Stock futures were rising Friday with traders awaiting the release of the personal-consumption expenditures price index, the Federal Reserve’s preferred measure of price-growth. Friday marks the last trading day of the second quarter, a period which has seen the
S&P 500
jump nearly 7% and the
Nasdaq Composite
soar more than 11%. The tech-heavy Nasdaq has gained almost 30% over the first six months of the year.
These stocks were poised to make moves Friday:
Apple
(AAPL) was rising 0.7% to $191 in premarket trading, which would put its market capitalization above $3 trillion. It closed Thursday with a market capitalization of $2.98 trillion. Shares of the iPhone maker were initiated with a Buy rating at
Citi.
Analyst Atif Malik set a price target of $240 on the stock.
Nike
(NKE) reported fiscal fourth-quarter earnings that missed analysts’ expectations and issued first-quarter guidance that also came up short. Gross margins took a hit during the fourth quarter, falling 1.4 percentage points to 43.6% because of higher input costs and ongoing discounting activity designed to get rid of excess inventory. Shares of the sneaker giant fell 3.5% in premarket trading.
Tesla
(TSLA) was rising 0.6% in premarket trading with the electric-vehicle maker expected to release second-quarter deliveries on Sunday. Analysts expect deliveries of about 445,000 cars, which would be a quarterly record. Deliveries in the first quarter were 423,000. Shares of
Tesla
have risen 109% this year.
Shares of chip maker
Nvidia
(NVDA) were up 0.8% in premarket trading to $411.55. The stock was upgraded to Outperform from Neutral and the price target was raised to $475 from $408 by analysts at Daiwa, the Fly reported. The stock has risen 179% in 2023.
Carnival
(CCL) gained 2.7% to $17.63 after shares of the cruise company were upgraded to Buy from Neutral at Jefferies, according to the Fly. The analysts raised their price target on the stock to $25 from $9.
Constellation Brands
(STZ), the beer and spirits company, is scheduled to report fiscal first-quarter earnings on Friday. The company’s Modelo Especial recently topped
Anheuser-Busch InBev’s
(BID) Bud Light to become the best-selling beer in the U.S.
Write to Joe Woelfel at [email protected]
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