OpenAi's Funding Round Pulling Up Public Semi's and Tech but Conflict Hurts Overall Market

Kevin Travers joined discussion · Oct 3 09:49

OpenAi's Funding Round Pulling Up Public Semi's and Tech but Conflict Hurts Overall Market

Good morning, traders. Happy Thursday, October 3rd. Prices were still falling but 'Technology,' 'Energy,' and 'Utilities,' were the three green S&P 500 sectors trying to hold up the market. Tech was flying on new Semiconductor exuberance: OpenAI, a subsidiary of Microsoft, announced a new $6.6B funding round, bringing the AI startup darling to a valuation of $157B.

Meanwhile, Israel struck targets in Beruit and Lebanon overnight, as the world held its breath and oil climbed, while port strikes in the U.S. hit their third day.

My name is Kevin Travers; here stonks and stories mooving the U.S. stock market today.

$NVIDIA (NVDA.US)$ pulled up the market with its Semiconductor Tech price power, climbing 3% after receiving a JPM buy rating and receiving positive press from CEO Jason Huang on CNBC, who said the Blackwell chip is seeing 'Insane' demand. The Wall Street Journal reported that Nvidia contributed $100 million to the OpenAI funding round.

$Vistra Energy (VST.US)$ was the highest gainer on the S&P 500, climbing 6% after a buy rating from RBC, and continued its trend as the highest yearly gainer on the S&P 500 as a major power source provider in a sea of AI data centers that suddenly need a lot of power.

$UP Fintech (TIGR.US)$, a Singapore-based Chinese brokerage firm climbed 10%, following exuberance for Chinese stocks after government stimulus encouraged investors and funds to pump an estimated $3T into Chinese stocks and equities in a week and half.

Within industries tracked by moomoo, Nvidia and energy held up index industries. Aside from Nvidia ETFs, Utilities climbed 4%, Data Center stocks climbed 3% with $Advanced Micro Devices (AMD.US)$ and Nvidia in the lead, alongside Semiconductors and Robotics stocks.

$Crude Oil Futures(JAN5) (CLmain.US)$ climbed again, up 3% after Israel sent overnight strikes across the Middle East, while the market awaits a full retaliatory assault on Iran that has yet to come. CNN reported the Biden Administration was arguing with Prime Minister Benjamin Netanyahu, to keep the Israelites from bombing oil fields or the Iran Nuclear program.

$Bitcoin (BTC.CC)$ hovered at $60k, gold and silver fell in concert, while the $U.S. 2-Year Treasury Notes Yield (US2Y.BD)$ and the $U.S. 10-Year Treasury Notes Yield (US10Y.BD)$ climbed.

Just past 10:44 am ET the $S&P 500 Index (.SPX.US)$ fell 42 bps, the $Dow Jones Industrial Average (.DJI.US)$ fell 67 bps, and the $Nasdaq Composite Index (.IXIC.US)$ fell 31 bps.

Thursday saw the release of Initial Jobless Claims, right in line with two-year averages at 225k.

The U.S. Services PMI came in lower, at 55.2. The ISM non-manufacturing PMI came in higher at 54.9, rising with ISM non-manufacturing prices that came in at 59.4. S&P Global Composite PMI came in slightly lower at 54.0.

Investors are looking forward to Friday's big labor data: nonfarm payrolls from the BLS.

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Yesterday, users talked about a rumor that $McDonald's (MCD.US)$ and $Tesla (TSLA.US)$ were working on a partnership, because the burger company posted a media preview for an announcement 10/10, the date of Tesla's robotaxi event. There is no confirmed connection at all.

Traders, what do you think, is the market in 2024 about following the herd? What you watching on the stock market today? What is the herd following? Let me know in the comments below!

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