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☆ Stocks making the biggest moves premarket: DraftKings, Carvana, Southwest Airlines, Planet Fitness and more
▼ + stars: | 2024-06-10 | by ( Brian Evans | ) www.cnbc.com time to read: +2 min

DraftKings — The sports betting stock added 1.8% after Morgan Stanley reiterated its overweight rating and said shares were again worthy of a top-pick designation. Morgan Stanley said the stock can rally despite concerns around Illinois' legalization of a sports betting tax. Nvidia — Shares were marginally lower ahead of the chipmaker stock's first day of trading after its 10-for-1 stock split . Planet Fitness — Stock in the fitness center chain advanced about 4% on the heels of an upgrade from Jefferies earlier on Monday. Analyst Randal Konik said "the stars have aligned" for Planet Fitness stock, adding that he expects strong franchise unit growth in 2025.

Persons: GoDaddy, Robert Half, Dow, Morgan Stanley, Joseph Moore, Randal Konik, — CNBC's Michelle Fox, Alex Harring, Jesse Pound Organizations: KKR, CrowdStrike, Comerica, Dow Jones, Dell Technologies, Palantir Technologies, AMD —, Nvidia —, Southwest Airlines —, Street Journal, Elliott Investment Management, Carvana, JPMorgan, Energy Global, Jefferies, Fitness Locations: Illinois

The yield on the 10-year Treasury was down by 6 basis points at 4.334%. The 2-year Treasury yield pulled back 3.5 basis points to 4.78%. The fresh reading is fueling investor hope that the labor market is perhaps weak enough to allow the Federal Reserve to cut interest rates. Yields had fallen on Monday, with the 10-year Treasury yield tumbling close to 12 basis points, after economic data indicated a contraction of the manufacturing sector. — Correction: The 10-year Treasury yield fell nearly 12 basis points Monday.

Persons: Dow Jones, nonfarm payrolls Organizations: Treasury, U.S, Labor Department, Dow, Federal Reserve, Fed, European Central Bank

☆ The fundamentals and technicals are aligning for these stocks, according to Piper Sandler
▼ + stars: | 2024-06-03 | by ( Brian Evans | ) www.cnbc.com time to read: +3 min

With equities ending May higher, Piper Sandler says everything is going right for a handful of stocks. M & T Bank Regional bank M & T made the Piper Sander list, with analyst Frank Schiraldi highlighting the stock's reversal of a long downward trend and its fresh 52-week high reached on May 15. The analyst added that Oracle has yet to fully capitalize on a growing artificial intelligence tailwind. Tractor Supply Shares of retailer Tractor Supply have surged more than 32% in 2024. "Tractor Supply Company possesses the attributes that the macro select model is targeting as prime for the current backdrop," the analyst said.

Persons: Piper Sandler, Piper Sander, Frank Schiraldi, Schiraldi, Brent Bracelin, Bracelin, Peter Keith, Keith Organizations: Piper, Federal, T Bank Regional, T Bank, Oracle, Oracle Corporation, ", Tractor Supply, Tractor Supply Company

The Dow Jones Industrial Average rose on Tuesday as Wall Street sought its footing after an uneven start to the month. The S&P 500 added 0.15% to finish the session at 5,291.34, and the Nasdaq Composite advanced 0.17% to 16,857.05. Bath & Body Works was the worst-performing stock in the S&P 500, losing nearly 13% on the back of disappointing guidance. Tuesday's market move comes one day after the Dow fell more than 115 points, or 0.3%, on the first trading day of June. The S&P 500 and Nasdaq Composite both rose modestly on Monday as weak manufacturing data weighed on market sentiment.

Persons: Dow, Megan Horneman, Dow Jones Organizations: Dow Jones, Nasdaq, Treasury, Dow Inc, Caterpillar, Body, Verdence Capital Advisors, Labor Department

☆ Stocks making the biggest moves premarket: GameStop, Stericycle, MarineMax, Paramount and more
▼ + stars: | 2024-06-03 | by ( Pia Singh | ) www.cnbc.com time to read: +3 min

Waste Management , SteriCycle — Shares of medical waste-disposal company Stericycle jumped 16% after Waste Management agreed to buy the company for $7.2 billion. Waste Management fell 1.5%. MarineMax — MarineMax, a recreational boat and yacht services company, popped 19% on a report that OneWater Marine is in talks to buy the company for $40 a share in cash. Boston Beer Company — Shares slid 11% after Bloomberg reported that Japanese brewer and distiller Suntory denied it's in talks to buy the Samuel Adams owner. Paramount Global — Shares added more than 6% after Skydance Media revised its buyout offer for Paramount and gave nonvoting shareholders an option to cash out Paramount Class B shares at a roughly 26% premium to Friday's close.

