US Stocks Retreat as Tech and Bank Shares Decline Amid Earnings Season
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 1h ago
0mins
Source: Yahoo Finance
- Tech Stocks Decline: The Nasdaq Composite fell over 1%, primarily driven by large tech stocks, particularly Nvidia (NVDA), which faced potential restrictions despite the US approving chip exports to China, leading to diminished market confidence in tech equities.
- Banking Sector Underperformance: Despite Bank of America (BAC) and Wells Fargo (WFC) reporting strong quarterly profits, bank stocks fell broadly due to concerns over Federal Reserve independence, with BAC and WFC shares dropping over 5% and 1%, respectively.
- Inflation Data Impact: Recent wholesale inflation data indicated persistent price pressures, intensifying investor expectations for the Federal Reserve to hold rates steady at its upcoming meeting while keeping hopes alive for potential rate cuts later this year.
- Surge in Precious Metals: Gold and silver prices reached new highs, with silver breaking above $90 for the first time, reflecting strong demand driven by geopolitical tensions and concerns over Federal Reserve policies.
Analyst Views on AVGO
Wall Street analysts forecast AVGO stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for AVGO is 398.73 USD with a low forecast of 300.00 USD and a high forecast of 480.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
30 Analyst Rating
28 Buy
2 Hold
0 Sell
Strong Buy
Current: 354.610
Low
300.00
Averages
398.73
High
480.00
Current: 354.610
Low
300.00
Averages
398.73
High
480.00
About AVGO
Broadcom Inc. is a global technology firm that designs, develops, and supplies a range of semiconductors, enterprise software and security solutions. The Company operates through two segments: semiconductor solutions and infrastructure software. Its semiconductor solutions segment includes all of its product lines and intellectual property (IP) licensing. It provides a variety of radio frequency semiconductor devices, wireless connectivity solutions, custom touch controllers, and inductive charging solutions for mobile applications. Its infrastructure software segment includes its private and hybrid cloud, application development and delivery, software-defined edge, application networking and security, mainframe, distributed and cybersecurity solutions, and its FC SAN business. It provides a portfolio of software solutions that enable customers to plan, develop, automate, manage and secure applications across mainframe, distributed, mobile and cloud platforms.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
