TSLA
BA
TSM
PATH
FSLY
Here's the important news you need to know before you start the trading day:
Last Week Results:
On Friday, the major stock averages experienced a recovery after a challenging week in the markets. The Dow Jones Industrial Average increased by 0.8%, rebounding from its most significant drop in over a year the day before. Both the S&P 500 and the Nasdaq Composite experienced gains, rising 1.11% and 1.24%, respectively.
Despite the uptick on Friday, all three indexes concluded the week in the red. This recovery was sparked by the Labor Department's announcement that job growth in March reached 303,000, surpassing the anticipated increase of 200,000.
TSMC Lands $6.6B U.S. Government Subsidy
Under a preliminary deal disclosed by the Biden administration on Monday, TSMC's Arizona subsidiary is set to receive up to $6.6 billion in government support.
This financial backing is part of the Chips and Science Act—a $53 billion initiative enacted in 2022 aimed at expanding the U.S. semiconductor industry. The allocated funds will bolster TSMC's substantial over $65 billion investment in constructing three semiconductor fabrication facilities in Phoenix.
Additionally, the package earmarks $50 million for workforce training and development in Arizona, complementing the over 25,000 jobs already created by TSMC in the state.
Premarket Movers:
| Company | Ticker | Reason |
|---|---|---|
| Tesla | TSLA | CEO Elon Musk announced the unveiling of its robo-taxi design on Aug. 8, extending an after-hours gain. |
| Ulta | ULTA | Received an upgrade to buy from Loop Capital; analyst Anthony Chukumba suggested a potential rebound after a significant fall. |
| Boeing | BA | Shares fell in premarket trading after a 737-800 had engine issues, leading to an emergency landing. |
| Taiwan Semiconductor Mfg. | TSM | Rose after a $6.6 billion funding offer from the Biden administration under the CHIPS and Science Act. |
| UiPath Inc. | PATH | Shares increased after KeyBanc upgraded the stock to overweight, citing positive results from go-to-market and leadership changes. |
| Fastly | FSLY | gained nearly 4% after an upgrade to overweight from Piper Sandler, with attractive valuation and fundamentals highlighted. |
Comfort Systems USA Inc. (FIX) Stock: Buy Signal Has Lasted for 50 Days Already:
The Comfort Systems USA Inc. stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average.
| Financial Metric | Value |
|---|---|
| Market Cap | 11.439B |
| Income | 323.40M |
| P/E Ratio | 35.75 |
| Beta | 1.20 |
| Performance YTD | 57.24% |
This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. The FIX stock has a high StockInvest.us score of 5.03 and has gained 57.34% since it was picked as a Buy candidate on January 25, 2024. More details about FIX stock >>
Bitcoin Updates
Bitcoin's value increased on Monday, reaching $71,040, up by 2.4%, amid speculation about its future performance.
The cryptocurrency and its broader market, benefiting from a low-interest and high-liquidity financial landscape, face uncertainty due to recent U.S. employment data affecting expectations for Federal Reserve policy decisions. Even though Bitcoin has been trading within a certain range since achieving record highs in March, its market capitalization is poised to double by year's end. Ripple CEO Brad Garlinghouse credits this growth outlook to major factors such as the introduction of the first U.S. Bitcoin ETFs and the upcoming Bitcoin halving event, which cuts the miners' reward in half, echoing a similar occurrence in 2020.
