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TechRadar Publishes Division Quiz for Series FansXbox's Mythic achievements surface in PC app, echoing PlayStation's Platinum trophiesYouTube Debuts Conversational Editing Tool That Takes Natural-Language CommandsGarmin May Have Acquired Moxy Monitor to Add Muscle Oxygen TrackingAmazon Cuts Apple Watch Ultra 3 to Record-Low $699.97South Korea's Lee Pledges to Double Chip Output in Five Years, Courts U.S. Investment
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Nasdaq Drops About 8% as Rate-Hike Bets Rise; KeyBanc Raises Meta Target, Micron Targets Diverge

U.S. stocks fell Wednesday as rising oil, bond yields and strong economic data lifted Fed rate-hike odds. KeyBanc raised Meta's target to $900, while Citi and Wells Fargo split on Micron ahead of earnings.

AI News Feed · 2026-09-24 01:42

Oil prices climbed Wednesday after five consecutive down days. Strong readings on U.S. economic activity from S&P Global added to the move in bond yields. Portfolio director Jeff Marks said the market was signaling that robust economic data could give the Fed cover to raise interest rates two more times before year-end to tamp down inflation. Traders were pricing in roughly a 50% chance that the Fed would deliver 50 basis points of hikes across its October and December meetings, up from 42% a day earlier, according to CME Group's FedWatch tool.

KeyBanc analysts raised their price target on Meta Platforms to $900 a share from $780 and reiterated a buy rating, arguing that history is rhyming for the social-media company. Their case rested on parallels with Google parent Alphabet in the second half of last year. Alphabet secured a better-than-feared outcome for antitrust cases, while Meta has now settled a large social-media harm case brought by state attorneys general. Alphabet's improved Gemini chatbot put the company back in the AI game, just as Meta's Muse personal agent app is doing this month, KeyBanc said. Meta now needs to keep the momentum going, starting with Wednesday night's keynote address from CEO Mark Zuckerberg at the Meta Connect developers conference. Jeff Marks called the speech a must-watch and noted that the club booked profits on Meta shares out of discipline on Tuesday.

Micron Technology's earnings report, due a week from Wednesday, was also in focus. Citi increased its price target on the memory-chip maker to $1,300 from $1,150. Wells Fargo lowered its target to $1,400 from $1,525. Both kept buy ratings. Wolfe Research said in an earnings preview note that it expects Micron to generate enough free cash flow over the next two years to repurchase shares worth 25% of its current market capitalization, a prospect the firm said aligned with part of the club's thesis in Micron. A two-year buyback moratorium, tied to Micron's acceptance of government funding under the CHIPS Act, will expire in December. After buying Micron into last week's "AI slowdown debate" sell-off, Jeff Marks said he does not anticipate making any more purchases ahead of the quarter. Jim Cramer's Charitable Trust is long META, GOOGL and MU.