A handful of stocks could be breakout candidates as investors react to discussions at the Federal Reserve's annual retreat in Jackson Hole, Wyoming, according to BTIG. Fed Chair Jerome Powell could offer insight into the likelihood and depth of an interest rate cut at the central bank's September meeting. Investors widely expect a cut, according to futures pricing on the CME Group's FedWatch Tool , but there is still much debate over how steep a move it will make.
Earlier Thursday, stocks had been hovering near record levels ahead of Powell's remarks on Friday, but have since retreated. BTIG remains cautious on the broader market and indexes, with its chief market technician, Jonathan Krinsky, asserting "we would be surprised if SPX rips through its prior highs without some further consolidation." "Given volatility has a bid, that makes an outright 'sell the news' on Friday less likely, in our view, as there is now room for [volatility] to get hit into the weekend," he said.
With caution on the index level, BTIG picked several stocks that could make technical moves to trade the forthcoming Jackson Hole meeting. Shares of gaming and creation platform Roblox have fallen roughly 4% year to date. BTIG's buy rating and $47 per share price target imply more than 8% upside from Wednesday's $43.
35 close. RBLX YTD mountain Roblox stock. Second-quarter bookings recently surpassed Wall Street estimates, with a 21% year-over-year increase.
Roblox also raised its full-year outlook for boo.