Coinbase(US:COIN) ZACKSยท2024-06-04 13:30Market Overview - April 2024 ended disappointingly for investors, contrasting with historical trends that favor the month [1] - May 2024 saw significant gains in U.S. stock markets, with the Dow, S&P 500, and Nasdaq Composite increasing by 2.3%, 4.8%, and 6.9% respectively [2] Economic Indicators - The U.S. GDP growth rate for Q1 2024 was revised down to 1.3% from 1.6%, marking a slowdown from 3.4% in Q4 2023, the lowest since Q2 2022 [3] - The U.S. economy added 175,000 jobs in April, below the consensus estimate of 200,000, with the unemployment rate rising to 3.9% [4] - Average hourly earnings increased by 0.2% in April, below the consensus estimate of 0.3%, while year-over-year wage growth was 3.9%, also below the 4% estimate [5] - Personal consumption expenditure (PCE) inflation rose 0.3% month-over-month in April, with a year-over-year increase of 2.7% [5][6] Retail Sales - Retail sales in April were flat month-over-month, missing the expected increase of 0.4%, with year-over-year growth at 2.7% [7][8] Corporate Earnings - S&P 500 companies reported a 6.8% year-over-year increase in total earnings for Q1 2024, supported by a 4.3% rise in revenues [9] Investment Opportunities - Five large-cap stocks with strong momentum for June have been identified, all carrying a Zacks Rank 1 (Strong Buy) and a Momentum Score of A [10] - RB Global Inc. (RBA) has an expected revenue growth rate of 16.8% and earnings growth of 10% for the current year [14] - Nutanix Inc. (NTNX) is projected to see revenue and earnings growth rates of 16.3% and 16.5% respectively for the next year [16] - monday.com Ltd. (MNDY) anticipates revenue and earnings growth rates of 29.5% and 23.8% respectively for the current year [18] - Coinbase Global Inc. (COIN) expects a remarkable revenue growth rate of 83.5% and earnings growth of over 100% for the current year [20] - Datadog Inc. (DDOG) forecasts revenue and earnings growth rates of 22.1% and 16.7% respectively for the current year [24]