Benzinga Bulls and Bears: Alphabet, Micron, Nike
Article excerpt
Benzinga examined the prospects for many investors’ favorite stocks over the last week - here’s a look at some of our top stories. U.S. stocks ended the week mixed as a weaker-than-expected September jobs report eased concerns about another Federal Reserve rate hike, helping technology shares rebound. The S&P 500 fell 0.3% for the week and the Dow Jones Industrial Average dropped 1.3%, while the Nasdaq Composite gained 0.5%. The Nasdaq 100 reached a record high Friday after employers added just 29,000 jobs in September, far below the roughly 90,000 economists expected, while the unemployment rate rose to 4.2%. AI and semiconductor stocks remained key sources of strength. Micron Technology Inc. (NASDAQ: MU ) delivered results and outlook that reinforced investor enthusiasm for AI-related chip demand, with the company citing $32 billion in customer commitments under supply agreements. Nvidia (NASDAQ: NVDA ) and other chip stocks rallied as Treasury yields eased Thursday and then fell following Friday’s weak employment data. Meanwhile, softer inflation data earlier in the week also supported technology shares, although the broader market remained constrained by elevated borrowing costs and volatile oil prices. The jobs report shifted the near-term rate outlook sharply. Traders moved to price in roughly an 80% probability that the Fed would leave rates unchanged at its October...
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(NYSE: NKE ) shares fell after the athleticwear giant reported fiscal first-quarter revenue of $11.21 billion, below the $11.33 billion analyst estimate, although adjusted EPS of 48 cents topped expectations of 44 cents.
