped 2.4% after jumping more than 8% yesterday following the highly anticipated launch of the EV maker’s robotaxi service in Austin, while Apple (AAPL) fell 0.6%.

Chip stocks were among the noteworthy movers on Tuesday. Intel (INTC), Advanced Micro Devices (AMD) and Marvell Technology (MRVL) each surged more than 6%, while Micron (MU), which is due to release its earnings report tomorrow, rose nearly 5%. The PHLX Semiconductor Index (SOX) advanced 3.8%.

Shares of cryptocurrency trading platform Coinbase Global (COIN) jumped nearly 12% to lead S&P 500 gainers as risk appetite returned, boosting the price of digital currencies. Major bitcoin buyer Strategy (MSTR) and bitcoin miner MARA Holdings (MARA) gained nearly 3% and 5%, respectively. Bitcoin was at $106,100 in late-afternoon trading, up from an early-Monday low below $100,000, when investors steered clear of risky assets in the wake of the U.S. strikes on Iran.

Oil producers lost ground, tracking the decline in crude prices. Shares of Chevron (CVX) declined 2%, while Exxon Mobil (XOM) and Occidental Petroleum (OXY) each slipped about 3%.

Gold futures fell 1.7% to around $3,340 an ounce on Tuesday. The precious metal had risen as high as $3,415 on Monday as some investors turned to the traditional safe haven amid the geopolitical uncertainty.

The yield on the 10-year Treasury note, which affects borrowing costs on a wide array of consumer and business loans, was at 4.30%, down from 4.32% at yesterday’s close and at its lowest level since early May. The U.S. dollar index, which measures the performance of the dollar against a basket of foreign currencies, fell 0.5% to 97.97, not far from a new three-year low.

Biggest S&P 500 Movers on Tuesday

June 24, 2025 06:37 PM EDT

Advancers

• Shares of Coinbase Global (COIN), operator of the largest cryptocurrency exchange in the U.S., skyrocketed 12.1% on Tuesday to secure the S&P 500’s top performance. Analysts at the research firm Benchmark lifted their price target on Coinbase stock, pointing to favorable legislative and regulatory developments and the company’s initiatives to capitalize on them.
• Secretary of Health and Human Services Robert F. Kennedy Jr. announced that the department would launch a massive advertising campaign to encourage the use of wearable health devices. Kennedy specifically mentioned the benefits of glucose monitors for patients managing diabetes. Shares of glucose monitor manufacturer Dexcom (DXCM) surged 9.7%.
• Uber Technologies (UBER) shares jumped 7.5% as the ridesharing company debuted its robotaxi service in Atlanta. Uber’s partnership with Waymo, the autonomous vehicle company owned by Google parent Alphabet (GOOGL), initially offers service in 65 square miles of Atlanta, around half the city’s footprint.
• Carnival Corporation (CCL) posted better-than-expected sales and profits for its fiscal first quarter, and the cruise operator’s shares sailed 6.9% higher. The company also boosted its full-year profit outlook, pointing to increases in passengers carried and passenger cruise days as well as declining costs. Shares of competitors Norwegian Cruise Line Holdings (NCLH) and Royal Caribbean Group (RCL) also advanced.

Decliners

• AutoZone (AZO) shares dropped 3.6%, losing the most of any S&P 500 stock on Tuesday, following reports that a senior vice president at the auto parts retailer had sold a stake in the company worth more than $2.5 million. Investors often view large sales by company insiders as a negative signal for a stock.
• Crude oil futures tumbled as optimism around de-escalation in the Middle East helped alleviate potential supply concerns. Shares of energy company Occidental Petroleum (OXY) fell 3.3%, while Exxon Mobil shares (XOM) were down 3%.
• The potential for calming geopolitical tensions also pressured defense stocks. Northrop Grumman (NOC) shares dropped 3.2%, while shares of aerospace and defense peers RTX Corp. (RTX) and Lockheed Martin (LMT) also traded lower.

–Michael Bromberg

Which Power Grids—and Utilities Stocks—Can Beat the Heat?

June 24, 2025 06:15 PM EDT

U.S. power grids face their first major test of the summer this week as a heat wave brought extreme temperatures and humidity to much of the country. 

The U.S. is expected to demand 10 gigawatts (GW) more electricity this summer compared with last year, more than double the increase between 2023 and 2024, according to the North American Electric Reliability Corporation’s (NERC) 2025 Summer Reliability Assessment. 

For the most part, grids are expected to meet demand under normal conditions, but NERC warns some regions could struggle to handle extreme heat. The Midcontinent Independent System Operator (MISO), which supplies power to about 42 million customers across the Midwest, Arkansas, Louisiana, and Mississippi, “is at elevated risk of operating reserve shortfalls during periods of high demand or low resource output,” according to NERC. Since last summer, the system has retired nearly 1.6 GW of capacity, which has mostly been replaced with more variable solar power. Other areas at risk of shortfalls include New England, Texas, and much of the Great Plains.

For investors, a strained grid can be a mixed bag, according to Jefferies analysts. “In the long term, a tightening supply/demand picture is positive for utilities and merchants via higher investment needs and margins, respectively,” the analysts wrote in a note on Monday. NextEra Energy (NEE) and Duke Energy (DUK) are two utilities they said could benefit from a tighter grid in Florida, which “had the largest contraction in overall/normal reserve margins” of any region in the last year. 

Texas Independent Power Producers—companies like NRG Energy (NRG) and Vistra (VST), which generate electricity but are not public utilities, and thus sell their power directly to clients at market rates—”had a Goldilocks update” this year, said Jefferies. The state’s ability to meet demand under normal conditions has improved while its extreme demand readiness deteriorated, “primarily due to higher reliance on renewables.” Electricity demand is expected to grow at a brisk pace as the state courts energy-intensive industries like data centers and semiconductor fabrication. 

