Wall Street was poised for a higher open on Friday after a late-day selloff in the previous session. The Dow had lost 1.5% and was on track to break a five-week winning streak. Nvidia, despite the market downturn, managed to hold on to most of its post-earnings gains. The S&P 500 and Nasdaq were on the bubble, with their winning streaks dependent on Friday’s trading. Jensen Huang, CEO of Nvidia, has seen his net worth soar from $3 billion to $90 billion in the past five years, with a $7 billion increase in just one day.
Wells Fargo upgraded its DuPont rating to a buy from a hold following news that the conglomerate plans to split into three publicly traded companies. Wedbush raised its Apple price target to $275 from $250, anticipating an iPhone 16 supercycle refresh with artificial intelligence integrations. Deckers Outdoor saw its shares rise by nearly 9% after a quarter that exceeded estimates, with a record $4.29 billion in full-year revenue. Ross Stores and TJX both reported strong quarters, with TJX outperforming and prompting a boost in the stock’s price target.
Intuit’s quarter was deemed positive by Jefferies, who raised the price target on the stock to $770 per share. Workday had a good quarter but cut its subscription outlook, leading to an 11% drop in its shares. Wells Fargo is expanding its investment banking business, aiming to grab a larger share of the market long dominated by Wall Street rivals. U.S. oil prices fell to three-month lows, with the summer driving season starting with the Memorial Day holiday.
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