Live Nasdaq Composite: Markets Eye Fresh Records, Oil Prices Stabilize as Sentiment Improves
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Ahead of Microsoft’s (Nasdaq: MSFT) upcoming earnings toward the end of April, TD Cowen analysts are weighing in. They see Azure upside as likely capped, with GPU capacity constraints keeping growth steady while rising capex could leave shares range-bound, though the firm also finds room for a breakout if the Copilot narrative gains traction.
Oppenheimer upgraded NextNav (Nasdaq: NN) to Outperform with a $25 price target, calling its spectrum and GPS backup technology critical infrastructure for drones and physical AI. Analysts also suggested it has a target on its back, naming AT&T as the most logical strategic acquirer, with SpaceX and Verizon also named as possible suitors.
This article will be updated throughout the day, so check back often for more daily updates.
The markets are recalibrating to focus on corporate America with the Mideast conflict waning and oil finding a narrow trading range. Both the S&P 500 and Nasdaq Composite are eyeing fresh records but appear to be slowly easing into any gains today. WTI oil is up 1.4% to hover at around $92.56, further distancing itself from the $100 per barrel level.
On the economic front, the labor market is signaling solid footing. About 207,000 people filed for unemployment last week, comfortably below the 213,000 economists were expecting.
Here’s a look at where things stand as of morning trading:
Dow Jones Industrial Average: 48,452 Down 0.03%
Nasdaq Composite: 23,920 Down 0.42%
S&P 500: 7,014 Down 0.13%
Market Movers
Taiwan Semi is falling over 3% despite reporting a strong quarterly profit and raising raising its forecast on robust AI chip demand. Investor may be spooked over the company’s ambitious AI capex plan of between $52 billion and $56 billion, favoring the higher side of the range.
Google (Nasdaq: GOOGL) is in talks with the Pentagon on a deal that would bring its Gemini AI models into classified settings, according to The Information, a potentially landmark contract that would deepen Big Tech’s footprint in national security.
CoreWeave (Nasdaq: CRWV) is heading back to the debt markets, looking to raise $1 billion through additional 9.75% senior notes due 2031, per Bloomberg.
Roku (Nasdaq: ROKU) has hit a milestone, with more than 100 million households now streaming on its platform, per Bloomberg, as it eyes content streaming giant Netflix (Nasdaq: NFLX).
Stellantis (NYSE: STLA) is putting AI in the driver’s seat. The Jeep maker has teamed up with Microsoft (Nasdaq: MSFT) to accelerate the rollout of AI software across its vehicles and operations, with a focus on a better customer experience, per Bloomberg.
Allbirds (BIRD) stock, which is transforming from a sneaker company to an AI platform, is giving up gains, sinking 30% in early morning trading a day after announcing its transformation.
SpaceX was behind 1,279 Tesla (Nasdaq: TSLA) Cybertruck registrations in the U.S. in Q4, representing more than 18% of the 7,071 total, per Bloomberg. Toss in another 60 vehicles purchased by Musk’s other companies, and a meaningful chunk of Cybertruck demand was basically homegrown.
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