But in the near term, a strained grid increases headline risk. “Utilities always take the political blame for outages and reliability events,” the analysts noted. For that reason, utilities operating in high-risk regions could also be at risk of a high-profile outage dinging investor sentiment. 

–Colin Laidley

FedEx Slides as Company Shelves Full-Year Forecast

June 24, 2025 05:33 PM EDT

FedEx (FDX) shares fell in extended trading Tuesday after the shipping giant suspended its full-year forecast.

The decision to omit a full-year sales or profit estimate for fiscal 2026 comes after FedEx slashed its fiscal 2025 outlook three quarters in a row.

For the first quarter of fiscal 2026, FedEx said it expects adjusted earnings of $3.40 to $4, below the analyst consensus compiled by Visible Alpha. The company called for revenue to come in flat to up 2% year-over-year, better than the Street expected.

In its fourth quarter, FedEx reported revenue of $22.2 billion, up less than 1% year-over-year and above of the analyst consensus. Adjusted net income of $1.46 billion, or $6.07 per share, rose from $1.34 billion, or $5.41 per share, in the year-ago quarter, also beating estimates. 

FedEx shares fell 5% in extended trading Tuesday following the release. The stock has lost nearly a fifth of its value since the start of the year through Tuesday’s close, with their largest drop following President Trump’s “Liberation Day” tariff announcement, amid concerns that shipping demand could take a hit if tariffs lead to a pullback in discretionary spending.

On Saturday, FedEx said its founder and former CEO Fred Smith died at the age of 80. In 1973, Smith’s Memphis, Tenn.-based company, then known as Federal Express, began with 186 deliveries on its first day of operations. Now it delivers about 16 million packages per day.

–Andrew Kessel

Supermicro Levels to Watch as Stock Rebounds from Sell-Off

June 24, 2025 05:10 PM EDT

Super Micro Computer (SMCI) shares rebounded Tuesday from a steep downturn the previous session that was sparked by news the server maker plans to issue $2 billion in convertible bonds.

The company said the bonds, which mature on June 15, 2030, will be used for general corporate purposes. The issuance likely put downward pressure on the stock price as it signals a potential dilution of Supermicro shares and an increase in debt levels, both of which can diminish shareholder value.

Supermicro shares have jumped 40% since the start of the year, but have lost half their value over the past 12 months amid a raft of accounting and corporate governance challenges that led to fears the company’s stock would be delisted from the Nasdaq exchange in February. The stock gained nearly 5% to close around $43 on Tuesday, after dropping 10% yesterday.

After reclaiming the 200-day moving average (MA) last month, Supermicro shares consolidated within a symmetrical triangle before breaking down from the pattern in Monday’s trading session on the highest volume since mid-May. Meanwhile, the move lower coincided with the relative strength index falling to its lowest reading in over a month to signal weakening price momentum.

However, in a win for the bulls, the 50-day MA recently crossed above the 200-day MA to form a “golden cross,” a bullish chart signal pointing to a new trend higher.

Investors should watch crucial support levels on Supermicro’s chart around $38 and $30, while also tracking resistance levels near $48 and $62.

Read the full technical analysis piece here.

–Timothy Smith

Citi Calls Meta a ‘Top Pick’ on Digital Ad Strength

June 24, 2025 03:55 PM EDT

Citi analysts called Meta Platforms (META) a “top pick” Tuesday, after the social media giant showcased its strength in digital advertising at the Cannes Lions International Festival of Creativity.

The Facebook and Instagram parent “was among the best platform[s] to target specific audiences,” Citi said, citing its meetings with stakeholders across the ad sector. Citi raised its price target to $803 from $690, well above the Visible Alpha analyst consensus of about $715. 

Shares of Meta were up nearly 2% at around $711 in recent trading. The stock has gained about 21% year-to-date.

Meanwhile, Jefferies analysts reiterated a price target of $790 after the event. The analysts highlighted Meta’s new AI advertising tool that allows marketers to generate video ads for Facebook or Instagram using a series of static images. 

Also featured at the event were Meta’s AI-powered Ray-Ban glasses, which Citi said “creates a significant opportunity for Meta.”

“We are increasingly of the view that glasses are a core AI device,” the bank said. Last week, Meta unveiled its latest AI glasses collaboration, this time with Oakley.

–Andrew Kessel

Coinbase Adds to Recent Rally Amid Crypto Optimism

June 24, 2025 03:19 PM EDT

Coinbase (COIN) was the best-performing stock on the S&P 500 Tuesday as the cryptocurrency trading platform added to its recent rally.

Shares have rallied over the last week after the Senate passed the GENIUS Act, which would allow stablecoins to be used more widely. Late Monday, Cathie Wood’s firm Ark Invest said a pair of its funds had bought nearly 4,200 combined shares of Coinbase, and Benchmark analysts reportedly boosted their price target on the stock to $421 from $301.

Bitcoin (BTCUSD) and most major cryptocurrencies are rebounding Tuesday after having dipped when the U.S. launched an attack on nuclear facilities in Iran over the weekend. Some other crypto-adjacent stocks, like trading platform Robinhood (HOOD) were also sharply higher on Tuesday.

Coinbase shares recently were up 13% at about $348, trading near its highest level since late 2021. The stock has added more than a third of its value over the past four sessions.

–Andrew McDade

WTI Levels to Watch Amid Wild Oil Price Swings

June 24, 2025 02:15 PM EDT

Oil prices have gone on a wild ride so far this week as investors reacted to the latest developments in the Middle East conflict.

West Texas Intermediate futures, the U.S. crude oil benchmark, were trading at around $65 per barrel Tuesday afternoon, after rising to a five-month high of more than $77 per barrel when trading resumed after the U.S. struck three Iranian nuclear facilities over the weekend.

Investors worried that an intensification of fighting could affect oil supplies if infrastructure is damaged or shipping routes are blocked, which could spark inflation and hinder economic activity. Those concerns have eased now that a cease-fire has been reached between Iran and Israel, and after Iran’s retaliation for a U.S. strike on the country’s nuclear facilities caused no casualties or significant damage.

The commodity’s price rallied to the top trendline of a multi-year descending channel in Monday’s trading session before staging a dramatic intraday reversal, forming a bearish engulfing pattern in the process. The turnaround coincided with the relative strength index falling below its neutral threshold and the price closing below the 50-week moving average, signaling bearish price momentum.

Investors should watch major support levels on the WTI oil chart around $57 and $44, while also monitoring key resistance levels near $77 and $93.

–Timothy Smith

Uber Surges as Robotaxi Service With Waymo Expands

June 24, 2025 01:48 PM EDT

Shares of Uber Technologies (UBER) jumped Tuesday as the ridesharing giant announced the launch of its robotaxi service in partnership with Alphabet (GOOGL)-owned Waymo in Atlanta.

Atlanta-area Uber customers can now ride in a Waymo autonomous vehicle, though—like their collaboration in Austin, Texas—not to the airport. The initial launch covers 65 square miles of Atlanta, roughly half of its footprint.

Also like the Austin partnership that launched in March, Uber users can choose in their settings whether they want to take autonomous rides, and will be given the choice to accept or decline and switch to a person-driven ride when they book a trip.

In Austin, where more than 100 Waymo vehicles are on the Uber platform, the robotaxi space has started to get more crowded with Tesla (TSLA) launching its own small-scale program last weekend.

The companies announced Austin and Atlanta as their first targets for the program last September, more than a year after revealing an agreement that they would eventually bring Waymo vehicles to Uber’s platform.

Uber shares were up more than 8% in recent trading at $92.30, approaching the all-time high of $93.60 they hit on May 20. The stock has gained more than 50% since the start of 2025.

–Aaron McDade

AMD Leads Chip Stock Rally Tuesday

June 24, 2025 01:05 PM EDT

Shares of Advanced Micro Devices (AMD) and other semiconductor companies surged Tuesday as risk-appetite grew amid hopes for a de-escalation of tensions in the Middle Eastl.

AMD stock was up 6% at around $137 in recent trading, making it one of the top-performing stocks on the S&P 500 and Nasdaq. Intel (INTC), Broadcom (AVGO), Nvidia (NVDA), and TSMC (TSM) were also among the other chip stocks on the rise, boosting the PHLX Semiconductor Index (SOX) over 3%. Micron Technology (MU) climbed 4% a day ahead of its quarterly results.

On Monday, Melius analysts reportedly said AMD stock “has a lot more to go” as the company’s position in the artificial intelligence industry grows. The broker raised its price target to $175 from $110, above the Wall Street consensus of roughly $124 compiled by Visible Alpha. 

Broadcom stock meanwhile got an upgrade to “buy” from “hold” by analysts at HSBC Tuesday. The bank raised its price target to $400 from $240, placing it well above the Street consensus of $294. The chipmaker’s application-specific integrated circuit business has the “potential to knock our socks off,” HSBC said.

–Andrew Kessel

Carnival Stock Soars on Strong Earnings, Rosy Outlook

June 24, 2025 12:26 PM EDT

Carnival Corporation (CCL) shares jumped Tuesday after the cruise line reported better-than-expected fiscal second-quarter results and boosted its guidance as it added passengers and cut costs.

Carnival posted adjusted earnings per share of $0.35 as revenue increased more than 9% year-over-year to $6.33 billion. Both topped consensus estimates of analysts surveyed by Visible Alpha. The company also said it exceeded its fiscal 2026 financial targets 18 months early.

Passengers carried rose 3% to 3.4 million, and passenger cruise days grew 4% to 25.3 million. Cruise costs per available lower berth day (ALBD) fell 0.3%, and fuel consumption per ALBD was down more than 6%.

CEO Josh Weinstein called the performance “another phenomenal quarter,” with the carrier more than tripling adjusted net income and having strong close-in demand.

Weinstein added that despite “the complex macroeconomic and geopolitical backdrop we have all experienced in the last few months,” Carnival was raising its full-year outlook. It now sees adjusted net income more than 40% higher than in 2024, $200 million more than its March prediction. It anticipates adjusted EBITDA of $6.9 billion, compared to the earlier $6.7 billion.

Carnival shares were up 8% in early-afternoon trading, pushing the stock back into positive territory for 2025. The news also lifted shares of rivals Norwegian Cruise Line Holdings (NCLH) and Royal Caribbean Group (RCL), which rose 5% and 3%, respectively.

–Bill McColl

Powell Reiterates ‘Wait-and-See’ Approach on Rates

June 24, 2025 11:30 AM EDT

If you’re waiting for lower borrowing costs on all kinds of debt, they may not be coming any time soon.

Federal Reserve Chair Jerome Powell told Congress Tuesday that the central bank can continue its waiting game when it comes to lowering the key fed funds rate, which influences interest rates on credit cards, car loans, and other debt. The Fed has been holding the rate at a higher-than-usual level all year to snuff out the last of the post-pandemic inflation flare-up.

The Fed will continue to hold rates flat until Fed officials have a better idea of what President Donald Trump’s tariff policy will be, and how the tariffs will affect consumer prices, Powell said in prepared remarks, reiterating the stance he outlined last week when the Fed’s policy committee voted for the fourth time this year to keep the fed funds rate unchanged.

