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(Bloomberg) — S&P 500 Index futures were little changed as of 7:53 a.m. New York time as investors rotate out of the high-flying momentum stocks that powered last quarter’s rally.
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- Nasdaq 100 futures fall 0.1%
- Dow Jones Industrial Average futures climb 0.2%
- The MSCI World Index is up 0.1%
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Here are some of the biggest US movers today:
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- Magnificent Seven stocks are mixed early Thursday:
- Microsoft (MSFT) +0.7%, Apple (AAPL) +0.4%, Tesla (TSLA) +0.5%, Amazon (AMZN) +0.6%, Meta Platforms (META) +0.3%, Alphabet (GOOGL) -0.6%, Nvidia (NVDA) -0.5%
- Adobe Inc. shares (ADBE) are up 2.8% after HSBC upgraded the software company to buy from hold.
- Chevron Corp. shares (CVX) rise 0.6% after Wolfe Research raised its recommendation on the energy company to outperform from peerperform as it sees free cash flow driving growth.
- Cloud and other AI infrastructure stocks (CRWV -1.1%, IREN -2.2%, AMD -1.4%, INTC -1.3%) are extending losses as Meta’s plan to develop a business that would sell access to AI computing power raised worries about overcapacity.
- Honeywell Aerospace Inc. shares (HONA) are up 0.3% after BMO Capital Markets started coverage on the company with an outperform rating and $276 price target.
- Infleqtion Inc. (INFQ) rises 3.7% after Canaccord Genuity initiated coverage with a recommendation of buy.
- Palantir Technologies Inc. shares (PLTR) rise 3.7% after DA Davidson & Co raised its recommendation to buy from neutral as it sees the technology company having a competitive advantage to artificial intelligence companies that have been at odds with the US government.
- Waystar Holding Corp. shares (WAY) are up 1.9% after KeyBanc Capital Markets started coverage on the healthcare software company with an overweight rating and $30 price target.
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