Persons: Keith Gill, Kitty, Stericycle, —, Cava, Rubin, Blackwell, it's, Samuel Adams, Alex Harring, Brian Evans, Michelle Fox Theobald Organizations: GameStop, AMC Entertainment, AMC, Waste Management, Bloomberg, JPMorgan, Nvidia, AMD, Monday, Sunday, Bank of America, Boston Beer, Suntory, Street, Citi, Spotify, GSK, Autodesk — Autodesk, Paramount, Skydance Media Locations: Cava, Taipei, U.S, Delaware

☆ Stocks making the biggest moves premarket: Dell Technologies, Ulta Beauty, Ambarella, Gap and more
▼ + stars: | 2024-05-31 | by ( Brian Evans | ) www.cnbc.com time to read: +3 min

Dell Technologies — Stock in the personal computer and technology company slid more than 16% after executives warned about further margin pressure ahead. Nordstrom stuck by its full-year earnings forecast and reported strong growth in its Nordstrom Rack segment, which outperformed the headline brand stores. Gap — Shares climbed more than 25% after the apparel company lifted its full-year operating income forecast on the heels of a first-quarter earnings beat. Ulta on Thursday posted fiscal first-quarter earnings that reflected a 1.6% year-over-year increase in same-store sales, a significant slowdown from the same period a year earlier. MongoDB said it expected to earn 46 cents to 49 cents per share on $460 million to $464 million of revenue.

Persons: Jason Bazinet, Zscaler, Nordstrom, Ambarella, MongoDB, LSEG, Michelle, Sun, Choe, Wall, Lisa Kailai Han, Pia Singh, Jesse Pound Organizations: Dell Technologies, Lionsgate, Citi, Marvell Technologies, LSEG, Vans

Daiwa raised its price target to $1,325 on Nvidia, calling for more than 15% upside. Mizuho, meanwhile, upgraded PayPal to buy from neutral with a price target that implies more than 45% upside. — Brian Evans 5:46 a.m.: Daiwa increases Nvidia price target, says company is AI's 'big winner' Shares of soaring chipmaker Nvidia have more room to run, according to Daiwa Capital Markets. Analyst Louis Miscioscia raised his price target on the chipmaker to $1,325 from $900, which implies more than 15% upside from Wednesday's close. Nvidia stock has gained roughly 132% in 2024, adding to last year's 238% surge, as investors cheer the company's AI prospects.

Persons: Daiwa, Mizuho, Okta's, OKTA, Peter Levine, Brian Evans, Maheep Mandloi, — Brian Evans, Baird, Michael Ha, Ha, Louis Miscioscia, Miscioscia, Dan Dolev, Dolev, Fred Imbert Organizations: CNBC, Nvidia, PayPal, Mizuho Securities, Solar Mizuho Securities, UnitedHealth, Daiwa, Markets, Mizuho, comm Locations: Wednesday's, OptumCare

A small group of stocks are on the verge of forming a worrisome chart pattern known as a "death cross ." A death cross occurs when a stock's 50-day moving average falls below its 200-day average. Baxter International Stock in medical equipment maker Baxter International is also on the verge of a death cross. Other stocks nearing a death cross chart pattern include Illinois Tool Works and Abbott Laboratories . While the golden cross suggests a potential uptrend, ITW is now approaching the bearish death cross chart pattern only five months later.

Persons: Goldman Sachs, Bonnie Herzog, Clorox, TD Cowen, Joshua Jennings, Baxter, Jennings, Abbott's Organizations: Nasdaq, CNBC, Baxter International Stock, Baxter, Abbott Laboratories ., Tool, Abbott Laboratories, U.S . Food, Drug Administration Locations: Hillrom, Illinois, U.S

☆ CNBC Daily Open: Dow drops, Nvidia couldn't save Nasdaq
▼ + stars: | 2024-05-30 | by ( Abid Ali | ) www.cnbc.com time to read: +3 min

This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Treasury yields weigh on Wall StreetThe S&P 500 snapped its three-day winning streak as Treasury yields climbed. Despite Nvidia's continued rise since its earnings report last week, the tech giant couldn't prevent the Nasdaq Composite from falling. Peltz dumps Disney stakeActivist investor Nelson Peltz has sold his entire stake in Disney, according to a person familiar with the matter.

