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Nasdaq breaks below 25,000 as Nvidia drops 5%, tech selloff deepens
Edgen Stock·Jul 29 2026, 03:53Share to
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[1] Should You Buy Meta Platforms Stock Before July 29? Wall Street Has a Clear... (https://finance.yahoo.com/markets/stocks/arti ...)[2] Oil Prices Just Posted Their Biggest One-Day Drop in Two Months. Here's What it... (https://finance.yahoo.com/energy/articles/oil ...)[3] Stocks drift on Wall Street and crude oil prices drop as Mideast tensions cool (https://www.newsday.com/business/stocks-oil-r ...)[4] Why Micron Stock Just Dropped Again (https://finance.yahoo.com/markets/stocks/arti ...)
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Jul 29 2026, 04:46
BofA raises 4 cybersecurity targets as AI drives 20% revenue growth
Bank of America raised price targets on four cybersecurity stocks, citing AI-driven demand that will sustain 20% revenue growth across the sector. "Accelerating AI adoption and improving investor sentiment" are driving demand for security infrastructure, the bank's analysts said in a research note published Monday. Palo Alto Networks received a target increase to $420 from $330, while CrowdStrike's target rose to $230 from $187.50. The firm also raised targets on Cloudflare and SentinelOne, though specific figures were not disclosed. Palo Alto's Next-Gen Security ARR surged 60% to $8.1 billion in fiscal Q3 2026, and CrowdStrike has delivered eight consecutive EPS beats. The upgrades come as AI adoption accelerates enterprise demand for security platforms. Palo Alto shares have gained 75.8% year to date, while CrowdStrike trades near its new $230 target with 41 Buy ratings from analysts. Loop Capital also initiated CrowdStrike with a Buy rating and a $230 target on Tuesday, adding to the bullish consensus. Of 53 analysts covering CrowdStrike, 41 rate it a Buy, 11 a Hold and one a Sell. Palo Alto has 44 Buy ratings, 10 Holds and one Sell. The broader cybersecurity sector has benefited from what Bank of America described as an "AI security standard" — enterprises consolidating around platforms that can secure AI deployments at scale. Palo Alto CEO Nikesh Arora said the company's fiscal Q3 2026 bookings growth accelerated as "customers turn to us to secure their AI deployments at scale." The coordinated target hikes signal that Wall Street sees cybersecurity as a direct beneficiary of AI infrastructure spending, not just a defensive allocation. Investors will watch Palo Alto's fiscal Q4 results and CrowdStrike's July 2 stock split for the next catalysts. This article is for informational purposes only and does not constitute investment advice.
Jul 29 2026, 04:45
Magnificent Seven rally 1% in pre-market as oil prices ease
**Tech's biggest stocks climbed in pre-market trading Monday as falling oil prices and a pause in geopolitical tensions drew buyers back to the sector.** The Magnificent Seven tech stocks rose as much as 1.3% in pre-market trading Monday, with Nvidia gaining 1% and Tesla adding 1.3% as falling oil prices and a weekend pause in US-Iran tensions lifted risk appetite. "The combination of lower oil and no new escalation in the Middle East over the weekend gave traders a reason to step back into tech after last week's choppy tape," said Sarah Lin, equity strategist at Edgen. "The question is whether this holds once the Fed and Big Tech earnings dominate the calendar." Amazon, Meta Platforms and Google parent Alphabet each rose about 1.3% in early pre-market action, while Microsoft added 0.9% and Apple posted a smaller gain. The move came as Brent crude for September delivery slid 6.4% to roughly $90.60 a barrel and WTI dropped 5.7% to about $84.10, taking pressure off inflation-sensitive parts of the market. The pre-market rally sets up a critical week for the tech trade. Amazon, Meta, Microsoft and Apple are all scheduled to report quarterly earnings, and the Federal Reserve's two-day policy meeting begins Tuesday. Traders will be watching for clues on whether September could bring a rate cut, as well as whether hyperscaler capital spending can sustain the semiconductor cycle that has driven much of this year's gains. The S&P 500 and Dow Jones Industrial Average also pointed higher in pre-market trading, with Dow futures rising 452 points, or 0.9%, buoyed by strong earnings from Sherwin-Williams and Coca-Cola. The Nasdaq-100 futures gained 0.2%, reflecting the tech-led advance. The US 10-year Treasury yield held near 4.15% as traders weighed the oil-driven inflation relief against the upcoming Fed decision. The dollar index edged lower, providing additional support for risk assets. This article is for informational purposes only and does not constitute investment advice.
