US Market Preview | BofA: S&P 500 to Hit 7,000 by 2026; STOK Soars on STK-001; Alibaba's Cainiao Drops HK IPO
M+ Global Updates 26/03/2024 20:54

Key Takeaways

  • S&P 500 Expected to Soar to 7,000 by 2026, Bank of America Forecasts
  • Cocoa Market Hits Historical High as Supply Strains Push Prices Upward
  • Bitcoin Surpasses $70,000 Amid ETF Withdrawals and Upcoming Halving Event
  • Alibaba's Cainiao Scraps Hong Kong IPO, Proposes $3.75 Billion Buyout

I. Market Report

U.S. stock futures were higher Tuesday morning, as investors tried to resume the rally that took equities to record highs after a decline in the previous session.

As of 08:09 am, EST (or 20:09 in Malaysia), Dow Jones Industrial Average futures climbed 66 points, or 0.17%. Futures tied to the S&P 500 and Nasdaq-100 added 0.34% and 0.48%, respectively.

II. Market Movers

As of 07:41 am, EST (or 19:41 in Malaysia), top pre-market movements are as follows:

Ticker Chg. Company
STOK 92.15% $Stoke Therapeutics STOK$
CHEK 48.09% $Check-Cap Ltd. CHEK$
OPGN 49.98% $OpGen, Inc. OPGN$
MRNY -59.97% $YieldMax MRNA Option Income Strategy ETF MRNY$
APCX -30.91% $Apptech Payments Corp APCX$

Note: We are pleased to inform you that our app now supports pre/after-market trading for US stocks. The trading hours for these sessions are as follows:

  • Pre-market: 16:00 to 21:30 in Malaysia
  • After-hours market: 04:00 to 08:00 the next day in Malaysia

Please note that regular trading hours are from 21:30 to 04:00 UTC.

III. Flash Headlines

S&P 500 Expected to Soar to 7,000 by 2026, Bank of America Forecasts

As US stocks continue to set new records, Bank of America technical strategist Stephen Suttmeier forecasts that the S&P 500's gains should persist, suggesting the index could rise 34% to above 7,000 points by the end of 2026. This projection implies the current long bull market in US stocks is expected to last at least until around 2030.

Apollo Global Economist Warns AI Frenzy May Hinder Fed Rate Cuts

Chief Economist Torsten Slok of Apollo Global Management recently warned that the frenzy over artificial intelligence (AI) taking over the US stock market could make it challenging for the Federal Reserve to cut interest rates this year, despite the market's keen anticipation of such a move.

Cocoa Market Hits Historical High as Supply Strains Push Prices Upward

Cocoa futures hit a record on Tuesday, climbing 3.9% to US$10,030 per metric ton, the first breach of the US$10,000 threshold. The commodity's price has skyrocketed about 138% this year. Ivory Coast, a top cocoa producer, is battling extreme heat and a virus outbreak, diminishing yields. This comes amid sustained robust chocolate demand in the US.

Bitcoin Surpasses $70,000 Amid ETF Withdrawals and Upcoming Halving Event

Bitcoin rebounded above the US$70,000 mark, as investors seem unswayed by the recent withdrawal from exchange-traded funds. The cryptocurrency experienced significant fluctuations during US trading hours on Monday, a pattern frequently observed since the introduction of ETFs in the US market. Additionally, anticipation builds within the crypto community for Bitcoin's forthcoming halving event this year.

IV. Stocks to Watch

FSD Free Trial in North America, Tesla Pre-Market up Over 3%

In an email, Tesla Motors, Inc.( $Tesla Motors, Inc. TSLA$ )'s CEO Musk wrote that in North America, FSD V12.3.1 must be installed and activated, and customers should take a brief test drive before the vehicle is delivered to them, as very few customers currently understand the value of FSD. Musk also stated on X that new car buyers will receive a one-month free trial of FSD. As of this writing, Tesla’s stock is up over 3% in pre-market trading.