Powell’s testimony to the House Finance Committee on the Fed’s semi-annual monetary report to Congress was the latest action in an increasingly heated conflict between Powell and Trump over interest rates.

Trump has repeatedly demanded the Fed cut rates sharply, pointing to recent economic data showing that inflation has been relatively tame in recent months.

However, the Federal Reserve is not under presidential control, and Fed officials have been reluctant to cut interest rates despite Trump’s insult-filled threats on social media and in interviews.

Lower rates could boost the economy by encouraging more borrowing and help the federal budget by cutting the amount of interest the government pays on its national debt. However, Powell and many professional forecasters expect Trump’s tariffs to push up consumer prices later in the year, in a potential setback in the Fed’s battle against inflation.

Powell’s testimony highlighted the fact that Trump’s trade policy hasn’t settled on long-term tariff levels, clouding the economic outlook. Several tariff-related deadlines are approaching, including Trump’s July 9 deadline for trading partners to negotiate lower trade barriers to avoid the double-digit “reciprocal” tariffs he announced on Liberation Day.

“The effects of tariffs will depend, among other things, on their ultimate level,” Powell said in prepared testimony. “Expectations of that level, and thus of the related economic effects, reached a peak in April and have since declined. Even so, increases in tariffs this year are likely to push up prices and weigh on economic activity.”

Powell also emphasized the psychological aspect of inflation: if people expect inflation to accelerate, they’ll behave in ways that cause inflation, a kind of self-fulfilling prophecy. The Fed has sought to keep inflation in check, but surveys show businesses and consumers are bracing for tariff-related inflation.

“The effects on inflation could be short lived—reflecting a one-time shift in the price level. It is also possible that the inflationary effects could instead be more persistent. Avoiding that outcome will depend on the size of the tariff effects, on how long it takes for them to pass through fully into prices, and, ultimately, on keeping longer-term inflation expectations well anchored,” Powell said.

Powell’s stance diverged from at least two other members of the Fed’s rate-setting committee. Fed Governor Christopher Waller said last week that he was leaning towards a rate cut as soon as July, and Governor Michelle Bowman made similar comments Monday.

–Diccon Hyatt

KB Home Cuts Forecast Amid Consumer Uncertainty

June 24, 2025 10:49 AM EDT

KB Home (KBH) topped second-quarter revenue and profit estimates after the bell Monday, but cut its full-year sales forecast as the housing market remains sluggish.

Revenue fell more than 10% year-over-year to $1.53 billion but came in narrowly above Visible Alpha consensus. Earnings per share of $1.50 dropped from $2.15 a year ago but also topped analysts’ projections.

Still, KB Home lowered its housing revenue forecast for the second straight quarter to $6.30 billion to $6.50 billion, down from the $6.60 billion to $7.00 billion range the company laid out in March and below analysts’ expectations of $6.57 billion.

“While longer term the outlook for the housing market remains favorable driven by demographics and an undersupply of homes, consumers are continuing to demonstrate a lack of confidence about the short term, which has impacted their home purchase decisions,” CEO Jeffrey Mezger said in Monday’s earnings call, according to a transcript from AlphaSense.

Mezger said the company saw “more subdued demand” in the spring selling season as Americans faced affordability challenges, persistently high mortgage rates, and other macro and geopolitical uncertainty.

CFO Rob Dillard said KB Home expects to generate $1.5 billion to $1.7 billion in revenue for the third quarter, below the $1.8 billion analyst consensus, with an average home selling price of $470,000 to $480,000, below its full-year average projection of $480,000 to $490,000.

In a note following the report, UBS analysts cut their price target for KB Home to $80 from $86 while keeping their “buy” rating. “Despite choppy market conditions, we believe the setup for homebuilder stocks remains favorable, given reset expectations and the group’s tendency to bounce ahead of a bottom,” the analysts wrote.

KB Home shares, which entered Tuesday down nearly 20% since the start of this year, were little changed in recent trading.

–Aaron McDade

Tesla Levels to Watch After Robotaxi Rally

June 24, 2025 09:52 AM EDT

Tesla (TSLA) shares inched lower in early trading Tuesday after surging yesterday following the highly anticipated launch of the EV maker’s  autonomous robotaxi vehicle service in Austin, Texas.

While the rollout was limited, CEO Elon Musk has said in past interviews that the company plans to quickly expand to more cities and potentially hundreds of thousands of vehicles by the end of next year. Tesla bulls, such as Wedbush analyst Dan Ives, have pointed out that Tesla’s robotaxis and self-driving software have the potential to double the automaker’s market capitalization by the end of 2026. 

Tesla shares were down 0.5% at $347 about 15 minutes after Tuesday’s opening bell, after rising more than 8% yesterday to lead S&P 500 gainers. The stock is still down about 14% since the start of the year, but it’s risen more than 60% from its early-April low, boosted in part by Musk’s decision to relinquish his role heading the Department of Government Efficiency and spend more time at his companies, including Tesla.

After a pullback to the 50- and 200-day moving averages, Tesla shares  consolidated  within a pennant pattern just above the closely watched indicators.

More recently, the stock broke out from the pennant on above-average  volume in Monday’s trading session, setting the stage for a new leg higher. The move also coincided with a strong uptick in the relative strength index, indicating accelerating price momentum.

Investors should watch key overhead areas on Tesla’s chart around $365, $430 and $489 while also monitoring an important support level near $285.

Read the full technical analysis piece here.

–Timothy Smith

Major Index Futures Point to Higher Open Tuesday

June 24, 2025 08:50 AM EDT

Futures tied to the Dow Jones Industrial Average were up 0.6% in recent trading.

