Airbnb (BNB) fell by 2.0% when Barclays downgraded the stock. It set a $100 price target, citing expectations of a slowdown in travel demand. ABNB stock traded at $139.82.
Bank of America thinks Crocs (CROX) is a buy. It set a $128 price target as shares traded at $104.70.
After China reported troubling deflation last Friday, tech stocks continued to fall. Alibaba (BABA) is steady while Baidu (BIDU) is -1.25% Didi Global (DIDIY) is -1.22%, and JD.com (JD) is -1.95% to $25.10. PDD (PDD) continues to crush JD and BABA stock. Temu is an incredible success story whose inexpensive goods resonate with consumers.
PDD could take on Walmart (WMT) and Costco (COST). Dollar General (DG) and Dollar Tree (DLTR) have the most to lose if PDD grows its market share in the discount store market.
Wall Street is in a holding pattern overall, as it awaits the Fed’s rate decision on Wednesday at 2 p.m. Bulls and media will grasp at any hint that the Fed will cut rates. Chances are very low that the Fed even consider a rate cut. Stock markets are already front running this scenario. This increases profit-taking pressure risks for Treasury bonds, especially the 30-year bond.
Tech stocks ticked higher while Oracle (ORCL) lost 11.5%. AMD (AMD) added another 2.9% after the firm set billions in future revenue potential for AI-related hardware sales.