Jul 29 2026, 04:43
Hong Kong exports surge 53.4% in June, fastest in 42 years on AI demand
**Hong Kong's exports grew at the fastest pace in more than four decades in June, driven by surging global demand for AI-related electronics and a pre-tariff shipment rush.** Hong Kong's exports surged 53.4% in June, the fastest pace since March 1984, as AI-related electronics demand and a pre-tariff shipment rush supercharged trade flows. "A sustained AI cycle and front-loading ahead of the US tariff deadline created a perfect storm for Hong Kong's trade," said Kevin Ip, an economist covering China macro at Edgen. "The breadth of the acceleration across markets suggests this is not a one-off event tied solely to tariff timing." Exports reached HK$641.1 billion, beating the consensus estimate of 43.8% and marking the 28th consecutive month of growth. Imports rose 45.4% to HK$693.0 billion, the strongest since February 1992 and also above the 43.5% forecast. Shipments to the US jumped 114.3%, the biggest increase since records began in 1973, while exports to Asia climbed 54.4%, led by Singapore at 83% and Taiwan at 79.9%. The data highlights Hong Kong's reliance on external trade — one of the three pillars of its economy — at a time when US tariff policy remains uncertain. The temporary 10% universal US tariff expired July 24, and market participants expect full-year export growth to exceed 20% if the AI cycle sustains its momentum. The June figures extend a trend that has gathered pace through the first half of the year. Total merchandise exports rose 39.1% in the January-to-June period compared with the same period in 2025, while imports increased 40.6%. The government attributed the strength to sustained global demand for AI-related electronic products, a category that includes semiconductors, data processing machines, and telecommunications equipment. By product category, exports of electrical machinery and parts increased by HK$121.8 billion, or 57.2%, year on year. Office machines and automatic data processing machines rose 93.2%, while telecommunications and sound recording equipment climbed 69.9%. On the import side, electrical machinery and parts rose 47%, telecommunications equipment gained 71.5%, and non-ferrous metals imports nearly tripled, surging 197.8%. The US component of the surge reflects a rush by businesses to ship goods before the expiry of the temporary 10% universal tariff on July 24. Exports to Mexico, often used as an alternative route into the US market, climbed 94.2%. Imports from South Korea more than doubled, rising 176.7%, while those from Vietnam jumped 106.8% and from India gained 95.4%. The last time Hong Kong exports grew at a comparable pace — 61.6% in March 1984 — the territory was still a British colony and its economy was transitioning from manufacturing to a services hub. The current cycle is structurally different: driven not by a low-base effect but by the global AI investment wave, which has boosted demand for semiconductors and data-processing equipment from Taiwan, South Korea, and mainland China. For the Hang Seng Index, the trade data provides a tailwind for export-oriented names. The HSI has gained roughly 12% year to date, supported by improving trade flows and expectations that the AI cycle will sustain demand through the second half. The Hong Kong dollar, which is pegged to the US dollar, has remained stable, while the offshore yuan has weakened about 1.5% against the greenback this year, providing additional competitiveness for Chinese exporters routing goods through Hong Kong. Looking ahead, the government cautioned that renewed geopolitical tensions in the Middle East warrant close monitoring. But market participants remain broadly optimistic. The AI cycle, which has driven double-digit export growth for 28 consecutive months, shows no signs of abating, and full-year exports are expected to grow by more than 20%. This article is for informational purposes only and does not constitute investment advice.