Dell +22%, Qualcomm +12%, and a New Fed Chair Who Might Actually Hike: Your Week in Market Chaos
The Strait of Hormuz has been shut for 82 days, PCE is running hot, and somehow the Dow is at all-time highs. Sure.
Ticker Ratings
| Ticker | Rating | Entry Price | Current | $ Gain | % Gain |
|---|---|---|---|---|---|
| DELL Dell Technologies Inc. | buy | $294.90 | — | — | — |
| QCOM QUALCOMM INC/DE | buy | $237.24 | — | — | — |
| UBER Uber Technologies, Inc | hold | $71.89 | — | — | — |
| MU MICRON TECHNOLOGY INC | buy | $745.56 | — | — | — |
| INTC INTEL CORP | hold | $118.15 | — | — | — |
| INTU INTUIT INC. | sell | $318.50 | — | — | — |
| HON HONEYWELL INTERNATIONAL INC | hold | $228.25 | — | — | — |
| SPCE Virgin Galactic Holdings, Inc | hold | $3.26 | — | — | — |
| USO United States Oil Fund, LP | buy | $140.92 | — | — | — |
| CVX CHEVRON CORP | buy | $191.74 | — | — | — |
Let's start with the number that broke the internet this week: $DELL surged 22% in five days, with 17% of that coming in a single Friday session after Wells Fargo lifted its price target to $270. Michael Dell personally pocketed $12.5 billion in one day, leapfrogging Jensen Huang on the wealth leaderboard. AI server demand is doing things to hardware stocks that would make a 2021 meme trader blush.
$QCOM wasn't slacking either — up nearly 12% after locking in an expanded exclusive deal with Stellantis to embed Snapdragon chips across every vehicle platform starting model year 2028. Meanwhile, $UBER fell 2.3% chasing a full Delivery Hero takeover, because nothing says 'we're winning' like bleeding cash to fight DoorDash in Europe. On the macro front, new Fed Chair Kevin Warsh got sworn in, and Fed Governor Waller immediately handed him a welcome gift: a public warning that rate hikes are back on the table with PCE expected to print at ~3.8% year-over-year.
Oh, and the Strait of Hormuz has been closed for 82 days, oil is flirting with $97/barrel, gas could hit $5/gallon by July 4th, and consumer sentiment just hit a record low of 44.8 — while the Dow posts all-time highs. The market and Main Street are in different zip codes, different area codes, possibly different dimensions.