Larry Fink, CEO of BlackRock, the biggest asset management firm on the planet, said he sees zero signs of an AI bubble “by any imagination,” bursting the fear trade that has been triggering great volatility in tech leaders.
The Nasdaq Composite has trimmed its lead to 1% today.
Semiconductor and related stocks are rallying:
KLA Corp (Nasdaq: KLAC) up 8.2%
Applied Materials (Nasdaq: AMAT) is gaining 7.2%.
Intel (Nasdaq; INTC) has suddenly turned negative but the stock has more than doubled over the past 12 months amid lucrative government contract revenue.
Derivatives heavyweight CME Group is pushing deeper into crypto markets, announcing plans to expand its digital asset lineup with the launch of futures tied to Cardano, Chainlink and Stellar. The new contracts will make their debut next month, bolstering the CME’s growing arsenal of crypto-linked derivatives as institutional demand for exposure to crypto continues to mount.
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This article will be updated throughout the day, so check back often for more daily updates.
The markets are attempting to shake off the doldrums with a push toward gains out of the gate this morning. All three of the major stock market averages are seeing green for a change, including a nearly 1% increase in the Nasdaq Composite. Chip stocks Advanced Micro Devices (Nasdaq: AMD | AMD Price Prediction), Intel (Nasdaq; INTC) and Nvidia (Nasdaq; NVDA) can take a bow for boosting sentiment in not only the tech sector but the broader markets on the heels of Taiwan Semi’s strong earnings print.
In the latest signal from the Labor Department, U.S. jobless claims came in lower than expected last week. Just under 200,000 Americans filing for unemployment benefits compared with forecasts calling for roughly 215,000, a sign the labor market remains tighter than economists anticipated.
Financial institutions continue to unveil their quarterly results. Goldman Sachs (NYSE: GS) surpassed profit expectations on strong equities trading while revenues took a hit, owing to the divestiture of Apple (Nasdaq; AAPL) Card loans to JPMorgan (NYSE: JPM).
Here’s a look at where things stand as of morning trading:
Dow Jones Industrial Average: 49,349.70 Up 200.07 (+0.41%)
Nasdaq Composite: 23,650.84 Up 181.19 (+0.77%)
S&P 500: 6,965.02 Up 39.49 (+0.57%)
Taiwan Semiconductor reported its latest quarterly earnings results, surpassing estimates on the top and bottom lines and sending shares 5% higher in overseas trading.
In the latest crypto-related developments, Bitmine (NYSE: BMNR) plans to invest $200 million into MrBeast’s Beast Industries in a transaction that is anticipated to close later this month. The deal could lead to innovation on the decentralized finance (DeFi) front for Beast’s financial platform in the works.
Tesla (Nasdaq: TSLA) shared the following update on Elon Musk’s X platform, “Our Lithium Refinery ushers in energy independence for North America…The largest Lithium refinery in America is now operational.” Musk added, “Tesla built the most advanced lithium refinery in the world and it is very clean.”
Meta Platforms (Nasdaq: META) is laying off 1,500 employees from its augmented reality division as capex pivots from Metaverse, which Mark Zuckerberg previously touted as the future of the company, to wearables, according to the Wall Street Journal.
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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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