S&P 500 futures added 0.7%.

Nasdaq 100 futures rose 0.9%.

Monday’s Market Recap

June 24, 2025 08:50 AM EDT

Stocks jumped and oil prices tumbled Monday as Iran’s retaliation for the U.S. bombing of the country’s nuclear facilities resulted in no casualties or significant damage, raising hopes that the conflict in the Middle East could de-escalate. 

The S&P 500 (SPX) gained 1%, snapping a three day losing streak, while the Dow Jones Industrial Average (DJI) and the tech-heavy Nasdaq Composite (IXIC) both added 0.9%, as each of the major closed near their highs for the session. Stocks were coming off a week in which the major indexes were near unchanged, as investors monitored escalating fighting between Israel and Iran and awaited President Donald Trump’s decision on whether to enter the conflict.

Late Saturday, Trump announced that the U.S. had “obliterated” Iran’s nuclear enrichment facilities, though a full assessment of the damage hasn’t yet been completed. Uncertainty about how Iran would respond had investors avoiding risky assets and taking a wait-and-see approach on Monday morning. News in the afternoon that Iranian missiles that were fired at a U.S. base in Qatar had been intercepted gave investor sentiment a boost, as Trump thanked Iran for providing advance warning of the attacks and later said Iran and Israel had agreed to a cease-fire.

West Texas Intermediate futures, the U.S. crude oil benchmark, were at around $67.25 per barrel in late-afternoon trading Monday, down 9% from Friday’s close, after surging to around $78 earlier today, the highest level since January. The oil market is particularly prone to volatility amid concerns that supplies could be disrupted if critical infrastructure is destroyed or shipping lanes are blocked.

Shares of the world’s largest technology companies finished mostly higher on Monday. Tesla (TSLA) jumped more than 8% to pace S&P 500 gainers after the electric vehicle maker on Sunday launched its driverless robotaxi service in Austin, Texas. Microsoft (MSFT) and Meta Platforms (META) each tacked on about 2%, while Nvidia (NVDA), Apple (AAPL) and Broadcom (AVGO) also gained ground. Alphabet (GOOG) shares dropped 1%, while Amazon (AMZN) fell 0.6%.

Among other noteworthy movers on Monday, Northern Trust (NTRS) shares climbed 8% after the bank was reportedly approached by Bank of New York Mellon (BK) about a merger last week.

Super Micro Computer (SMCI) tumbled nearly 10%, leading S&P 500 decliners, after the AI server maker said it plans to issue $2 billion in convertible bonds, while Novo Nordisk (NVO) fell 5.5% after the company revealed the results of its latest weight-loss drug trial.

Oil sector stocks were among the big decliners, tracking the move lower in crude oil prices. Oil producers APA Corp. (APA) and Diamondback Energy (FANG) slid 8% and 5%, respectively, while Devon Energy (DVN) and Occidental Petroleum (OXY) were each off about 4%. Oilfield services companies Halliburton (HAL) and Schlumberger (SLB) dropped 7% and 6%, respectively.

Bitcoin was at $105,400 in recent trading, up from a low of below $99,000 on Sunday, which marked the first time since early May the digital currency had fallen below $100,000.

Gold futures rose 0.1% to $3,385 an ounce, after rising as high as $3,415 on Monday as some investors turned to the traditional safe haven amid the geopolitical uncertainty.

The yield on the 10-year Treasury note, which affects borrowing costs on all sorts of loans, notably mortgages, was at 4.34%, down from 4.38% at Friday’s close and trading at its lowest levels since early May. The U.S. dollar index, which measures the performance of the dollar against a basket of foreign currencies, slipped 0.3% to 98.38, after rising as high as 99.42 this morning.

Biggest S&P 500 Movers on Monday

June 23, 2025 07:40 PM EDT

Advancers

• Tesla (TSLA) shares soared 8.2%, logging Monday’s top performance in the S&P 500, a day after the electric vehicle manufacturer launched its robotaxi service in Austin, Texas. CEO Elon Musk has said Tesla plans to begin with around 10 to 20 Model Y vehicles operating autonomously in the Texas capital city before a rapid expansion to more locations and a large fleet by the end of the next year. Wedbush analyst Dan Ives has said that robotaxis and self-driving software could help Tesla double its market capitalization by the end of 2026.
• The Wall Street Journal reported that Bank of New York Mellon (BK) has expressed interest in a possible merger with smaller competitor Northern Trust (NTRS). According to the Journal, there has been at least one conversation between executives at the firms, but they have not discussed a formal offer. Northern Trust shares jumped 8% in the wake of the report, while BNY shares slipped 2.2%.
• Shares of Arista Networks (ANET), a provider of cloud networking hardware and software, advanced 6.6%. The gains came after Evercore ISI analysts boosted their price target on the stock, highlighting expectations for Arista’s partnerships with Facebook parent Meta Platforms (META) and other major cloud players to contribute to revenue growth. Evercore’s team also said that although investors are primarily focused on the artificial intelligence cloud business, Arista’s opportunity in campus cloud networking remain underappreciated.

Decliners

• Super Micro Computer (SMCI) shares dropped 9.8%, losing the most of any S&P 500 stock, after the server maker announced that it will issue $2 billion in convertible notes. Supermicro said it will use the proceeds partially for general corporate purposes, with up to $200 million set to be directed toward capped call transactions, which companies use to reduce potential dilution related to issuing convertible bonds.