JPMorgan: Super Micro Computer Could Rise Another 10%

“JPMorgan initiates ‘overweight’ rating on SuperMicroComputer ( $Super Micro Computer, Inc. SMCI$ ) with a $1150 target price, representing a 10% upside. They view the company as a leader in the growing AI computing market, with a strong demand for AI-related services. As of now, Super Micro Computer is up over 3% in pre-market trading.”

DJT, Trump’s Social Media Company, Surges 30% Before Nasdaq Debut

The Trump Media and Technology Group , under former President Trump, and the “shell company” $DIGITAL WORLD ACQUISITION CORP DWAC$ , announced on Monday that their business merger transaction has been completed. Starting on Tuesday, Trump Media and Technology Group, which completed the reverse merger, will be listed on the Nasdaq Stock Exchange under the trading symbol “ $Trump Media & Technology Group Corp. - Class A Common Stock DJT$ ," with Trump holding 58% ownership of DJT company.

STOK Surges Over 90% With Positive STK-001 Results

Stoke Therapeutics ( $Stoke Therapeutics STOK$ ) surged over 90% after positive results from studies of its drug STK-001 for Dravet syndrome. The Phase 1/2a data showed substantial and lasting reductions in convulsive seizure frequency, with a median reduction of 85% at three months and 74% at six months after the last dose. Patients also showed improvements in cognition and behavior. Stoke plans to discuss a registrational study design with the FDA and announced mixed Q4 results.

Apple-Baidu AI Collaboration Rumors Denied, Baidu Stock Dips 2% Pre-Market

Recent reports claimed that Baidu ($Baidu, Inc. Sponsored ADR Class A BIDU$ ) would provide AI features for the Chinese models of Apple's ($Apple Inc. AAPL$ ) upcoming iPhone 16, Mac systems, and iOS 18 due for release this year. However, sources close to Apple have denied any partnership, stating that the two companies have not reached an agreement. As of the latest update, Baidu's stock fell nearly 2% in pre-market trading.

Alibaba's Cainiao Scraps Hong Kong IPO, Proposes $3.75 Billion Buyout

On March 26, Alibaba Group ($Alibaba Group Holding Ltd. Sponsored ADR BABA$ ) announced that its logistics subsidiary, Cainiao Smart Logistics Network, has withdrawn its initial public offering (IPO) and listing application on the Hong Kong Stock Exchange. Concurrently, Alibaba plans to make an offer to Cainiao's minority shareholders, including employees, to buy their shares at US$0.62 each, with the total consideration reaching up to US$3.75 billion.

V. Calendar


$Zhihu Technology Ltd ZH$

$GameStop Corp. Class A GME$

$PT Telekomunikasi Indonesia (Persero) Tbk Sponsored ADR Class B TLK$

$McCormick & Company, Incorporated MKC$

Expected IPO:

$U-BX Technology Ltd. UBXG$

Please note that the timing of IPOs is subject to change at any time (including being advanced or delayed). Investors should therefore keep up-to-date with relevant news.


22:00 GMT+8 CB Consumer Confidence (Mar)

Read more on the full week's calendar:
Weekly Watch | Fed Focuses on Key Inflation Metric; Powell and Colleagues Set to Present; Xiaomi Launches SU7 Vehicle

Finally, just a little reminder:

The regular trading hours for US stocks in the Winter Time are from 21:30 to 04:00+1 GMT+8, with pre-market trading available from 16:00 to 21:30.

Have a nice trading day!


The content is provided as general information only and should not be taken as investment advice. All the contents shall not be taken as a recommendation to buy or sell any security or financial instruments. Any action you take resulting from information, analysis, or commentary on this article is your responsibility. Please consult your investment advisor before making any investments.

Stay informed with updates through our Telegram and WhatsApp channels

Access the latest financial market news
Get expert insights

Scan QR to join