A slight correction swept through the major indices, but there is no panic. This week is traditionally considered a vacation week in America, but two upcoming events are keeping traders at work – the NVIDIA report on Wednesday and the Fed chief's speech in Jackson Hole on Friday. Jerome Powell is expected to comment on inflation, US central bank policy and future rate changes. Here are some ideas for successful trading!
This week's top 5 stocks
NVIDIA (NVDA). For the past three quarters, these are perhaps the most anticipated reports in the U.S. market. The main benchmark and beneficiary of the AI sector will share its results on Wednesday after the market closes. Expectations are very high and record numbers are already built into the forecasts. We highly discourage trading NVDA before the report. Our targets are still above $500.
Tesla (TSLA). After a quick and strong correction, the stock performed well in Monday's session. The company has a lot of news: the Cybertruck release is on the way, and Model Y, Model S, and Model X prices have been cut in China. The bursting AI growth is also fueling investor interest. We see every chance of a $300+ price return.
Baidu (BIDU). China's Google reported very well despite all the concerns about the country's economy. Already in the premarket we see active trading around $130. We are waiting for long entry points.
Intuit (INTU). The IT company will report on Thursday after the close, which means that there will be volatility on Friday. Judging by the active reaction to the reports, this ticker is definitely worth adding to the Watchlist. We expect growth in the neighborhood of $510-$520.
Zoom Video (ZM). The Post-COVID shock and drop in interest in the company's business is a thing of the past. Zoom's business is normalizing – EPS in the report is strongly above expectations, and forecasts are optimistic. We assume that the price will exit the sideways trend to the $80+ levels.
Good trading to everyone!