• Crude oil futures prices eased off their recent highs as concerns abated about the likelihood of supply disruptions related to the conflict in the Middle East. The price retreat pressured numerous oil and gas stocks. Shares of exploration and production company APA Corp. (APA) sank 7.9%, while shares of oilfield services firms Halliburton (HAL) and Schlumberger (SLB) were down 6.8% and 5.9%, respectively.
• Biotechnology firm Amgen (AMGN) released full results from a Phase 2 trial of its experimental obesity treatment MariTide. The drug demonstrated up to 20% average weight loss in participants with obesity who do not have Type 2 diabetes, while patients with obesity and Type 2 diabetes saw up to 17% weight loss and a significant reduction in hemoglobin A1c levels. Despite the positive data, Amgen shares lost 5.8%, perhaps reflecting concerns about competition in the market for obesity treatments but also reportedly due to concerns about side effects during the trial.

–Michael Bromberg

How Much Traders Expect FedEx Shares to Move After Earnings

June 23, 2025 06:16 PM EDT

FedEx (FDX) is set to release its final earnings report of its fiscal 2025 after the market closes on Tuesday, with traders expecting a sizable move from the shipping giant’s stock.

Based on current options prices for FedEx’s stock, investors are anticipating a move of close to 7%, or nearly $16, in either direction over the rest of the week of trading after the Tuesday afternoon report. At the high end, that would put FedEx stock at just over $245, with the low end just over $213.

The stock has had some volatile sessions after its recent earnings reports. Shares sank 6% the day after last quarter’s report, and rose 1% following December’s results when FedEx announced plans to spin off its Freight business.

FedEx shares are down by nearly a fifth since the start of the year, with their largest drop following the “Liberation Day” tariff announcement, amid concerns that shipping demand could take a hit if tariffs raise prices and lead to a decrease in discretionary spending.

In its fiscal fourth quarter, FedEx is projected to report a small decline in revenue from the same time a year ago to $21.82 billion, while adjusted earnings per share are expected to rise to $5.88 from $5.42 as FedEx continues to work through its cost-cutting efforts.

Analysts are still mostly bullish on FedEx’s stock, with 12 “buy” ratings among the 14 analysts tracked by Visible Alpha and just two “hold” ratings. Their average price target sits at about $281, suggesting over 22% upside from Monday’s close.

–Aaron McDade

IBM and Microsoft Hit Record Highs Amid AI Optimism

June 23, 2025 06:12 PM EDT

Microsoft (MSFT) and International Business Machines (IBM) shares both closed at record highs Monday, building on a string of recent gains.

Shares of Microsoft rose almost 2% to close at $486, while IBM added nearly 3% to $289.18, with both among the Dow’s best-performing stocks for the day. In 2025 so far, IBM stock has gained nearly a third of its value, while Microsoft has climbed 15%.

Still, some Wall Street analysts have suggested both could have room to rise, expecting more AI-driven gains.

Last week, Bernstein analysts reportedly said Microsoft’s partnership with OpenAI “can generate huge potential revenue upside” for its Azure cloud platform. Wedbush meanwhile said Microsoft “is currently in the driver’s seat on the AI front,” in a note to clients. Wall Street’s consensus price target according to Visible Alpha is about $531, implying 9% upside from Monday’s close.

IBM meanwhile could be “well-positioned to capitalize on the current demand shift for hybrid and AI applications,” Wedbush analysts said Friday. The firm raised its price target to $325 from $320, which represents a 12% premium to Monday’s close. With its recent gains, IBM has surpassed the mean of targets compiled by Visible Alpha at $264.

IBM launched new software last week it says could help clients keep their AI agent systems “responsible at scale.” IBM also recently said it believes it has a “viable path” to building the world’s first large-scale, “fault-tolerant” quantum computer by the end of the decade.

–Andrew Kessel

FactSet Stock Rises as Revenue Tops Expectations

June 23, 2025 05:53 PM EDT

Shares of FactSet Research Systems (FDS) were among the top gainers on the S&P 500 Monday after the financial data provider reported fiscal third-quarter revenue above analysts’ expectations and announced a new share repurchase plan.

The Norwalk, Conn.-based firm posted revenue that rose nearly 6% year-over-year to $585.5 million, above the consensus of analysts surveyed by Visible Alpha. FactSet’s organic annual subscription value yearly growth rate of 4.5% also topped projections, but adjusted earnings per share (EPS) of $4.27 came in just short.

FactSet affirmed its full-year projections of adjusted EPS of $16.80 to $17.40 on revenue between $2.305 billion and $2.325 billion, and said its board authorized a buyback of up to $400 million that will be available on Sept. 1.

FactSet shares closed 3.5% higher on Monday. Still, they’ve lost about 9% this year. Earlier this month, the company announced that JPMorgan Chase (JPM) executive Sanoke Viswanathan would take over as CEO in September from the retiring Phil Snow.

–Aaron Rennie

Trump Media Authorizes $400 Million Stock Buyback Program

June 23, 2025 04:24 PM EDT

Trump Media & Technology Group (DJT) on Monday announced that it had authorized a $400 million stock buyback program.

Shares of the of the Truth Social parent, founded by President Donald Trump, gained nearly 5% early in today’s session but closed just 0.3% higher. The stock has lost nearly half of its value since the start of 2025.

The share repurchases will be funded separately from the company’s Bitcoin buying  efforts, Trump Media said. In May, the company raised more than $2.3 billion in a private placement in order to “create a Bitcoin treasury.”

Last week, Trump Media said it plans to launch an ETF that would directly hold both Ether and Bitcoin, with a quarter of its assets in the former and the rest in the latter. The launch is planned for “later this year,” the company said.

–Andrew Kessel

Fiserv to Add New Stablecoin for Its Network by Year-End

June 23, 2025 03:56 PM EDT

Fiserv (FI) shares gained Monday after the financial technology firm announced plans to launch a cryptocurrency trading platform that will include a new stablecoin.

