Nasdaq Composite: AAPL, NVDA, TSLA Rise in Whipsaw Trading

After starting the day lower, the markets are chugging along and have turned positive on stronger-than-expected housing data that lifted delicate sentiment. Initially, the markets backed off from yesterday’s gains, with all three of the major stock market indices having started the day in the red. But February home resales increased a better-than-expected 4.2% vs. January, even in the face of high mortgage rates, giving traders and investors a reason to feel more optimistic.

The Fed-driven rally that unfolded on Wednesday showed early signs of fizzling despite clarity on more dovish monetary policy and a couple of interest rate cuts likely in the pipeline for 2025. Nearly every sector of the economy started lower this morning, with the exception of dependable utilities, but the screen is starting to show more green as stocks turn positive as the morning unfolds.

Tesla (Nasdaq: TSLA) is making fractional movers higher despite Piper Sandler analysts lowering their price target on the stock to $450 from $500 but maintaining an “overweight” rating. Apple (Nasdaq: AAPL) is rising despite reports that its AppleTV+ division is bleeding over $1 billion annually.

Meta Platforms (Nasdaq: META) is adding 1.5% on the day, as is Micron Technology. On the other side, IBM (NYSE: IBM) and Microchip Technology (Nasdaq: MCHP) are each sinking 5% on the day.

The markets are facing what’s known as a “triple witching” on Friday in which many options contracts are set to expire at once, an event that has a history of igniting volatility in the stock market. This time around, the expiration involves a whopping $4.5 trillion in equities value.

Here’s a look at the performance as of early morning trading:

Dow Jones Industrial Average: Down 143.37 (-0.34%)
Nasdaq Composite: Down 50.49 (-0.28%)
S&P 500: Down 16.70 (-0.34%)

Market Movers

Scotiabank has reportedly begun coverage on Microsoft (Nasdaq: MSFT) with a “buy” rating, calling the company a “leading horseman of the AI revolution.” Shares of MSFT are up fractionally.

UBS has upgraded shares of Southwest to “neutral” from “sell,” owing to the airline’s improved business structure.

Accenture (NYSE: ACN) is shaving off nearly 8% of its value today on the heels of its quarterly earnings report.

Biotech stock Intuitive Surgical (Nasdaq: ISRG), which is known to be popular among high-net worth investors, is rising 1% on the day, helping to lift the Nasdaq Composite.

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