šŸ’Ž Hidden Treasure

Plus, Nvidia just passed Saudi Aramco in market value.

Happy Monday afternoon to everyone on The Street. Here's a snapshot of where markets ended the trading session, plus tomorrow's trade idea delivered to you today.

  • šŸŸ„ | US stocks fell on Monday. Despite gains from Nvidia and Super Micro, the broader tech sector lagged. Both Apple and Tesla specifically weighed on the overall markets.

  • šŸ“ˆ | One Notable Gainer: Macy's stock popped 14% after Arkhouse Management and Brigade Capital Management raised their offer for the department store to $24 per share, valuing the company at $6.6 billion.

  • šŸ“‰ | One Notable Decliner: Apple shares fell roughly 3% after regulators in the European Union fined the tech company $2 billion for alleged anticompetition practices.

  • šŸ’Ž | Tomorrow's Trade: Hidden Treasure. Scroll down for more.

Plus, todayā€™s partner outlinedĀ 5 ways to make extra money with minimal effort.

S&P 500 Heatmap. Credit: Finviz

All stocks on US exchanges. Credit: Finviz

Global ADR snapshot. Credit: Finviz

MARKET MOVERS

SMCI (+19%) Super Micro pops more than 19% after S&P 500 selection (CNBC)

DECK (+3%) Super Micro, Deckers stocks surge toward records on S&P 500 entrance (MarketWatch)

COIN (+11%) Coinbase Stock Jumps. A Crypto Frenzy Is Fueling Its Rally. (Barronā€™s)

DASH (+4%) Lyft Stock, DoorDash Win Upgrades. Analyst Says They Should Partner. (IBD)

LI (-14%) Li Auto Shares Fall After Recent Run-Up, MEGA Miss (WSJ)

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OVERHEARD ON THE STREET

CNBC: Gold futures settled at the highest level ever on Monday as traders bet the Federal Reserve will start cutting interest rates in the second half of the year.

UBS: UBS believes the tech rally will continue, but suggests investors should diversify their assets.

YF: Bank of America has raised its year-end price target for the S&P 500 from 5,000 to 5,400.

Reuters: The U.S. Federal Reserve is under no urgent pressure to cut interest rates given a "prospering" economy and job market, Atlanta Fed President Raphael Bostic said in remarks that highlighted the risk inflation may get stuck above the central bank's 2% target or be sent even higher by "pent-up exuberance.

YF: Tesla shares dropped to new multi-week lows as slowing China shipments and new price cuts there hint at troubles for the EV stalwart in the worldā€™s largest car market.

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TOMORROWā€™S TRADE IDEA, TODAY

Harrison Ford Film GIF by Tech Noir

Greater Expectations

Investors are always looking for stocks with hidden value.Ā 

Goldman Sachs (GS) is on the hunt too. The investment bank has identified some stocks it thinks could have more earnings potential than Wall Street anticipates.

These arenā€™t stocks that other analysts are bearish or neutral on. Theyā€™re stocks that havenā€™t seen earnings expectations rise high enough, in Goldmanā€™s opinion.

The Qualifications

The firm was specifically looking for equities it expects to increase at least 2% more than current Wall Street projections. These stocks also have a minimum 5% upside based on Goldmanā€™s price target and carry a ā€œbuyā€ rating from the firm.

There were some big names on the list, including Expedia (EXPE), General Motors (GM), and Amazon (AMZN).

Each stock on the list has an upside between 16% and 45% based on Goldmanā€™s price target, with Expedia being the highest.

Breaking down the Data

Zooming in, Amazonā€™s stock is up more than 15% this year. Most Wall Street analysts have raised their earnings estimates by 16%, but Goldman thinks that number should be 21%.Ā 

General Motors, which is up almost 14% this year, has an average analyst earnings increase of 17%. Goldman has it around 2% higher.Ā 

The biggest discrepancy between earnings estimates belongs to Expedia. Goldman expects the travel company to see earnings increase 12% above the Wall Street consensus.Ā 

If Goldman is correct, these stocks could provide investors with value that the rest of the industry is overlooking.

Which stock do you think will outperform in 2024?

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POWERED BY FINANCE BUZZ

Feeling lazy but still want to earn some extra cash? We've done our research and found some unusual (but legit) ways that people can stack their bank accounts without having to leave their house. Some will help you save. Others will help you pad your wallet right away.

If your bank account could use a boost but you don't want to start a second job, then these could be right for you.

ON OUR RADAR

BBG: Nvidia Corp. has claimed another milestone by overtaking Saudi Aramco in market value, making the chipmaker the world's third-most valuable public company after Apple Inc. and Microsoft Corp.

BI: The wealthiest 5% of US households poured even more cash into the stock market, allocating 57% of their investments to stocks, 8% to cash, and 23% to fixed income, primarily corporate and municipal bonds.

Bankrate: More than half of aspiring homeowners (51%) say living costs are too high or their incomes are too low to squeeze a down payment and closing costs into their budgets, according to Bankrateā€™s new Down Payment Survey.

NPR: The U.S. Supreme Court restored Republican front-runner Donald Trump to the Colorado primary ballot, ruling that the state lacked authority to disqualify him after his actions three years ago during the siege on the U.S. Capitol.

LiveIntent: Bitcoin, the world's foremost cryptocurrency in terms of value, surged to a two-year peak, crossing the $66,000 threshold.

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