Schwab Network

Kevin Hincks notes markets inching back to all-time highs despite a wealth of uncertainty lingering over investors. Some things he suggests are giving investors hope: a soft ceasefire between Iran and Israel, and positive inflation commentary from Fed chair Jerome Powell. The concern Kevin points to is valuations creeping back to rich levels as tech propels the SPX higher.

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“Making new highs is the most bullish thing a market can do,” says Willie Delwiche as the SPX nears all-time highs. However, he’s looking for more stocks within the SPX to hit all-time highs, a sign of market breadth. He thinks investors should be long international equities and also likes the industrials sector. Looking at investor allocations, he doesn’t see a lot of room to the upside in markets, but says bulls are still in control.

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Some of this morning's biggest stock movers trended to the downside. Diane King Hall talks about FedEx's (FDX) selling action after it posted an earnings beat. As she explains, tariffs continue to plague the company's outlook. Diane also notes the mixed report from General Mills (GIS). One stock rallying this morning is Coinbase (COIN), thanks to a price target hike from Bernstein on expectations of its bullish signal for crypto in the SPX.

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The NDX hit a new all-time high and the SPX isn't too far behind. Kevin Green points to the technicals behind today's all-time high push and what may be needed to move the SPX to a new milestone. He later points to chips through the PHLX Semiconductor Index (SOX) and Nvidia (NVDA) to explain why chips may be needed for the rally.

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Tom White previews Micron (MU) earnings and points to the technical patterns taking shape on the chart. He points to the recent uptrend taking place with shares up 35% this month following a longer-term downtrend over the past year. Tom does highlight "overbought" conditions indicated by the RSI momentum study. Later, he illustrates an example trading strategy using a bullish call diagonal.

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Options involve risks and are not suitable for all investors. Before trading, read the Options Disclosure Document. http://bit.ly/2v9tH6D

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Chris Versace joins Diane King Hall at the NYSE to discuss this week's top market-moving events. He begins with his analysis of Jerome Powell's testimony to Congress, peeling back the layers of the Fed Chair's approach to combatting inflation despite tariff-price impact. Chris argues that the upcoming PCE Index is a "May number" and believes the "June-July" data will be more significant to the Fed's approach. For individual stocks on his radar, Chris likes what he heard from WM (WM) following its investor day updates. For FedEx (FDX), he's concerned about the post-earnings decline and believes Amazon (AMZN) could be taking more market share. Later, he previews Nike (NKE) earnings with his eyes on tariff prices and consumer demand.

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General Mills (GIS) shares are lower following mixed earnings. CFRA's Arun Sundaram joins Morning Movers to discuss the consumer staple's difficult year and pivot within its business model to "spur volume growth." Arun adds that it is impacting all packaged foods companies, while indicating that there will likely be more promotions and changes to pack sizes to "get things going again." However, he adds that trends with GLP-1 drugs like Ozempic and consumer focus on "fresh" products could be denting sales.

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Bernstein raised its price target on Coinbase (COIN) to $510 from $310. Rachel Dashiell provides the technical analysis on the crypto-related stock. On the 1-year chart, she indicates that futures are pointing to a new 52-week high and highlights a golden cross that took place in Tuesday's trading session. But on an even longer time-frame dating back 4 years, she looks at $342 as an area of resistance and a cup and handle pattern taking place. As Rachel says, "the bigger the base, the higher the space" saying more moves higher could occur.

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Kevin Green kicks off the trading day with his eyes on the grind higher in the S&P 500 (SPX), pointing to moves in Apple (AAPL) and Nvidia (NVDA) being key to bringing the index to possible new all-time highs. However, he adds that concentration risks reside within the Mag 7 and would want to see broader participation in the rally. Additionally, KG mentions the credit default swaps being elevated as potential bearish factor to consider. For today's range, he's watching 6130 to the upside and 6050 on the downside.

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FedEx (FDX) falls after an earnings beat as investors gauge the company's decision to not provide long-term guidance. Coinbase (COIN) rallies after a price target hike from Bernstein. And, Microsoft (MSFT) shares reached new all-time highs as talks with OpenAI evolve. Tom White examines some of Wednesday's top premarket stories.

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