Persons: Nvidia's, Salesforce, Nelson Peltz, Peltz, Jay Rasulo, Bob Iger, Robert Isom, Vasu Raja, Raja, Korea's Kospi, Hang Seng, CNBC's Brian Evans Organizations: New York Stock Exchange, CNBC, Nasdaq, Dow Jones, Disney, American Airlines, Treasury, Nikkei, China's CSI, Dow Locations: New York City, Disney, Asia, Pacific, Japan, South Korea, China

☆ CNBC Daily Open: Dow drops, Nvidia can't save Nasdaq
▼ + stars: | 2024-05-30 | by ( Abid Ali | ) www.cnbc.com time to read: +3 min

CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Treasury yields weigh on Wall StreetThe S&P 500 snapped its three-day winning streak as Treasury yields climbed. Despite Nvidia's continued rise since its earnings report last week, the tech giant couldn't prevent the Nasdaq Composite from falling. Peltz dumps Disney stakeActivist investor Nelson Peltz has sold his entire stake in Disney, according to a person familiar with the matter. ConocoPhillips CEO Ryan Lance said the deal would immediately grow ConocoPhillips' earnings, cash flow and shareholder returns after the deal closes in the fourth quarter.

Persons: Nvidia's, Salesforce, Nelson Peltz, Peltz, Jay Rasulo, Bob Iger, Ryan Lance, Robert Isom, Vasu Raja, Raja, CNBC's Brian Evans Organizations: New York Stock Exchange, CNBC, Nasdaq, Dow Jones, Disney, ConocoPhillips, Oil, American Airlines, Dow Locations: New York City, Disney, Texas , New Mexico, North Dakota

☆ Analysts defend Salesforce, saying the sell-off is overdone and AI impact is ahead
▼ + stars: | 2024-05-30 | by ( Brian Evans | ) www.cnbc.com time to read: +3 min

Even a sharp sell-off in Salesforce stock Thursday — down as much as 21% intraday — isn't keeping some analysts on Wall Street from sticking with their optimistic outlooks on the maker of customer relationship management software. Salesforce executives tied the disappointing results to elongated deal cycles throughout the first quarter that hit the company's booking schedule. Weiss reiterated an overweight rating on Salesforce, albeit with a $320 per share price target, down from $350. Goldman Sachs analyst Kash Rangan reiterated a buy rating on Salesforce stock, but lowered his price target to $315 per share from $345. The analyst reiterated an overweight rating on the stock with a $300 per share price target, or about 10% upside from yesterday's close.

Persons: Goldman Sachs, Morgan Stanley, JPMorgan Chase, Keith Weiss, Weiss, Kash Rangan, Rangan, Mark Murphy, Tyler Radke, Radke Organizations: Wall, JPMorgan, Citigroup Locations: Salesforce, CY25

☆ Stocks making the biggest moves premarket: Marathon Oil, Robinhood, American Airlines, Chewy & more
▼ + stars: | 2024-05-29 | by ( Yun Li | ) www.cnbc.com time to read: +3 min

Dick's Sporting Goods — The sporting goods retailer popped 7.7% after reporting an earnings and revenue beat for its fiscal first quarter. It now expects earnings per share to be between $13.35 and $13.75, up from its prior range of $12.85 to $13.25. Robinhood — The stock broker shares jump 1.6% in premarket after the trading startup announced its first-ever share buyback plan. Chewy posted earnings per share of 15 cents, topping a FactSet estimate of just 4 cents per share. Cava — The stock fell 5% in premarket even though the restaurant chain posted earnings and revenue for the first quarter that topped expectations.