The company said it expects the platform and stablecoin, known as FIUSD, will be included in its current banking and payments infrastructure by the end of this year. Fiserv said that adding FIUSD to its network of some 10,000 financial institutions and 6 million merchant locations “will provide instant scale for FIUSD while creating a digital asset network that clients can use to build new products and services.”

COO Takis Georgakopoulos said that with the company’s “scale, reach, and technology leadership,” it is “uniquely positioned to advance stablecoin-powered payments and help democratize access to blockchain financial services.”

Sunil Sachdev, Fiserv’s Head of Embedded Finance, added that FIUSD is designed to be “a financial institution-friendly coin that simplifies stablecoin access through a secure and scalable ecosystem.”

Despite today’s 4% advance, shares of Fiserv are down 17% in 2025. 

Estée Lauder Gets Deutsche Bank Upgrade

June 23, 2025 03:36 PM EDT

Estée Lauder (EL) stock is turning heads.

Shares of the cosmetics company were among the top performers of the S&P 500  Monday after Deutsche Bank upgraded its rating of the stock to “buy” from “hold” and lifted its price target, saying a makeover of the firm’s strategy appears promising.

For years, Estée Lauder belatedly reacted to trends and neglected key markets while over-concentrating on Chinese consumers, Deutsche Bank analysts wrote in a research note Sunday. The company has gotten better at responding to what’s in fashion by broadening its focus and decentralizing decision-making, they said.

“Clearly, growth at EL has lagged behind peers in recent years (exacerbated by undershipment to clear excess trade inventory),” the note said. “However, going forward, we see EL in a far better position to at least keep pace (if not surpass) market growth rates.”

Shares sank to below $50 in April from nearly $375 in January 2022, but Deutsche Bank thinks “that many of the root causes of this decline have now been addressed” and raised its price target to $95 from $71. The average price target among analysts who follow Estée Lauder and were polled by Visible Alpha is about $68.

Estée Lauder stock, which entered Monday essentially flat for the year, was up 5% to roughly $79 in recent trading.

–Sarina Trangle

Hims & Hers Stock Plunges as Novo Nordisk Ends Partnership

June 23, 2025 03:16 PM EDT

Hims & Hers Health (HIMS) shares lost nearly a third of their value Monday after Novo Nordisk (NVO) said it is pulling out of its partnership with the digital pharmacy, citing “illegal” and “deceptive” practices.

That means the Danish drugmaker’s weight-loss drug Wegovy will no longer be available through the Hims & Hers platform, less than two months after the companies announced their collaboration.

In a Monday press release, Novo Nordisk alleged that Hims & Hers “has failed to adhere to the law which prohibits mass sales of compounded drugs under the false guise of ‘personalization’ and are disseminating deceptive marketing that put patient safety at risk.”

“We will work with telehealth companies to provide direct access to Wegovy that share our commitment to patient safety—and when companies engage in illegal sham compounding that jeopardizes the health of Americans, we will continue to take action,” Executive Vice President of Novo Nordisk’s U.S. Operations Dave Moore said.

In a social media post Monday, Hims & Hers co-founder and CEO Andrew Dudum said in response that the company was “disappointed to see Novo Nordisk management misleading the public.”

“In recent weeks, Novo Nordisk’s commercial team increasingly pressured us to control clinical standards and steer patients to Wegovy regardless of whether it was clinically best for patients,” Dudum said. “We refuse to be strong-armed by any pharmaceutical company’s anticompetitive demands that infringe on the independent decision making of providers and limit patient choice.”

Wegovy and Ozempic, along with rival Eli Lilly’s (LLY) Mounjaro and Zepbound, were in a shortage for much of the last two years, with a Food and Drug Administration policy allowing compounding pharmacies to make and sell versions of the drugs based on the same active ingredient while they were in short supply.

However, when the FDA said earlier this year that Ozempic and Wegovy were no longer in a shortage, it warned compounding pharmacies had until mid-May before the agency would pursue enforcement actions.

Hims & Hers shares were down 32% in late trading. The stock is still up more than 80% so far in 2025.

Novo Nordisk shares were down more than 5% in recent trading, with the drugmaker also facing disappointing new trial results on Monday.

–Aaron McDade

What to Expect from Powell’s Testimony on Tuesday

June 23, 2025 02:25 PM EDT

Federal Reserve Chair Jerome Powell is scheduled to testify before Congress on Tuesday, where he will likely face questions about interest rates, the Fed’s independence from politics, and the economic impact of the U.S. entry into the war between Israel and Iran.

Powell is scheduled to talk with the House Financial Services Committee about the Fed’s semi-annual report to Congress, which was released Friday. The report touched on the message Fed officials have been sending for months: the central bank is in “wait-and-see” mode regarding its benchmark interest rate.

It will be Powell’s first public appearance since last week, when the central bank’s policy committee decided to leave the influential federal funds rate at a range of 4.25% to 4.5%, the same level it’s been since December.

The fed funds rate influences borrowing costs on all kinds of loans, and lowering it could boost the economy. However, Powell and other Fed officials have been reluctant to do so because of the risk that President Donald Trump’s tariffs could stoke a fresh round of high inflation.

Read the full preview of Powell’s testimony here.

–Diccon Hyatt

Supermicro Slides on News of Convertible Bond Offering

June 23, 2025 12:59 PM EDT

Super Micro Computer (SMCI) shares tumbled Monday after the AI server maker said it plans to issue $2 billion in convertible bonds.

Supermicro shares were down more than 7% in recent trading, leading S&P 500 decliners. Still, they’ve added over 35% since the start of the year.

The San Jose, Calif.-based server maker said the bonds will mature on June 15, 2030. Supermicro said it would use the proceeds partly for general corporate purposes. Up to $200 million of the proceeds will go towards financing capped  call transactions, which firms use to reduce the potential dilution from the issue of convertible bonds. The transaction usually involves the company buying call options on its own stock, which are subject to a cap.

