US stock futures dipped Thursday night as investors analysed corporate earnings and anticipated a significant inflation report. Despite a strong month, Wall Street seemed poised for a losing week. The Dow Jones Industrial Average closed 0.9% lower, the S&P 500 dropped 0.6% and the Nasdaq Composite fell 1.1%. Even though major prices are corrected, we find potential shares with the best entry levels for you.
Nvidia (NVDA)
Nvidia's sales have soared as major companies like Google, Microsoft, Meta, Amazon, and OpenAI purchase its advanced AI processors. With its stock up 130% year-to-date and approaching a $3 trillion market cap, Nvidia's growth shows no signs of slowing. The chipmaker's performance is so impactful that strong earnings reports could significantly boost the stock market.
NVDA (Daily). Broke major resistance at 960.00, the stock price goes to the moon. Pay attention to both gaps last week due to potential corrections or Fibonacci expansion levels of 138.2% and 161.8% at 1038.00 and 1085.90 for ideal buying entries.
Berkshire Hathaway (BRKB)
Berkshire Hathaway shares are trading at a valuation of 21 times the 2024 operating EPS forecast, below the S&P 500's multiple of 24 times. Despite this discount, Berkshire's shares are up 12% this year, surpassing the market. The company has doubled the S&P 500's returns since 1965 and maintains a strong financial position with $188 billion in cash and over $330 billion in equity investments as of March 31.
BRKB (Daily). Rising from the double bottom this month, shares are trying to break through the projected resistance of around 415.70. If the price breaks through, it could reach 429.90 as the next major resistance.
Las Vegas Sands Corp (LVS)
We searched for stocks that are considered “cheap” relative to the broader market. Las Vegas Sands Corp. meets the following criteria: forward price-to-earnings ratio of 16 is below the S&P 500′s 24, forward price-to-earnings ratio below the five-year average valuation and upside to analysts’ consensus price target up to 42%.
LVS (Daily). Las Vegas Sands Corp. has much upside potential despite trading lower since April. Technically, the price may go to the imbalance in supply and demand between 47.70 and 49.90 in the next few weeks.
Fullerton Markets Research Team
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