Markets closed lower yesterday with Nasdaq and S&P 500 closing lower over 1%. Futures are down.
Apple (AAPL) made a deal with Broadcom (AVGO) to produce 5G chips in the good ol' USA. Taking the lead in a move that has long been overdue. Apple is taking steps others, including the US government, should have done years ago.
The political circus around the debt ceiling negotiations continues. Not too concerning for the market in the long run. This happens literally every year.
Disney (DIS) is starting another round of layoffs. Now I wonder if the timing of the canceled $1 Billion Campus in Florida was actually due to struggling financials after 4 million subscribers lost on Disney+ and a slew of flopped films. Sus.
Stocks to Watch
The retail sector is taking a major hit with downgrades and PT reductions for BJ Wholesale (BJ), Dicks (DKS), and Lowes (LOW). This situation paints the picture of a struggling consumer. Not good.
Palo Alto Networks (PANW) receives mass PT raises. Stock is up 4% in early trading. Bingo!
Nvidia (NVDA) reports today after the bell.
Happy Investing,
The Punkrock Capitalist
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