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QQQ

SPY

U.S. stocks are set for a positive open, with futures indicating gains across major indices despite Fed Chair Jerome Powell's hawkish stance on rate cuts. Analysts predict more market gains for the rest of the year, citing historical trends and current market optimism. The SPDR S&P 500 ETF Trust (SPY) and Invesco QQQ ETF (QQQ) saw premarket gains. Analysts highlight potential for further gains, technical tailwinds, and advise buying the recent dip. Upcoming economic data and Fed speeches are anticipated.

Portfolio Pulse from Shanthi Rexaline

April 04, 2024 | 10:45 am

NVDA

Jim Cramer emphasized the underappreciated potential of AI in businesses and the stock market, specifically mentioning Nvidia's role as a pioneer. He criticized the shift of investor focus towards refinery and dollar store stocks, highlighting that AI's transformative impact is yet to be fully realized. Cramer believes AI is still in its early stages, likening it to 'batting practice' and suggesting it could replace physically demanding jobs and aid underfunded businesses. Despite debates on an AI bubble, with contrasting views from industry figures, Nvidia's stock saw a slight decline.

Portfolio Pulse from Benzinga Neuro

April 04, 2024 | 10:45 am

IYE

XLE

XOM

Exxon Mobil Corporation (NYSE:XOM) anticipates lower Q1 FY24 earnings due to weak oil and gas prices. The company expects negative impacts on upstream results from gas and liquid price fluctuations, but sees potential positive impacts from variations in industry margins on energy, specialty, and chemical products earnings. Additionally, unsettled derivatives could also affect earnings. Investors can gain exposure to Exxon Mobil through SPDR Select Sector Fund – Energy Select Sector (NYSE:XLE) and iShares U.S. Energy ETF (NYSE:IYE).

Portfolio Pulse from Lekha Gupta

April 04, 2024 | 10:45 am

SQ

Morgan Stanley analyst James Faucette downgraded Block (NYSE:SQ) from Equal-Weight to Underweight and reduced the price target from $62 to $60.

Portfolio Pulse from Benzinga Newsdesk

April 04, 2024 | 10:33 am

LRLCY

L'Oreal SA is reportedly considering acquiring a minority stake in the Omani luxury fragrance brand Amouage, which is valued at over €3 billion. Amouage, known for its high-end perfumes, reported retail sales exceeding $210 million in 2023. L'Oreal's shares closed lower by 2.28% at $90.94.

Portfolio Pulse from Shivani Kumaresan

April 04, 2024 | 10:30 am

MSTR

Jim Chanos highlighted a resurgence in risky trading behavior, specifically the selling of naked options, reminiscent of James Cordier's 2018 financial disaster. The article warns against the allure of 'free money' from selling penny puts on the SPX complex, citing increased market risk and potential catastrophic losses. It suggests a safer options trading strategy, exemplified by a vertical spread bet against MicroStrategy, Inc. (NASDAQ:MSTR), as a prudent alternative.

Portfolio Pulse from David Pinsen

April 04, 2024 | 10:20 am

AAPL

NVDA

TSM

UMC

Taiwan's recent earthquake, the biggest since 1999, poses a significant risk to the global semiconductor supply chain, affecting major chipmakers like TSMC (OTC:TSM) and UMC (NYSE:UMC). Both companies halted operations for inspections, impacting the supply chain. TSMC, crucial for tech giants like Nvidia (NASDAQ:NVDA) and Apple (NASDAQ:AAPL), managed to evacuate safely and plans to resume production quickly. However, the event highlights the geopolitical and natural disaster risks of Taiwan's central role in chip manufacturing.

Portfolio Pulse from Upwallstreet

April 04, 2024 | 10:18 am

PGR

Progressive Corp's (NYSE:PGR) stock has shown steady growth, reminiscent of Nvidia's early days, with a 26% increase in 2022, 22% in 2023, and 32% in 2024 so far. The stock, now trading above $200, has recently broken through the $200 resistance level and is targeting the next at $300. Despite a 10% dip in December 2023, it rebounded strongly, closing at $210.03 on April 2, indicating potential for long-term growth.

Portfolio Pulse from Zaheer Anwari

April 04, 2024 | 10:18 am

BB

BlackBerry Limited (NYSE:BB) shares rose in premarket trading after reporting better-than-expected fourth-quarter FY24 results. Revenue increased to $173 million, surpassing the consensus of $154.8 million, with IoT revenue hitting a record $66 million and Cybersecurity revenue growing to $92 million. Adjusted gross margin improved to 75%, and adjusted EBITDA turned positive at $21 million. Adjusted EPS was $0.03, beating the expected loss of $(0.03). However, the company's FY25 revenue and EPS outlook fell short of expectations, projecting lower than estimated figures.

Portfolio Pulse from Lekha Gupta

April 04, 2024 | 10:18 am

ASXC

HC Wainwright & Co. analyst Swayampakula Ramakanth downgraded Asensus Surgical (AMEX:ASXC) from Buy to Neutral and significantly lowered the price target from $2 to $0.35.

Portfolio Pulse from Benzinga Newsdesk

April 04, 2024 | 10:06 am