Top 10 things to watch in the stock market Thursday

1. The broad market S&P 500 index is still looking for that new all-time high to beat 4,796.56, the previous high set on Jan. 3, 2022. Nasdaq remains roughly 6% off an all-time closing high, but the Nasdaq 100 closed at a record high on Wednesday.

2. The U.S. dollar and oil continue to pull back. That's a positive for input costs (better profit margins) and for U.S. companies selling into foreign markets as it makes the selling price cheaper after currency conversions.

3. U.S. Treasury yields were higher on Thursday, with the 10--year adding more than 3 basis points to 3.826%. The 2-year also rose about 3 basis points to 4.271%.

4. Palo Alto Networks (PANW) announced the completion of acquisition of Talon Cyber Security, which creates enterprise browser technology. Details of the deal were not disclosed.

5. Nike (NKE) price target raised to $111 from $107 at Truist, which said the company should be better able to manage costs in the lower-growth environment.

6. Wedbush raised its price target for Microsoft MSFT PT to $450 from $425, calling this Microsoft's "iPhone Moment" as Co-Pilot monetization is set to be "game-changing" in 2024. The research firm said over 60% of Microsoft's installed base will be paying for the service over the next three years.

7. Barclays nudges up price target for Constellation Brands to $296 from $293, keeps an overweight rating. The firm pointed out that shipment timing will continue to be a headwind to quarterly profit growth, but that Constellation's momentum in the beer business should be "readily apparent."

8. Apple Watch Series 9 and Ultra 2 models are back on the shelf following a temporary pause on the sales ban granted by the U.S. appeals court on Wednesday. This whole thing could actually boost Watch sales, as some look to pull forward purchases given the uncertainty of future availability of these products.

9. The final CNBC Delivering Alpha Stock Survey poll of the year has wrapped up and of the 300 investors, traders and money managers surveyed, 83% think the Federal Reserve did a good job in 2023, up from the 77% that felt that way 3 months ago. Big multi-week market rallies tend to have that effect. Looking to 2024, it seems most respondents are expecting more of the same, with 77% believing that the Magnificent 7 will outpace the less magnificent 493 other companies in the S&P 500.

10. Raymond James names 4 top stocks for Generative AI: Amazon, Alphabet, Microsoft, Meta Platforms. A surprising group of players, we know. The analysts argue that "GenAI is still in the early innings." We like the list (obviously) but would still call out that none of it is possible without Nvidia and think folks are still sleeping on Apple, which still has a major opportunity with Siri if they can implement generative and morph the service into a truly smart, truly private (meaning on device) truly personal assistant. Joi from Blade Runner 2049, anyone?

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