S&P 500 Positive for 'First Five Days,' Huang Sees Decades till Quantum | Wall Street Today

Kevin Travers joined discussion · 14 hours ago

S&P 500 Positive for 'First Five Days,' Huang Sees Decades till Quantum | Wall Street Today

The market swung into a climb late Wednesday, in part after the FOMC meeting minutes showed members believed the rate tightening cycle was nearing its end, signaling a hope that rates have only one direction to go: down. The S&P 500 officially climbed for the first five trading sessions of the new year, a trend that historically signals an 83% likelihood of the market climbing in the year. Since 1950, the S&P 500 has climbed 73% of years.

Just past 4 pm ET, the $S&P 500 Index (.SPX.US)$ traded +0.16%, $Dow Jones Industrial Average (.DJI.US)$ swapped into a climb of +0.25%, and the $Nasdaq Composite Index (.IXIC.US)$ fell 0.06%.

MACRO

Wednesday, Crude oil Inventory numbers showed firms stocked nearly one million fewer barrels of oil, and initial jobless claim numbers came in at a ten-month low.

A 10-year Treasury note auction Tuesday brought in the highest action yields since 2007. Since September, treasury yields have climbed a percent despite the FOMC's rate cuts.

The Federal Open Market Committee members signaled the monetary policy is "at or near its peak for this tightening cycle," minutes of their December meeting showed late Wednesday.

Last month, policymakers cut the target rate to a range of 4.25%-4.5% and forecast a slower pace of rate cuts this year than previously anticipated. The committee's so-called dot plot, which illustrates the projections by members of the FOMC, showed the median fed funds rate outlook at 3.9%, implying expectations of two cuts of 50 basis points each, by the end of 2025. That compares with their previous median outlook that called for a rate of 3.4%.

SECTORS

Within industry themes tracked by moomoo, quantum computing was falling, only held up by the inclusion of giants like Honeywell and Alphabet in the list to keep it from reaching outstanding lows. Tuesday night, Nvidia Chief Jensen Huang said while talking to analysts that Quantum computing is great but will not be very useful for nearly two decades.

"If you said 15 years for very useful quantum computers, that would probably be on the early side," he said. "If you said 30, it's probably on the late side. But if you picked 20, I think many of us would believe it."

Elsewhere in the economy, $Crude Oil Futures(FEB5) (CLmain.US)$ stayed higher at 74. Gold and silver climbed, and shorter-term treasuries fell. $Bitcoin (BTC.CC)$ hovered at $95k.

MOOVERS

$eBay (EBAY.US)$ was climbing 10% after the online marketplace said it would post listings on Meta Platforms' Facebook Marketplace in the U.S., Germany, and France. It was the highest percentage gainer on the S&P 500.

$Sana Biotechnology (SANA.US)$ climbed 176%, at one point 200% Wednesday after news it had positive data from a type 1 diabetes study, where the firm used gene therapy on a patient without immunosuppression, with no ill effects. It was one of the highest climbers on the Nasdaq.

$Rigetti Computing (RGTI.US)$ fell a dramatic 45%, alongside other quantum computing favorites that have flown in the past weeks. Rigetti was going for less than $2 a share in November before news $Alphabet-C (GOOG.US)$ of a super record-breaking Willow chip sent fledgling industry players like Rigetti into the stratosphere.

$Super Micro Computer (SMCI.US)$ , the maker of computer servers, is living up to its reputation as the $S&P 500 Index (.SPX.US)$'s most volatile stock. The stock dropped 5.1% It fell 5.7% on Tuesday and gained almost 10% on Monday.

$Advanced Micro Devices (AMD.US)$, stock was falling Wednesday after it caught a downgrade. The semiconductor maker that competes with $NVIDIA (NVDA.US)$ and $Intel (INTC.US)$, is not keeping up in the race to produce chips for artificial intelligence.

$Johnson & Johnson (JNJ.US)$ shares are down 3% Wednesday on safety concerns that could dim sales prospects for a new heart device, while its rivals gained. J&J said it temporarily paused Varipulse, while it probes the cause of four reported "neurovascular events" in patients

$S&P 500 (LIST91326.US)$

Word from the herd: Mooers, what are you watching?

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NoDragonsPlz : so we go to moon?

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小羊369 :

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104668340 :

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71246197 : I’m a beginner. I don’t know what to say or do.

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OG Kanaka : Still a good stock to DCA (dollar cost average) in for the long term. You want quantum exposure for your portfolio you can’t go wrong with stocks like $Alphabet-C (GOOG.US)$

Short term, will see plenty volatility as traders want to make money NOW, not later. Look for short term opportunities as a trader. Long term, just keep buying fractionally.

So if you got time on your side, just DCA in general to be on the safer side

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Buy n Die Together❤ :

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last_intl_playboy : Dont listen to Huang and panic sell. Quantum investors took the limelight away from his business. While he could have partnered and buy into Quantum he did what shorts do when they see a threat or missed opportunities...he bitched to your bear spirit. Quantum is now and the more investments the usefulness, adoption, partnerships, and advancement increases. I've been in tech for over 40 years. I helped gave birth to the Internet. Knew bitcoin when it was bit baby. Seen naysayers and short sellers talk BS on emerging tech and companies including peeps that didn't believe in Nvidia. If you know then you know, dont ever bet against tech, we ARE the stock market.

Nvidia's Jensen Huang is 'dead wrong' about quantum computers, D-Wave CEO says

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103825861 :

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PAUL BIN ANTHONY : Thank you sir, God bless.

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Kevin Travers

Moomoo News and Community Manager

Moo moo News and Community Manager, NJ Office. Fmr CNBC contributor, reporter/investor/trader Posts do not represent mm

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