Crypto stocks experienced a surge as Bitcoin reached a new peak, surpassing $71,000. Coinbase and Microstrategy saw gains of approximately 6% and 8%, respectively, while Marathon Digital also rose by 6%.
PDD Holdings observed a 4.5% increase in its U.S.-listed shares following an upgrade to a buy rating by Jefferies. Jefferies noted that concerns regarding geopolitical risks have been factored into the stock price, and anticipated continued market share growth for PDD Holdings.
Duolingo shares climbed over 1% after JPMorgan initiated coverage with an overweight rating, expecting strong revenue growth for the online learning platform.
Xcel Energy witnessed a rise of around 2%, with Barclays upgrading the natural gas company to overweight. The upgrade cited an appealing discount on shares and identified a promising “catalyst path” ahead.
Nvidia, however, experienced a decline of about 1%, extending losses from the previous session, marking its largest one-day loss since May 2023.
New York Community Bancorp saw a 1% increase in premarket trading following a more than 6% decline on Friday, amidst volatile trading after a billion-dollar capital raise.
Netflix shares rose by approximately 1% in premarket trading after Oppenheimer raised its price target, forecasting a nearly 20% upside potential. Oppenheimer emphasized Netflix’s dominant position in producing engaging content.
Applied Materials, a semiconductor manufacturer, raised its quarterly dividend by 25% to 40 cents per share from 32 cents per share, though its shares were down 0.6%.
Procter & Gamble experienced a slight increase in its shares after being upgraded to a buy rating from hold by Trust. Truist highlighted signs of improvement in Procter’s China business.
