Market Climbs Wednesday, While Morgan Stanely Earnings Beat | Wall Street Today
The market climbed Wednesday, and the Dow closed at a high while big tech companies competed for the largest power supply for AI. Morgan Stanely and United's earnings kept the S&P 500 within 50 points of a trading high, but consumer tech was pulling back after Apple nearly hit an all-time high Tuesday.
Just past the 4 pm ET Wednesday close, the $S&P 500 Index (.SPX.US)$ traded +0.48%, the $Dow Jones Industrial Average (.DJI.US)$ climbed 0.79%, and the $Nasdaq Composite Index (.IXIC.US)$ climbed 0.32%
MACRO
There were not many updates from the macroeconomic world on Wednesday.
Mary Daly, president of the SF Fed, told reporters Tuesday that strong economic data does not mean inflation is on its way back. Speaking to a New York University crowd, Daly said she would support taking a break from cuts for a meeting or two.
Minneapolis Fed President Neel Kashkari said at a Tuesday bank conference that the neutral rate must be higher after aggressive rate cuts failed to cause a recession in 2022 and 2023. Seeking Alpha reported he was unsure of the way forward besides gradually lowering rates over the next few quarters.
SECTORS
Within industries tracked by moomoo, Uranium stocks were one of the highest, after news that $Amazon (AMZN.US)$ would join $Alphabet-C (GOOG.US)$ investing in nuclear energy production to power cloud services and AI. Amazon signed a deal Wednesday to develop four small modular reactors with Energy Northwest and other firms to generate 960Mw of electricity. On Monday, Google said it would construct similar reactors with Kairos Power in California to buy 500 Mw of power. Microsoft last month signed a deal with Constellation Energy to buy more than 800Mw of power from a new Unit 2 on Three Mile Island in PA.
$Crude Oil Futures(DEC4) (CLmain.US)$ fell, while $Bitcoin (BTC.CC)$ hovered at $67k. Gold and silver climbed to near all-time highs; gold prices were 15C from an all-time high, and silver was 80C away. $U.S. 2-Year Treasury Notes Yield (US2Y.BD)$ and the $U.S. 10-Year Treasury Notes Yield (US10Y.BD)$ fell.
MOOVERS
$United Airlines (UAL.US)$ was the highest gainer on the S&P 500, up about 13% after the airline posted a strong demand and higher revenue for its Tuesday night Q3 report and earnings above estimates.
$Morgan Stanley (MS.US)$ climbed 6% after its morning earnings report broke through estimates- and showed revenue rose 16% in the quarter. According to the Wall Street Journal, America's largest banks reported strong earnings in part due to an interest rate environment that boosted investment bank revenue.
$Victoria's Secret (VSCO.US)$ shares were up more than 6% in afternoon trading on Wednesday following the company's first runway show in six years on Tuesday evening.
$ASML Holding (ASML.US)$ fell a further 6% after a 15% drop Tuesday following far less orders in the past quarter than expected. Wednesday, the firm held an earnings call that did not change the direction.
$Novavax (NVAX.US)$ fell 19% Wednesday after the FDA placed a hold on a clinical COVID-19/influenza combination treatment trial.
$BlackBerry (BB.US)$ shares climbed 5% Wednesday after the firm said during its 2024 Investor Day it would "return to profitability" in 2025, according to MT Newswires.
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Disclaimer: This presentation is for informational and educational use only and is not a recommendation or endorsement of any particular investment or investment strategy. Indexes are unmanaged and cannot be directly invested in. Past performance is no indication of future results. Investing involves risk and the potential to lose principal. Investment information provided in this content is general in nature, strictly for illustrative purposes, and may not be appropriate for all investors. It is provided without respect to individual investors’ financial sophistication, financial situation, investment objectives, investing time horizon, or risk tolerance. You should consider the appropriateness of this information regarding your relevant personal circumstances before making any investment decisions. Past investment performance does not indicate or guarantee future success. Returns will vary, and all investments carry risks, including loss of principal. Moomoo makes no representation or warranty regarding its adequacy, completeness, accuracy, or timeliness for any purpose of the above content. See this link for more information.
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