Persons: Dick's, Robinhood, Chewy, Cava, LSEG, CNBC's David Faber, Merck, —, Jesse Pound, Michelle Fox, Lisa Han, Sarah Min, Brian Evans, Hakyung Kim Organizations: ConocoPhillips —, Marathon Oil, Goods, LSEG . American Airlines —, United Airlines —, Jefferies, United Airlines, Google, HubSpot, Merck Locations: American, premarket

☆ Stocks making the biggest moves midday: Abercrombie & Fitch, UnitedHealth, Netflix and more
▼ + stars: | 2024-05-29 | by ( Pia Singh | ) www.cnbc.com time to read: +2 min

Check out the companies making headlines in midday trading: Abercrombie & Fitch — Shares popped 22% after the apparel retailer posted fiscal first-quarter sales that grew 22% from a year earlier. Netflix — Morgan Stanley reiterated its overweight rating on the streaming stock, leading shares 2% higher. According to the firm, Netflix can see strong double-digit revenue growth that should extend beyond the benefits it is seeing from its paid-sharing initiative. ConocoPhillips , Marathon Oil — The oil company slipped close to 4% in midday trading following news that ConocoPhillips is acquiring peer Marathon Oil in a $17 billion all-stock deal. Other stocks also tied to the government-run health insurance program, namely Molina Healthcare , Elevance Health and Humana , also slid during Wednesday's trading session.

Persons: Netflix — Morgan Stanley, Dick's, Marathon's, HubSpot, CNBC's David Faber, Chewy, — CNBC's Brian Evans, Hakyung Kim, Jesse Pound, Michelle Fox Organizations: Abercrombie, Fitch, Netflix, American Airlines, Dick's, LSEG, ConocoPhillips, Marathon, Google, HubSpot, Energy, UBS, Insurance, — Insurance, Molina Healthcare, Elevance, Humana

☆ UBS says this battery systems company is an 'under-appreciated beneficiary' of the AI-driven data center boom
▼ + stars: | 2024-05-29 | by ( Brian Evans | ) www.cnbc.com time to read: +1 min

Investors looking for new ways to capitalize on artificial intelligence should look at Fluence Energy , according to UBS. "FLNC is an under-appreciated beneficiary of increasing AI data center driven electricity demand as a leading supplier of utility-scale battery systems," analyst Jon Windham said. The firm reiterated its buy rating on the energy storage stock alongside a $32 per share price target. Fluence Energy is the second-biggest battery supplier at the utility level in the U.S. behind Tesla, UBS noted. "The more data centers consume electricity, the larger the arbitrage opportunity becomes, driving more demand for energy storage systems," the analyst said.

Persons: Jon Windham, Tesla, Windham Organizations: Fluence Energy, UBS, Energy, Nvidia, Data Locations: U.S

☆ The summer trade: Here's how the S&P 500 fares between June and August—and which sectors stand out
▼ + stars: | 2024-05-29 | by ( Brian Evans | ) www.cnbc.com time to read: +3 min

The major averages hit record highs in May, with the S & P 500 breaking above 5,300 for the first time. Historically, the summer months prove to be less robust for the S & P 500. July is typically a standout month, however, with the S & P 500 posting a 3.27% increase on average. .SPX YTD mountain The S & P 500 has added more than 11% in 2024. The S & P 500 tech sector averages a flat performance for June going back a decade.

Persons: It's, — CNBC's Christopher Hayes Organizations: Nasdaq, Dow Jones, CNBC, Tech, Technology, Nvidia

☆ This maker of seatbelts and airbags is a 'growth safe haven story,' says UBS in upgrade
▼ + stars: | 2024-05-28 | by ( Brian Evans | ) www.cnbc.com time to read: +1 min

Strong margins, revenue growth and insulation from automotive market headwinds have UBS labeling Sweden's Autoliv as a "growth safe haven story." Autoliv is isolated from short-term industry concerns, such as electric vehicle penetration, "intense capital allocation or China underexposure," UBS analyst Juan Perez-Carrascosa wrote on Tuesday. UBS upgraded Autoliv, a maker of seatbelts, airbags and steering wheels, to buy from neutral and raised its price target by 38% to $141 from $102, which was far below Friday's close at $125.73. The new target implies further upside of 12% for Autoliv, which is up 17% in 2024 after soaring 44% in 2023. ALV YTD mountain Autoliv stock has climbed more than 14% in 2024.

Persons: Sweden's, Juan Perez, Carrascosa, Perez Organizations: UBS Locations: China

☆ Rising home equity levels could help stoke pent-up demand for these two stocks
▼ + stars: | 2024-05-27 | by ( Brian Evans | ) www.cnbc.com time to read: +8 min

How long this trend will last is unclear, though it's clear a lot will depend on the direction of interest rates. This dynamic isn't surprising given a high interest rate environment that has pressured consumers. "Elevated interest rates are causing customers to defer their large discretionary projects," UBS analyst Michael Lasser said. "This means that a recovery should be robust as interest rates move lower." "Existing home sales also continue to be a material headwind to remodel activity as long as interest rates remain relatively high," Badishkanian said.

