Market Update: Tesla Bull-Case Price Target Hits $800
The Dow Jones Industrial Average managed to eke out a gain of over 100 points, or 0.3%, despite a mixed performance from other major indexes. UnitedHealth led the Dow’s charge, surging nearly 4%, while Caterpillar and Chevron also posted strong gains of around 2% each.
Tech Sector Struggles
In contrast, the tech-heavy Nasdaq composite fell 1.5%, with Constellation Energy and Micron Technology leading the decline, down over 7% and 5%, respectively. Apple also lagged, skidding more than 2%. The S&P 500 struggled as well, dipping 0.8%, with Moderna plummeting over 20% after lowering its 2025 sales forecast.
Nvidia Under Pressure
Nvidia faced significant pressure after the Biden administration unveiled new proposed rules on artificial intelligence exports to China. The rules aim to cap the number of advanced AI chips that can be exported and require a license to export data needed for sophisticated AI systems. Nvidia labeled the move “sweeping overreach” and claimed it would harm America’s technological advantage.
Howard Hughes Surges
Meanwhile, Howard Hughes jumped over 9% after billionaire investor Bill Ackman made an offer to buy a majority interest in the company. Ackman’s Pershing Square currently owns 18.85 million shares in Howard Hughes, worth around $1.5 billion. The proposed deal values Howard Hughes at around $85 per share.
Breakout Opportunities
Despite the challenging market conditions, some stocks are still managing to break out. Boot Barn is testing a weekly chart cup with handle with a buy point of 163.04, according to MarketSurge analysis. The western and workwear play has a solid earnings and price performance, netting it an IBD Composite Rating of 92.
Biotech in Focus
Next week, biotech will take center stage at the 43rd annual J.P. Morgan Healthcare Conference in San Francisco. Investors will be watching closely for updates from key players in the industry.
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