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Magnificent Seven stocks are seeing green today on the heels of a stronger-than-expected jobs report. The U.S. economy added 139,000 payrolls last month, better than economist forecasts of 125,000. The unemployment rate continues to hover at 4.2%, as widely expected. The May jobs report was well received by Wall Street, giving the markets something to celebrate and providing a distraction from lingering trade uncertainty. Today’s market rally has sent the Nasdaq Composite higher by 1.2% and pushed the S&P 500 back above the psychologically important 6,000 level.
While Tesla (Nasdaq: TSLA) is participating in today’s rally with a 4.8% gain, the stock has lost 20% of its value over the past five trading sessions as Elon Musk continues to comment on politics.
One tech stock missing out on today’s gains is Broadcom (Nasdaq: AVGO), which is down 2.5% following its quarterly earnings report. The falling stock price failed to deter analyst firm Erste Group from upgrading shares of AVGO to “buy” from “hold.”
Here’s a look at the performance as of morning trading:
Dow Jones Industrial Average: Up 412 (+0.97%)
Nasdaq Composite: Up 235.55 (+1.2%)
S&P 500: Up 64.67 (+1.1%)
Market Movers
JPMorgan has upgraded discount retailer Dollar Tree (NYSE: DLTR) to an “overweight” rating from “neutral” while lifting the price target by a whopping 44% to $111 per share.
Monness Crespi analysts have turned more bullish on MongoDB (MDB), raising the rating to “buy” from “neutral” with a $295 price target following stronger-than-anticipated earnings.
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