Happy Thursday afternoon to everyone on The Street. Here's a snapshot of where markets ended the trading session, plus tomorrow's trade idea delivered to you today.

• 🟩 | US stocks rose on Thursday. Gains in the tech sector and improving investor sentiment on inflation helped the S&P 500 rise 1%, pushing the index back to record highs. Tech stock gains also pushed the Nasdaq Composite up 2% to new highs.

• 📈 | One Notable Gainer: Nividia saw a 4% gain today, bringing the company’s shares to +12% for the week as the global chip rally maintains momentum.

• 📉 | One Notable Decliner: Victoria’s Secret shares plummeted 30% after the company released mixed fourth-quarter results and disappointing guidance.

• 📦 | Tomorrow's Trade: Thinking Outside the Box. Scroll down for more.

Plus, today’s partner outlined Amazon savings and a chance to earn extra cash on every purchase you make.

MARKET MOVERS

Novo Nordisk, Intel, and Costco

NVO (+9%) Novo Nordisk shares popped after early trials showed its new obesity drug, Amycretin, could outperform Wegovy (WSJ)

VKTX (-19%) Obesity drug developer Viking Therapeutics saw its shares tumble after NVO set a new bar for weight loss drugs (CNBC)

INTC (+4%) Intel’s gains come with reports that company insiders have been buying lately (YF)

ON (+7%) On Semiconductor Corp shares rose alongside other chip stocks amid the Biden administration’s calls for boosting US chip manufacturing (CNBC)

COST (+2%) Shares of Costco rose to record highs as investors are anticipating a favorable earnings report from the warehouse store (Barron’s)

POWERED BY FINANCE BUZZ

Amazon Doesn't Like When You Exploit These Hacks (But They Can't Stop You)

Do you shop on Amazon or use Prime? If so, you might be missing out on huge savings and a chance to earn extra cash on every purchase you make.

Amazon doesn't exactly endorse all of these hacks, as they can give you big discounts, save money, and even make a little extra cash in the process. 

What are you waiting for?

OVERHEARD ON THE STREET

Barron’s: During today’s congressional hearing, Fed Chair Jerome Powell stated rate cuts “can and will begin this year” as inflation has eased notably.

NYT: Another boost to investor sentiment from “across the pond”— the European Central Bank lowered forecasts for annual inflation, citing strong wage growth.

Fortune: Nvidia board members cash in stock as the company pushes to new highs. Two directors sold approximately $180M in shares of the chipmaker.

Zillow: Home buyers today need to make more than $106,000 to comfortably afford a home, which is an 80% increase from January 2020.

Bloomberg: Rolex sales topped $10B for the first time as the Swiss watch brand gained market share and produced 1.24 million timepieces last year.

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TOMORROW’S TRADE IDEA, TODAY

Thinking Outside the Box

A Piece of the AI Pie

According to MJP Wealth Advisors President Brian Vendig, 2024 should be a good year for stocks, and not just the ones you see in the headlines. 

Three stocks he’s bullish on are Super Micro Computer (SMCI), Palo Alto Networks (PANW), and PepsiCo (PEP). 

Super Micro Computer has benefited from Nvidia’s (NVDA) success. Nivida typically uses Super Micro servers to house its chips. 

Shares were up 246% in 2023 and 255% this year. Vendig sees the stock as a good option for investors to get in on the AI revolution. However, with an average price target predicting a 21% downside, he believes there may be a better entry price available down the road. 

Palo Alto Networks

Palo Alto Networks, a cybersecurity company, recently announced changes to its software services and customer engagement strategy. 

Vendig believes these changes might hurt the stock price in the short-term, but will have a positive long-term impact. 

The stock is up over 50% over the past 12 months. It has an average price target of $334.61, representing a 16% upside from the current price.

PepsiCo

As weight-loss drugs and healthy lifestyle choices gain popularity, some investors are starting to fear that Pepsi’s snacks and drinks will fall out of favor with consumers. Vendig isn’t one of them. 

The company has made moves to offer healthier products, and he sees this as a reason to remain bullish. Shares are down 5% over the past 12 months, but with an average price target of $186.77, analysts give it a 14% upside. 

For investors looking to get in on the AI craze or purchase a long-standing company’s shares at a discount, these stocks could fit the bill.

POWERED BY FINANCE BUZZ

Amazon Doesn't Like When You Exploit These Hacks (But They Can't Stop You)

Do you shop on Amazon or use Prime? If so, you might be missing out on huge savings and a chance to earn extra cash on every purchase you make.

Amazon doesn't exactly endorse all of these hacks, as they can give you big discounts, save money, and even make a little extra cash in the process. 

What are you waiting for?

ON OUR RADAR

BI: Jeff Bezos is the world’s richest person for the first time in 2 years as Amazon shares surged during this week’s Big Tech rally.

CNBC: U.S. layoffs rose 3% last month to the highest for any February since 2009, with tech companies leading this year’s layoff wave.

WP: President Biden will propose a housing initiative during today’s State of the Union address that provides first-time buyers with $5,000 per year for two years.

Reuters: The IRS plans to crack down on high-income earners who failed to file taxes in 125,000 cases since 2017, resurrecting a non-filer enforcement program.

AP: Sweden formally joined NATO today, ending decades of post-World War II neutrality amid increasing fears of Russian aggression towards European nations.

A MESSAGE FROM OUR PARTNERS

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