Wall Street is gearing up for a weaker day on Friday after a week of gains, with the Dow, S&P 500, and Nasdaq all seeing significant increases. However, the market optimism took a hit as Nike’s stock dropped more than 6% due to a sluggish outlook and slowing sales in China. Despite this, the company reported better-than-expected earnings and revenue.
In other news, Citi upgraded Foot Locker to neutral from sell, citing a new Nike distribution strategy that could benefit the company. Lululemon’s stock took a hit after weak guidance and slowing growth in North America, while FedEx delivered a remarkable quarter with no revenue growth.
Nvidia had a successful week with announcements from its GTC developers conference, leading to a 4% jump in its stock price. UBS raised its price target on the company, citing new demand from global enterprises and sovereigns. However, Apple’s stock took a hit after a Justice Department lawsuit, but analysts see potential in the company’s Vision Pro.
Starbucks is facing challenges in key markets globally, while Google parent Alphabet was added to Wedbush’s Best Ideas list for its strong position in artificial intelligence. Piper Sandler analyst Michael Lavery also started coverage of Constellation Brands with an overweight buy-equivalent rating and a $300 price target.
Investors can sign up for a free Top 10 Morning Thoughts on the Market email newsletter for more insights. As a subscriber to the CNBC Investing Club with Jim Cramer, trade alerts are sent before any trades are made. It’s important to note that the information provided by the Investing Club is subject to terms and conditions, privacy policy, and disclaimer, with no guaranteed outcome or profit.