Supermicro also said it expects to give the initial buyers of the convertible bonds the option to acquire an additional $300 million of the notes within 13 days from when it issues the bonds. 

Supermicro shares have had a volatile 12 months amid concerns about its accounting  practices and investor fears it would be delisted from the Nasdaq. The company met the exchange’s deadline to file its delayed reports in February, sending shares soaring at the time, but cut its sales outlook for fiscal 2025 in May, weighing on the stock. 

–Nisha Gopalan

Novo Nordisk Falls as Weight Loss Drug Trial Disappoints

June 23, 2025 12:26 PM EDT

Novo Nordisk (NVO) shares slid Monday after the drugmaker revealed the results of a Phase 3 trial for a new weight-loss treatment.

The maker of Ozempic and Wegovy said that after a 68-week trial, obese and overweight patients who took CagriSema and followed a treatment plan lost an average of 22.7% of their body weight compared to 2.3% for those in the placebo group.

About 40% of the group lost at least 25% of their body weight during the trial, and nearly a quarter lost 30% or more. Just 6% of the trial group stopped taking the drug, mainly due to gastrointestinal issues like nausea and constipation.

Novo Nordisk also published results from a second trial Monday, evaluating the drug’s effectiveness among overweight or obese patients with type 2 diabetes. At 68 weeks, the average weight loss was about 15.7% of a patient’s body weight, and the company said the second trial had similar safety results as the first.

Previous trial results for the drug weighed on Novo Nordisk’s shares, as CagriSema has yet to achieve the average weight loss of 25% that the company has reportedly hoped for. Shares have also been pressured by trials showing that rival Eli Lilly’s (LLY) Mounjaro and Zepbound, along with its drugs in development, are more effective at causing weight loss than Ozempic and Wegovy.

U.S.-listed shares of Novo Nordisk were down 6% in early-afternoon trading Monday, while Ely Lilly gained less than 1%.

–Aaron McDade

Northern Trust Surges on Reported Merge Talks With BNY

June 23, 2025 11:28 AM EDT

Northern Trust (NTRS) shares surged Monday morning after Bank of New York Mellon (BK) reportedly approached the smaller bank about a merger last week.

CEOs at the two banks had at least one conversation, though haven’t discussed a specific offer, according to The Wall Street Journal, citing people familiar with the matter. “BNY is considering its next steps, which might include returning to Northern Trust with a formal bid,” the report said. 

The report said that Northern Trust isn’t interested in a merger with BNY and noted a tie-up “would marry two of the world’s largest asset-servicing businesses and create an investment-management powerhouse that oversees more than $3 trillion.”

Northern Trust and BNY didn’t immediately respond to Investopedia requests for comment. 

Citi analysts said they would see a deal as a “win-win,” with the two franchises seeming “complementary” and raised their price targets for Northern Trust stock to $110 per share from $100, and $92 for BNY from $85, “reflecting possibility of acquisition.” They noted, however, that “this deal does not seem like a “must have,” and that they “expect BK to be disciplined on pricing and would expect only ~10% premium deal given NTRS’ relatively high valuation.”

Northern Trust shares were up 8% at around $121 in recent trading, boosting the stock’s year-to-date gain to 18%. BNY shares, which entered Monday up about 19% this year, were down 3% Monday morning at around $89.

–Nisha Gopalan

Tesla Jumps After Robotaxi Service Launch

June 23, 2025 10:51 AM EDT

Tesla (TSLA) shares surged in early trading Monday, a day after the electric vehicle maker launched its robotaxi service in Austin, Texas.

The small-scale launch Sunday featured invites sent to Tesla retail investors and several people with social media accounts dedicated to the brand, Bloomberg  reported.

Tesla shares, which entered Monday trading down 20% since the start of the year, were up 9% recently at their highest level in a month.

Several users who took some of the first rides on Sunday posted about their experiences on X, the social media platform also owned by Tesla CEO Elon Musk, who wrote that each ride cost a flat fee of $4.20.

User videos indicated no one sat in the driver’s seat, a Tesla employee was in the passenger seat to monitor the experience, and passengers sat in the back.

–Aaron McDade

Bitcoin Levels to Monitor Amid Cryptocurrency Volatility

June 23, 2025 09:49 AM EDT

Bitcoin (BTCUSD) briefly fell below $99,000 on Sunday as news that the U.S. had struck Iranian nuclear sites caused investors to reassess their appetite for risky assets.

The digital currency moved as low as $98,200 on Sunday afternoon, its lowest level since May 8, amid uncertainty about the geopolitical and economic outlook after the U.S. late Saturday entered a conflict between Israel that had intensified over the past week. In recent trading, bitcoin had rebounded to about $101,500 but was still well down from its high last Monday of near $109,000.

After trending sharply higher between early April and late May, bitcoin has consolidated within a descending channel.

Over the past week, the cryptocurrency’s price has retraced toward the pattern’s lower trendline, an area on the chart that closely aligns with the psychological $100,000 level. Moreover, recent selling has coincided with the relative strength index falling below its neutral threshold, signaling weakening price momentum.

Investors should watch crucial support levels on Bitcoin’s chart around $100,000 and $92,000, while also monitoring resistance levels near $107,000 and $112,000.

Read the full technical analysis piece here.

–Timothy Smith

Major Index Futures Little Changed

June 23, 2025 08:48 AM EDT

Futures tied to the Dow Jones Industrial Average were down 0.1% in recent trading.

S&P 500 futures were fractionally lower.

Nasdaq 100 futures also fell less than 0.1%.