Key Takeaways
- Wells Fargo has significantly raised its price target for Nvidia Corporation (NVDA) to $220 from $185, maintaining an Overweight rating, signaling strong confidence in the semiconductor giant's outlook.
- Morgan Stanley upgraded Freeport-McMoRan Inc. (FCX) to Overweight, citing the company's potential benefits from copper tariffs.
- Oil prices are holding near $67 per barrel as traders await a high-stakes meeting between U.S. President Donald Trump and Russian President Vladimir Putin in Alaska on August 15th.
- Bitcoin (BTC) is rapidly approaching its all-time high, climbing over $122,000 and nearing its July 14th record of $123,218, driven by increased institutional activity and recent U.S. policy changes.
- In a somber development, Colombian presidential candidate Miguel Uribe has died, more than two months after being shot during a campaign rally.
Wells Fargo has demonstrated strong conviction in Nvidia Corporation (NVDA), raising its price target to $220 from $185 while reiterating an Overweight rating. This adjustment reflects the firm's positive outlook on the chipmaker's performance and market position. The consensus price target for Nvidia among analysts is currently around $183.75, with a high forecast reaching $250.00.
In the mining sector, Morgan Stanley has upgraded Freeport-McMoRan Inc. (FCX) to Overweight from Equalweight. The firm believes the copper and gold producer's shares are not fully pricing in the advantages it stands to gain from U.S. Section 232 tariffs on copper cathodes, which are expected to support the company's U.S. volumes. Despite the upgrade, Morgan Stanley simultaneously lowered its price target for Freeport-McMoRan to $48.00 from $54.00.
Geopolitical developments are keeping oil markets on edge, with crude prices remaining near $67 per barrel. Traders are closely monitoring the upcoming meeting between U.S. President Donald Trump and Russian President Vladimir Putin, scheduled for August 15th in Alaska. The White House is reportedly considering inviting Ukrainian President Volodymyr Zelensky to the summit.
However, President Zelensky has firmly stated that Ukraine will not make concessions to Russia and emphasized the need to intensify pressure on Moscow, as it shows no interest in ending the war. He asserted that any decisions made without Ukraine's direct participation would be "dead decisions" and that Ukrainians would not cede their land to the occupier. Oil prices have seen some recent declines, with Brent crude dropping to $66.14 and U.S. West Texas Intermediate (WTI) futures to $63.39, influenced by an OPEC+ decision to accelerate output hikes and broader macroeconomic concerns.
In the cryptocurrency market, Bitcoin (BTC) is nearing its all-time high, having climbed over $122,000 and approaching its July 14th record of $123,218. This upward momentum is attributed to increased activity from Treasury investors, significant spot Bitcoin ETF inflows, and a recent executive order from President Trump that could allow 401(k) retirement plans to hold cryptocurrencies.
In non-financial news, Colombian Senator and presidential hopeful Miguel Uribe has tragically passed away. His wife confirmed his death on Monday, more than two months after he sustained gunshot wounds during a campaign rally in Bogota.
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications.