Stocks experienced a decline on Friday following new economic data indicating a slowdown in inflation and positive consumer confidence figures. The S&P 500 and Nasdaq Composite achieved all-time highs during the week before retracting. The Federal Reserve’s personal consumption expenditures price index dropped to its lowest level since March 2021, aligning with economists’ expectations, reinforcing hopes for interest rate cuts. Following the first presidential debate, Donald Trump’s odds of winning rose to approximately 60%. Joe Biden’s performance was deemed unsatisfactory by many, with economists critiquing both candidates’ economic proposals as inflationary and insufficient to address America’s economic challenges.
Benzinga, a prominent financial news platform, regularly covers the most favored stocks among investors. Several noteworthy stories from the past week include bullish and bearish perspectives that garnered attention.
Among the bullish stories, an analyst’s optimistic prediction suggests Nvidia Corporation’s stock will reach $200 due to various factors, including strong leadership and market presence. Additionally, Congressman Matt Gaetz introduced a bill proposing federal tax payment through Bitcoin, signaling a significant move toward cryptocurrency integration in the US financial system. Elon Musk expressed confidence in Tesla’s potential to achieve a $24 trillion market capitalization by 2034, fueled by advancements in robotaxis and Optimus robots.
On the bearish front, Musk criticized Boeing CEO Dave Calhoun amid Boeing’s Starliner issues, questioning the leadership’s technical expertise. A cryptocurrency trader highlighted the shift in the market towards speculative meme coins, attributing the change to the demise of long-term investments. The European Union accused Microsoft of anti-competitive practices related to the bundle of its Teams app with the Office suite, disadvantaging competitors like Zoom and Slack.
For more insights from the past week, notable posts include Bank of America’s prediction of gold prices rising to $3,000, highlights from Rivian’s Investor Day featuring CEO Scaringe’s focus on partnerships, and Jim Cramer’s endorsement of Amazon as a valuable player in the stock market.
Contrasting the bullish stories, concerns were raised about the stock market’s breadth issues by a seasoned Wall Street investor. Broadcom was observed to surpass Nvidia, potentially filling a gap in the market. Nike faced skepticism from analysts regarding its short-term outlook following a disappointing forecast.
Readers can stay updated on breaking news and trading insights by following Benzinga on Twitter. The highlighted content was generated partly using AI tools and underwent editorial review before publication. The accompanying image was created using AI from Midjourney.
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https://www.benzinga.com/markets/cryptocurrency/24/06/39563150/benzinga-bulls-and-bears-nvidia-tesla-microsoft-microsoft-dogecoin-and-elon-musk-calls-out