US stocks kickstart the new trading week lower

The major US stock indices are opening lower with the NASDAQ index down -0.63%. The Dow industrial average and S&P are down -0.21% and -0.43% respectively.

Both the S&P and NASDAQ indices closed at record levels on Thursday ahead of the July 4 holiday. Last week, the broader indices closed higher on three separate days (of the four trading days).

A snapshot of the market three minutes into the open is shown:

• Dow Jones Industrial Average (DJI): 44,735.65, ↓ 92.88 (-0.21%)

• S&P 500 (SPX): 6,252.34, ↓ 27.01 (-0.43%)

• NASDAQ Composite (IXIC): 20,471.53, ↓ 129.57 (-0.63%)

The small-cap Russell 2000 is also lower by -20.23 points or -0.90%.

Citi raised its price targets on Nvidia and Broadcom, citing strong fundamentals and improved outlooks. Nvidia’s target was lifted to $190 from $180, with analysts highlighting stronger-than-expected sovereign demand for AI. Broadcom’s target was increased to $315 from $285, reflecting a higher projected price-to-earnings multiple.

Despite the upgrade, shares of Broadcom and Nvidia are lower with broad, currently down -0.83% and Nvidia down -0.17%.

Tesla shares are also under pressure down -7.46% after Elon Musk ventured back into politics with his announcement of the forming of a third political party - the American Party. Investors don't love the idea. Pres. Trump says Musk has gone completely off the rails This article was written by Greg Michalowski at www.forexlive.com.