Schaeffer's Top Stock Picks for '25

S&P 500 Moves Above 5,500; Nasdaq Nabs Record High

Investors have plenty of economic data to unpack

Deputy Editor
Jun 20, 2024 at 12:07 PM
facebook X logo linkedin


Wall Street is higher this afternoon, as investors continue to unpack this morning's flood of economic data. The S&P 500 Index (SPX) briefly topped the 5,500 level for the first time ever following Nvidia's (NVDA) historic rise to the most valuable publicly traded company. The tech-laden Nasdaq Composite Index (IXIC) also nabbed a new record high, while the Dow Jones Industrial Average (DJI) is pacing for its third-straight win. 

Continue reading for more on today's market, including:

  • U.K. probe injects volatility into tech stock.
  • Semiconductor stock surges on deal with xAI.
  • Plus, Piper Sandler's top pick; ACN brushes off quarterly miss; and Enphase Energy's pending litigation. 

Midday Market Stats June 202024

Advanced Micro Devices, Inc. (NASDAQ:AMD) is catching the attention of options traders after Piper Sandler called the chipmaker a top pick among large caps. The firm noted "bright prospects" heading into the latter half of 2024. So far today, 582,000 calls and 228,000 puts have traded hands, volume that is triple the average intraday amount. Positions are being bought to open at the 13 most popular contracts, led by the June 165 call. In the last 12 months, AMD added 47.2%.

Despite a fiscal third-quarter earnings and revenue miss, the shares of Accenture Plc (NYSE:ACN) are higher. The equity was last seen up 6.3% to trade at $303.47, getting a boost after the company issued an upbeat revenue growth forecast thanks to artificial intelligence (AI) adoption. ACN is bouncing from 12-month lows, though it is still down 13% in 2024.

ACN Chart June 182024

Enphase Energy Inc (NASDAQ:ENPH) is under fire today, amid a class action lawsuit seeking to reimburse shareholders that purchased stock between Feb. 7 and April 25 2023. Plus. J.P. Morgan Securities cut its price objective to $124 from $128. ENPH was last seen 7% lower to trade at $110.64, and is it 34.3% lower in the last 12 months. 

 
 

Which of These SUB-$5 Stocks Could 26x From Here? (AD)

He called a rare 11x on Tesla…

Then he called a 26x on Workhorse…

Then an even rarer 35x on Nio Inc…

Now Tim Bohen says these 5 tiny “America First” stocks are next up in 2025.

They’re trading for less than $5 right now.

But thanks to Elon & Trump’s new alliance…

They could be off to the races in Trump’s first 100 days.

And right now for a limited time…

You can get the names & tickers for just $1 here. (AD)

10 Stock Picks FREE
 
 

Featured Articles from Trusted Partners:

🚀 One Stock Pick Could Change Everything in 2025
What if one stock pick could define your success next year? Get 10 expert-vetted stocks set for 2025—plus 5 bonus picks to watch now. Get the Report →

🆕 New Options Need New Trading Strategies
Zero-DTE options are the newest (and hottest) options to trade.  Professional traders have rushed into the market and are making a mint.  Don’t get left behind - learn all about these options, how to trade them, market setups to profit from, plus much more. Download now →

👀 Revealed: 3 Defensive Stocks for Your Portfolio
Worried about the market? This free report reveals 3 under-the-radar defensive stocks for uncertain times in any kind of economy.

 

 
 

FREE Report Download

 

Follow us on X, Follow us on Twitter