Stock Market Update: Analyst Recommendations and Company Developments in Focus

Jim Cramer recommended buying Ethereum or Bitcoin if interested in Marathon Digital Holdings. JPMorgan analyst maintained Marathon Digital with an Underweight rating and raised the price target. Exxon Mobil awarded a large contract to TechnipFMC for its Guyana’s Stabroek Block. NuScale Power reported fourth-quarter FY23 sales growth of 35.3% year-on-year, missing the analyst consensus estimate. Exxon Mobil shares fell, Marathon Digital shares gained, and NuScale Power shares fell during Wednesday’s session.

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Stocks Hold Steady Near Record Levels Amid Mixed Economic Reports

U.S. stocks held steady near record levels, with the S&P 500 falling slightly and the Dow Jones Industrial Average down. Macy’s, Norwegian Cruise Line Holdings, and Lowe’s reported positive results, while Chevron and Hess faced challenges. Tech stocks, cryptocurrency prices, and Treasury yields were also in focus amid a solid U.S. economy and expectations for inflation and interest rate cuts.

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Quarterly Earnings and Projections: Lowe’s, Macy’s, Hess, Shein, Zoom Updates

Lowe’s beats earnings expectations but anticipates a decline in sales due to weak DIY spending. Macy’s plans to close 150 stores and expects stagnant sales, while Hess faces potential acquisition risks from Chevron. Chinese e-commerce giant Shein considers listing its shares in London amid obstacles to its New York IPO, and Zoom Video sees a surge in shares after surpassing quarterly estimates and focusing on AI development.

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