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Wall Street starts Tuesday session with declines
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Banks lose after Fitch warning
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Nvidia (NVDA.US) shares on wave of raised recommendations from leading investment banks
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Berkshire Hathaway unveils position on shares of D.R. Horton (DHI.US), NVR Inc. (NVR.US) and Lennar (LEN.US)
Tuesday's session on Wall Street begins with declines in the major stock market benchmarks. Market sentiment weakened on weak economic data from China and a higher retail sales reading from the US, which raised the prospect of another US interest rate hike. Moreover, investors were concerned about Fitch's warning that it is considering downgrading the ratings of the largest US banks.
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Open account Try demo Download mobile app Download mobile appUS companies categorised by sector and industry. Size indicates market capitalisation. Source: xStation5
The US100 index lost nearly 0.3% at the start of today's session, nevertheless it is worth mentioning that the scale of the sell-off was much larger at the start of the European session. The indices also erased declines triggered by a higher US retail sales reading. Source: xStation5
News
Nvidia (NVDA.US) shares are gaining nearly 2.5 per cent early in the session after a number of leading investment banks raised their recommendations on the company's shares, mimicking Morgan Stanley's decision yesterday to declare Nvidia shares as one of its top picks. UBS today raised its target price for the company's shares to $540 from its previous target price of $475. Wells Fargo raised its target price to $500 (previously it was $450).
Source: xStation 5
Bank stocks are losing ground early in the session following Fitch's warning of a possible downgrade for the sector and individual banks. For more information, see our earlier post here.
Source: xStation 5
Shares of D.R. Horton (DHI.US), NVR Inc. (NVR.US) and Lennar (LEN.US) are gaining early in the session after Warren Buffett's Berkshire Hathaway unveiled itself with shares of these companies. On the other hand, General Motors (GM.US) shares are seeing declines after the holding reduced its position in the company's shares.
Source: xStation 5
Discover Financial Services (DFS.US) shares are losing nearly 9% early in the session after Evercore added the company to its list of potential losers and lowered its target price, and the company's CEO resigned.
Source: xStation 5
Home Depot (HD.US) shares are up nearly 1%. The company's results managed to beat analysts' expectations.
The company's results and the forecasts of analysts surveyed by Bloomberg. Source: Bloomberg Finance L.P.
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