Tech stocks were struggling for direction on Monday after rebounding last weekend.
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Nasdaq Composite
The stock rose 1.2% on Friday after positive U.S. jobs data, but was down 1.4% in the previous session. The index rose 0.1% on Monday as investors took a break before a week full of inflation data and earnings releases.
However, there were many stocks that were moving.
Amazon.com's stock price rose 0.4% to $185.77, on track to set a new closing price since July 8, 2021, at $186.57. It remains below the intraday high of $188.65. If the closing price is above $192.541, Amazon's market capitalization will exceed $2 trillion.
Contributing to the stock's rise were comments from Morgan Stanley analyst Brian Nowak, who raised his price target on Amazon from $200 to $215 on Monday. This call represents a 16% increase from the stock's most recent closing price.
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Nowak said he is confident in the company's ability to increase profits from its retail business. He said Morgan Stanley has reinstated Amazon as “our top pick as we continue to be encouraged by its multi-year, efficiency-based cash flow story.”
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U.S. deposit receipts rose 1.4% after the Biden administration pledged to give the company $6.6 billion to help build a factory in Arizona. Under the agreement, Nvidia and TSMC, a major supplier to Apple, will add a third chip factory to the manufacturing complex that began construction in 2021.
Other U.S. semiconductor makers had mixed trading. Shares of Advanced Micro Devices fell 0.6%, Micron Technology rose 0.4% and Nvidia fell 0.9%.
A rally in Bitcoin, which rose towards $72,000 from a low of $66,000 on Friday, helped crypto stocks rally on Monday. Coinbase Global stock rose 6.7% after falling 3.5% in the previous session.micro strategy
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The company, the largest corporate holder of Bitcoin, rose 7.7%.
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The weak start to the year showed no signs of improving on Monday, with the stock down 0.5%. Analysts at KeyBanc Capital Markets noted that recent iPhone carrier research reflects weak demand for Apple's flagship product. The stock had fallen 12% in 2024 by Friday's close.
Email Callum Keown at callum.keown@barrons.com.
