Investors are wary about the energy sector after oil prices continued to decline. WTI crude fell by 3%, hurt by weak demand from China. EQT (EQT), however, potentially bottomed at $30.00. The stock added 4.88% on Monday, closing at $33.72.
Despite Oppenheimer analysts offering pair trade ideas that are bearish on EQT stock, shares rose. Analysts said to buy Marathon Petroleum (MPC) in the energy sector (XLE) and to sell EQT.
Nvidia (NVDA) is largely responsible for Nasdaq’s (QQQ) rebound. This also lifts its second-place competitors. Advanced Micro Devices (AMD) broke out above the $150 resistance line. On Aug. 18, 2024, the firm announced it would acquire ZT Systems. It is paying up to $4.9 billion in cash and stock for the AI infrastructure provider. ZT reported around $10 billion in annual revenue.
In the restaurant sector, Starbucks (SBUX) is on the loser’s list. Shares risk giving back the massive rally enjoyed in the last month. The stock gained after the firm hired Chipotle’s (CMG) CEO. Watch out for selling volume increasing as the stock price falls, a bearish pattern.
Domino’s Pizza (DPZ) is also at risk of breaking down from its stock uptrend. The firm reported Q2 sales of $73.1 billion. Gross margin fell by 1.0%. Profitability could fall if consumers cut spending at the restaurant.
