As the markets gear up for another week, US tech stocks are poised for a rebound following their worst performance since April. Investors are looking beyond the political shakeup caused by Joe Biden’s decision to end his presidential re-election campaign and are instead focusing on the latest earnings reports. Here’s a breakdown of the key movements and trends in today’s market:

CrowdStrike Takes a Hit

CrowdStrike saw its shares drop by 4% after Guggenheim downgraded the cybersecurity stock from “buy” to “neutral.” The downgrade was based on concerns that CrowdStrike might not emerge unscathed from the recent global outage. Investors are cautious as they weigh the potential impact of these disruptions on the company’s performance.

Nvidia Gains on Positive News

Nvidia shares gained 2% following a Reuters report that the company is preparing a version of its new Blackwell chips for the Chinese market. These chips are expected to be compatible with current U.S. export controls, offering Nvidia a significant opportunity to tap into China’s demand for advanced AI technology. This strategic move has boosted investor confidence in Nvidia’s growth prospects.

Bank of America Sees a Dip

Bank of America experienced a more than 1% dip in premarket trading after it was revealed that Warren Buffett’s Berkshire Hathaway sold 33.9 million shares for nearly $1.5 billion last week. Despite the sale, Berkshire remains the bank’s largest shareholder with a 10.8% stake. The sale appears to be a profit-taking move, as Bank of America’s stock has risen by 27.4% this year.

Verizon Disappoints with Quarterly Revenue

Verizon’s stock slid 3% after the company reported quarterly revenue that fell short of expectations. For the second quarter, Verizon posted sales of $32.8 billion, below the $33.05 billion estimated by FactSet. However, the company’s adjusted earnings per share of $1.15 met expectations. The revenue miss has sparked concerns about Verizon’s growth trajectory.

Abercrombie & Fitch Jumps on Upgrade

Retail stock Abercrombie & Fitch jumped more than 3% after JPMorgan upgraded the stock from “neutral” to “overweight.” The upgrade is attributed to strong demand for the brand, bolstered by recent improvements in marketing strategies. This positive outlook has invigorated investor sentiment towards Abercrombie & Fitch.

Truist Financial Slips on Lower Profits

Truist Financial saw its stock slip by 1% as second-quarter profits declined from the previous year. The drop was due to lower net interest income, which dampened loan demand, and a loss on the sale of securities. Additionally, the bank reported higher adjusted noninterest expenses, driven by increased employee costs and professional fees.

Apple Rises on Optimistic Price Target

Apple shares gained 1% after Wells Fargo raised its price target for the tech giant from $225 to $275, indicating more than 20% upside potential ahead of Apple’s earnings results. Wells Fargo’s positive outlook is based on expectations that Apple Intelligence will drive a significant upgrade cycle for the iPhone maker, further strengthening Apple’s market position.

As the week progresses, these stock movements will continue to be influenced by earnings reports, investor sentiment, and broader economic indicators. Stay tuned for more updates on the evolving market dynamics.