TSLA
Tesla
-- 421.060 PLTR
Palantir
-- 80.550 NVDA
NVIDIA
-- 134.700 OXY
Occidental Petroleum
-- 47.130 AMD
Advanced Micro Devices
-- 119.210 
Wall Street Today | Market Reverses, Decides Big Chips Are Good
RECAP
Stocks closed higher Tuesday, ramping up from a morning pullback as the market reacted to the news that $NVIDIA (NVDA.US)$ announced a large computer chip for AI processing at its GTC event Monday night. Investors await the FOMC policy statement on Wednesday, where the market has priced in a 99% chance of no rate change.
With preliminary numbers, the $S&P 500 Index (.SPX.US)$ climbed 0.56% to its 18th record close of the year at 5,178.51. The $Dow Jones Industrial Average (.DJI.US)$ climbed 0.83%, and the $Nasdaq Composite Index (.IXIC.US)$ climbed 0.54%.
$NVIDIA (NVDA.US)$ turned a pull back into a slight climb, up about 1.07% to close one day after announcing the largest GPU chip yet.
MACRO
The Fed started its two-day policy meeting, culminating in tomorrow's rate announcement, a fresh round of economic projections, and Chairman Jerome Powell's press conference. While the benchmark rate is expected to stay put, some observers say the Fed is stuck in a "difficult position" regarding its next move.
Traders are still coalescing around the likelihood of three quarter-point rate cuts from the Federal Reserve this year, as seen in the trading levels in fed funds futures.
SECTORS
Bitcoin Falls and Brings Stocks With It
Bitcoin fell early Tuesday, dragging other cryptocurrencies and shares of Coinbase along with it towards $60k. The coin fell 6.7%. $Coinbase (COIN.US)$ fell nearly 4%, $MicroStrategy (MSTR.US)$ fell 5.6%, and $Bit Brother (BETS.US)$
The drop builds on a recent pullback and leaves the world's biggest cryptocurrency down more than $10,000 from the record intraday high of nearly $73,679 it hit Wednesday.
Bitcoin prices were due for a correction, given market exuberance since exchange-traded funds based on spot bitcoin launched earlier this year, said Ilan Solot, a strategist at London-based Marex Solutions.
Oil Prices and Futures Climb
Oil futures on Tuesday marked back-to-back settlements at their highest in five months. West Texas Intermediate crude for April delivery rose 75 cents, or 0.6%, to settle at $82 a barrel on the New York Mercantile Exchange. It was the second straight finish at its highest since late October, ahead of the contract's expiration at Wednesday's close.
$Crude Oil Futures(FEB5) (CLmain.US)$, the more actively traded contract, tacked on 57 cents, or 0.7%, at $82.73 a barrel.
COMPANIES
Super Micro Falls 9% After Planning to Sell Stock
The S&Ps biggest decliner is server maker $Super Micro Computer (SMCI.US)$, which joined the S&P 500 on Monday and is down 13%, partially retracing a ferocious stock rally. The company also said Tuesday it planned to sell 2 million shares.
Gildan Climbs 10%, Up For Sale
$Gildan Activewear Inc (GIL.CA)$'s shares climbed almost 11% after the Globe and Mail reported that its board has put the T-shirt manufacturer up for sale, and private equity funds are circling. This escalated a three-month battle for control of one of the country's largest consumer product companies.
Ben & Jerry's Owner Unilever to Spin Off Ice Cream Unit, Reduce 7,500 Jobs
$Unilever (UL.US)$ The consumer goods giant said it plans to spin off its ice cream business as part of a restructuring that could affect some 7,500 jobs. Its American depositary receipts rose nearly 3%.
AMD Falls By AI Chip comparison
$Advanced Micro Devices (AMD.US)$, one of the S&P 500's SPX worst daily performers, dropped 5% after the Nvidia event Monday. The company's MI300 chip "now looks a lot more pedestrian" after Nvidia talked up the potential of its B100 for inference purposes, according to Mizuho's Klein.
AstraZeneca Buying Fusion Pharmceuticals
$AstraZeneca (AZN.US)$ The pharmaceutical giant is buying Fusion Pharmaceuticals for up to $2.4 billion. AstraZeneca's ADRs edged lower; the target company's stock nearly doubled.
Source: Bloomberg, Dow Jones, CNBC, Reuters
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.
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
Read more
Comment
Sign in to post a comment
Moomoo Recap US
Moomoo News Official Account
In 10 minutes it’s history. At four I’m a dinosaur!
39KFollowers
26Following
46KVisitors
Follow
babyAsherRain : Friday nvda 1000