S&P 500 stocks Advanced Micro Devices (AMD) and Arista Networks (ANET) along with Roger Federer-backed On Holding (ONON), Cloudflare (NET) and Shift4 Payments (FOUR) are in focus this week.
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With the market in a confirmed uptrend and S&P 500 hitting a fresh 14-month high, this past week was a good time for investors to add exposure.
However, with the Nasdaq looking extended, the risk of another market pullback has returned. Several of the stocks on this list fell back Friday as major indexes pared gains.
Meanwhile, the market is sure to get shaken up this coming week as earnings season picks up steam, with Tesla (TSLA) and Netflix (NFLX) on tap.
Against this backdrop, investors should keep tabs on these five stocks that are trading around buy points. Out of these five, ONON stock is on IBD Leaderboard. On Holding and ANET are on SwingTrader and the IBD 50. Cloudflare was Friday’s IBD Stock Of The Day.
S&P 500 Stocks: Advanced Micro Devices Stock
AMD rose as high as 122.12 during Friday’s market trade, bouncing from its 21-day and 10-week lines, clearing steep trendline and the July 5 high of 117.66. But shares essentially erased gains, closing up 2 cents to 115.94. For the week, AMD stock did rise 2.45%, in the middle of its range.
Investors could still use 117.66 as a buy point, but Friday’s high may ultimately be the better bet.
The S&P 500 chip giant is competing with Nvidia (NVDA) as the AI chip leader. Nvidia stock and AMD have tended to trade off chip leadership in recent years, and that could happen again. However, currently Nvidia is the leader with AMD lagging somewhat.
Last month, the chipmaker unveiled its latest semiconductor and data center products optimized for artificial intelligence. AMD’s AI moves are positioning the chipmaker to take advantage of what will be a $150 billion total addressable market opportunity in the data center market by 2027.
The market will be about $30 billion in 2023, according to the company.
On Wednesday, TD Cowen analyst Matthew Ramsay raised the firm’s AMD price target on 135 from 115. Ramsay kept an…
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