Persons: Richard McPhail couldn't, McPhail, Marvin Ellison, Bradley Thomas, Greg Melich, it's, Michael Lasser, Melich, bode, Wolfe, Greg Badishkanian, Badishkanian, Edward Decker, KeyBanc's Thomas, Ellison, Lowe's, Thomas, Lowe's Ellison Organizations: Home, Federal Reserve, Depot, CNBC, UBS, Home Depot, Wolfe Research, Lowe's, Pro, FactSet Locations: Lowe's, Friday's

☆ These are Wall Street's favorite travel and leisure stocks heading into the unofficial start of summer
▼ + stars: | 2024-05-24 | by ( Brian Evans | ) www.cnbc.com time to read: +3 min

A collection of travel-related stocks will likely be key beneficiaries as warm summer months arrive and as consumers start to go off on beach and mountain vacations. Shares of casino operator Las Vegas Sands have fallen 8.5% so far in 2024. LVS YTD mountain Las Vegas Sands stock. Umansky also lauded Las Vegas Sands' generation of free cash flow that can be used to buy back stock. VAC YTD mountain Marriott stock.

Persons: Vitaly Umansky, Umansky, Wall, FactSet, Aaron Hecht, Ryan Lambert Organizations: Entertainment, Vegas Sands, CNBC, FactSet, Seaport Securities, Sands, Marriott, JMP Securities, Hilton, JPMorgan, Madison Square Garden Sports Locations: Macao, Singapore, Vegas, Madison

☆ Stocks making the biggest moves premarket: Ross Stores, Intuit, Workday, Guardant Health and more
▼ + stars: | 2024-05-24 | by ( Brian Evans | ) www.cnbc.com time to read: +2 min

Check out the companies making headlines in premarket trading: Intuit — The TurboTax parent company slipped nearly 6% after issuing weaker-than-expected fiscal fourth-quarter guidance . Intuit forecast adjusted earnings of $1.80 per share to $1.85 per share, while analysts surveyed by FactSet expected $1.92. Ross Stores — The discount apparel retailer stock added more than 7% on the heels of an earnings beat. Workday forecast subscription revenue of $1.895 billion, while the consensus forecast called for $1.9 billion, according to StreetAccount. Analysts surveyed by LSEG were looking for $2.89 in earnings per share on $888 million of revenue.

Persons: Cash, —, Jesse Pound Organizations: Intuit, Ross Stores, LSEG, Nvidia, U.S . Food, Drug Administration Locations: U.S

☆ Stock futures are little changed after Dow posts worst session since March 2023: Live updates
▼ + stars: | 2024-05-23 | by ( Brian Evans | ) www.cnbc.com time to read: +2 min

Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., December 11, 2023. Stock futures were little changed on Thursday evening, following the worst session in more than a year for the Dow Jones Industrial Average. S&P 500 futures ticked up by 0.04%, while Nasdaq 100 futures pulled back 0.02%. The Dow suffered a 1.53% decline for its worst session since March 2023, weighed down by a 7.6% drop in Boeing. To that end, the S&P 500 is tracking for a weekly loss of 0.7%, while the Dow is on pace to drop about 2.4%.

Persons: Dow, Jamie Cox, Dow Jones Organizations: New York Stock Exchange, Stock, Dow Jones, Dow, Nasdaq, Intuit, Ross Stores, Nvidia, Boeing, Harris Financial, Federal Reserve, University of Locations: New York City, U.S

☆ Stocks making the biggest moves after hours: Ross Stores, Intuit, Workday and more
▼ + stars: | 2024-05-23 | by ( Brian Evans | ) www.cnbc.com time to read: +1 min

Ross Stores reported first quarter earnings of $1.46 per share on revenue of $4.86 billion. Analysts polled by LSEG anticipated earnings of $1.35 per share and revenue of $4.83 billion. Workday — The enterprise management company pulled back 10% after the company's subscription revenue guidance missed Wall Street estimates. Workday expects second-quarter subscription revenue guidance of $1.895 billion, while consensus forecasts called for $1.9 billion, per StreetAccount. Intuit called for fiscal fourth-quarter adjusted earnings of $1.80 to $1.85 per share, while analysts polled by FactSet predicted $1.92 per share.

