money MARKETS: Stocks soar as tech rebounds — YF Premium is bullish on Fedex (FDX)
Yahoo Finance's Jared Blikre joins Myles Udland to break down the day's price action in stocks as well as a long in Fedex (FDX), a Yahoo Finance Premium Investment Idea. Not a subscriber? Start your free trial to join our next webinar on Wednesday, September 2nd at 2:00pm ET live!
Video Transcript
MYLES UDLAND: All right, let's turn our attention back to the markets here. The rally underway on this Wednesday afternoon. Jared Blikre, where do we stand?
JARED BLIKRE: We are looking at the mirror image of yesterday, and you can see this on the NASDAQ 100 heat map, Apple up 4%, Microsoft up 5%, Amazon 4%, Tesla nearly 10, NVIDIA nearly seven. We've looked at this, before and not a lot of losers. But if you want to look at some of the underperformers today, you just have to go to the travel sector, and we're seeing the cruise lines and the airlines, many of them down 2% to 3% right here.
Bank stocks are in the green, but they are underperforming, and we can see that reflected in today's sector heat map. And tech and, excuse me, tech and materials, those are the two outperformers, and then everything else underperforming but still in the green. Energy, real estate, financials taking up the downside. And just a quick look at the VIX, because that is well off of yesterday's highs, and we are down below the 30 level, now at 2,815.
Well, now it's time for our Yahoo Finance Premium investment idea of the day, and that is FedEx, and this comes by way of Argus Research. They're saying FedEx has a bullish trend, and they're looking at a price target of $250, and they are raising it, because they're saying the shares have outperformed over the past quarter, gaining 57% compared to a 5% advance in the S&P 500 due to report results, so on September 15, and they expect to see another earnings beat along with sequential improvement.
On a technical basis, the stock has recently formed a double bottom, and they're revising their price target to $250. That would put it somewhere up here. Getting my pen, there we go. Somewhere up here. Myles, back to you.
MYLES UDLAND: All right, Jared Blikre. We'll check in with you after the closing bell. All right, coming up on the other side of this break, we're going to take a closer look at everything going on in the markets over the last couple of weeks and what to expect through the balance of the year. Bill Northey of US Bank Wealth Management will join us for that conversation coming up here in just two minutes.
