As the AI race ramps up, President Trump is jumping into the rink. He has tipped his hand to a new platform dubbed Truth AI seemingly tied to his social media platform Truth Social.
The Nasdaq Composite is holding onto fractional gains while the S&P 500 eyes a new record.
The annual PCE price index, a key inflation gauge used by the Fed, climbed to a rate of 2.8% in September vs. year-ago levels, in line with economist estimates.
Also, U.S. consumer sentiment improved slightly after a five-month slide, helped by stronger household finances and easing inflation worries. The University of Michigan’s preliminary December index rose to 53.3 from 51 in November, topping economists’ forecasts but off its 2025 highs.
Morgan Stanley predicts the Fed is more likely to trim rates by 25 basis points at its December meeting, based on the latest policymaker messaging and market pricing, despite some likely dissenting votes on the move, with bah, humbug Chair Powell likely to warn that any further cuts will still hinge on incoming economic data.
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The markets are looking to end the week on a positive note as a wave of optimism hits traders and investors. All three of the major stock market averages are higher out of the gate ahead of key inflation data that could sway sentiment in either direction. For now, technology is among the better performing sectors of the day as the Nasdaq Composite looks to potentially extend its year-to-date performance of 22.2%. With the broader markets following tech’s lead, the S&P 500 is barreling toward a fresh all-time high finish.
The AI revolution is spilling over into all corners of the industry. Most recently, Foxconn, a supplier to the likes of Nvidia (Nasdaq: NVDA | NVDA Price Prediction) and Apple (Nasdaq: AAPL), has reportedly generated November revenue to the tune of $27 billion, a whopping 26% increase year-over-year.
Netflix (Nasdaq: NFLX) has announced plans to scoop up the streaming and film assets of Warner Bros. in a massive $72 billion transaction. The content streaming giant predicts a “stronger entertainment industry” with “more opportunities for the creative community” while also delivering greater shareholder value. As the buyer, NFLX shares are down 2.5% in response but holding above the $100-per-share threshold.
Here’s a look at where things stand as of morning trading:
Dow Jones Industrial Average: 47,928.76 Up 77.82 (+0.16%)
Nasdaq Composite: 23,610.10 Up 104.27 (+0.44%)
S&P 500: 6,874.31 Up 19.19 (+0.29%)
Wall Street analyst firm Truist has lifted its price target on Google parent Alphabet (Nasdaq: GOOGL) to $350 per share, up from a previous estimate of $320, while maintaining its “buy” rating on the stock.
SoFi Technologies (Nasdaq: SOFI) stock is experiencing some profit taking after the fintech company announced a $1.5 billion share buyback program, erasing recent gains in share price that has nearly doubled year-to-date.
Coinbase (Nasdaq: COIN) stock is under pressure, falling 2.7% after a Cloudflare hiccup left traders scrambling.
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Gerelyn Terzo is the author of dividend investing handbook "Dividend Investing Strategies: How to Have Your Cake & Eat It Too." A veteran financial journalist, she covers agri-finance for outlets like Global AgInvesting and the broader stock market and personal finance for 24/7 Wall Street. She began at CNBC and later helped launch Fox Business in New York. Gerelyn currently resides in Woodland Park, Colorado and dabbles in nature photography as a hobby.
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