Persons: LSEG, TurboTax, FactSet, Darla Mercado, Scott Schnipper Organizations: Ross, Ross Stores, Intuit –, Intuit, Wall

Against this backdrop, CNBC Pro screened the SPDR S & P Retail ETF (XRT) for stocks that were forming a death cross chart pattern. We found five SPDR S & P Retail ETF (XRT) components, including Ulta Beauty , that are on the verge of a death cross pattern — and one that has already formed one. Ulta Beauty Shares of cosmetic retailer Ulta have slipped more than 22% in 2024. Other stocks nearing a death cross pattern include National Vision Holdings and Academy Sports & Outdoor . Dollar Tree Dollar Tree , however, has already formed a death cross chart pattern.

Persons: Mark Astrachan, Astrachan Organizations: Walmart, Lowe's, CNBC Pro, P Retail, National Vision Holdings, Academy Sports

☆ Stocks making the biggest moves midday: Target, Urban Outfitters, Tesla, Shopify and more
▼ + stars: | 2024-05-22 | by ( Brian Evans | ) www.cnbc.com time to read: +3 min

Urban Outfitters — The clothing retailer slid 4.6% despite posting a fiscal first-quarter beat, after trading higher before Tuesday's opening bell. Urban Outfitters reported adjusted earnings of 69 cents per share, higher than the 52 cents per share analysts polled by LSEG had expected. First Solar — Shares surged more than 18% in midday trading. Other alt energy stocks also surged, in part owing to enthusiasm that AI will lift power demand. Bloom Energy surged 18%; Sunnova Energy added 14%; and Enphase Energy , Fluence Energy and Sunrun were all up 10%.

Persons: Goldman Sachs, LSEG, —, Alex Harring, Lisa Kailai Han, Jeff Greenberg Organizations: Goldman, Urban Outfitters, Garmin, Bank of America, —, Toll, Citi, Tesla, Elon, Bloomberg, UBS, Bloom Energy, Sunnova Energy, Enphase Energy, Fluence Energy, Sonoma, Universal, Getty Locations: Massachusetts, Europe, FactSet, Miami Beach , Florida

☆ Stocks making the biggest moves premarket: Macy's, Lowe's, Peloton, Zoom Video and more
▼ + stars: | 2024-05-21 | by ( Brian Evans | ) www.cnbc.com time to read: +3 min

Macy's — The department store operator added about 3% after beating earnings estimates for the first quarter and raising its full-year outlook. AutoZone reported revenue of $4.24 billion while analysts polled by FactSet forecast $4.29 billion. XPeng — Shares gained 5% after the Chinese electric vehicle firm beat first-quarter estimates on the top and bottom line. The company reported revenue of 25.6 billion yuan, a 38.6% decrease from the fourth quarter of 2023. Zoom Video — Shares slipped nearly 3% even after the video conferencing company reported better-than-expected earnings and revenue for the first quarter.

Persons: Macy's, Lowe's, XPeng, Baird, David Koning, billings, Li Auto, Paul Lejuez, Wall, LSEG, — CNBC's Michelle Fox, Sarah Min, Jesse Pound Organizations: FactSet, Palo Alto Networks, —, Technologies, Lam Research, Citi Locations: Keysight

☆ Value investor Bill Nygren thinks financials are cheap. These are his top holdings
▼ + stars: | 2024-05-20 | by ( Brian Evans | ) www.cnbc.com time to read: +1 min

Don't overlook the the financial sector as the stock market trends higher, according to Oakmark Funds portfolio manager and noted value investor BIll Nygren. The Dow Jones Industrial Average closed above 40,000 for the first time on Friday, while both the Nasdaq Composite and S & P 500 entered Monday after four-week-long rallies. Despite the financial sector outperforming the broader market, banking and consumer finance stocks are cheaper compared to all S & P 500 companies, according to Nygren. The Financial Select Sector SPDR Fund (XLF) , which tracks the S & P 500 financials index, has returned 12.6% in 2024, including reinvested dividends, while the S & P 500 has returned less than 11.8%. His portfolio's top holdings include some of the country's largest banks, such as Citigroup and Wells Fargo , as well as regional banks like First Citizens .

Persons: BIll Nygren, Nygren, CNBC's Organizations: Dow Jones, Nasdaq, Citigroup Locations: Wells Fargo

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