Stocks made the biggest moves
Shares of e-commerce company Shopify advanced 2.42% after JMP boosted Shopify to outperform the market. The firm assigned a price target of $65 per share to the company, representing a 45.1% upside.
Shares of Triton International, Brookfield Infrastructure Triton advanced more than 28% in the morning. Triton shareholders will receive a fee valued at $85 per share. Brookfield shares advanced 2.16%
The MongoDB software company’s stock price advanced by 2.82%. The firm increased its price target to $270.
Global Payments shares added about 2%
Banking giant Goldman Sachs advanced slightly after UBS upgraded the share to buy from neutral, saying the company is well-priced with minimal risk. Analyst Brennan Hawken raised his price target to $385 from $350.
Shares of MGM Resorts International advanced about 1.55% after JPMorgan reaffirmed its high rating on the firm. The firm also rose its price target to $55, indicating a 26% upside from Tuesday’s close.
Hong Kong stocks retreated amid a HK$205 billion sell-off in Tencent Holdings and BYD as corporate insiders actively reduced their stakes. Alibaba Group and other tech leaders have taken a hit from regulatory scrutiny of services like ChatGPT.
The Hang Seng index retreated 0.92 percent. The technical index fell 1.92 percent, and the Shanghai Composite index ended up 0.44 percent.
Tencent retreated 5.22 percent to HK$357.22, while EV maker BYD retreated 2.33 percent to HK$222.63. Baidu retreated by 0.92%. China’s Cyber Security Administration adopted new rules to regulate artificial intelligence-related services earlier this week.
The Monetary Authority took steps in the foreign exchange market to help peg the local currency. The market now looks for the Fed to increase its key rate by 25 basis points next month, further widening the rate differential to support US dollar assets.