Markets Live Recap: The FOMO Rally Heats Up

Despite hardly any positive news, Wall Street continued putting more cash to work on Wednesday as investors bid stocks another 2% higher.

They're betting that we're going to have a smooth reopening of the economy even as coronavirus infections continue higher and protests against police brutality fuel nationwide social unrest.

Here's what our experts - Chris Johnson and Shah Gilani - saw at the open and close of the trading day, today, June 3...

Chris Johnson's top stocks to watch today (8:45 a.m. EDT)

  • American Eagle Outfitters Inc. (NYSE: AEO), currently trading for $11.75.
    • With limited store traffic due to COVID-19 lockdowns, the company missed on earnings and revenues - yet shares rallied 14.3% today.
    • After a 63% run-up over the last month, Chris has shifted his bullish stance on the stock to a bearish one...
    • He thinks investors are going to be taking profits at current levels, so he has near-term $8 price target on the stock.
  • Campbell Soup Co. (NYSE: CPB), currently trading for $49.
    • The company saw shares fall 6% today despite stronger-than-expected Q3 earnings and revenue as consumers stocked up on its canned soup and other non-perishable staples.
    • Chris has a near-term $56 price target on CPB.
  • Microchip Technology Inc. (NASDAQ: MCHP) started the day trading at $96.85 per share.
    • After shares got attention due to analyst upgrades, Chris noted the stock recently broke through its 200-day moving average and put a technical "buy" on the stock given its trends and momentum.
    • He put a near-term price target of $110 on the stock this morning, and it closed the day at $108.80.

Shah Gilani (3:45 p.m. EDT)

  • Shah still can't believe the current market rally. But he knows the Fed's financial support is not going away anytime soon.
  • Shah thinks investors shouldn't fight the Fed and should follow the trend instead.
  • So today, he's recommending investors take off their short positions.
  • And if this rally falters later, Shah will load you up with some of his best new short ideas so you can make money off any quick moves to the downside.

Catch us tomorrow - starting LIVE again at 8:45 a.m. EDT with Chris Johnson, right here.

If you missed our live streams today, you can now replay them on our YouTube channel, here.

Got a question you want our experts to cover? Send us a note.

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