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    • Nasdaq is making a jump, the S&P 500 is trading at a record high with profits on deck
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    Nasdaq is making a jump, the S&P 500 is trading at a record high with profits on deck

    Vaseline Posted on

    U.S. stocks traded mixed on Monday but held near record highs as investors prepared for the next set of gains from big banks to test that rally and the chances of an economic “soft landing.”

    The S&P 500 (^GSPC) rose about 0.6% and headed for a new record after finishing above 5,800 for the first time on Friday. The tech-heavy Nasdaq Composite (^IXIC) rose about 1% while shares of Nvidia (NVDA) soared to new highs, up 2.2%. The Dow Jones Industrial Average (^DJI) fell 0.2%.

    Earnings figures take center stage as the first full week of third-quarter results kicks off. How the season plays out is seen as key to the stock market rally as the bull market reaches its two-year mark.

    The Dow and S&P 500 ended a winning week with new records after gains from JPMorgan Chase (JPM) and Wells Fargo (WFC) largely passed Wall Street’s test. Investors’ focus remains on the big banks, with reports from Goldman Sachs (GS), Citi (C) and Bank of America (BAC) due on Tuesday, and Morgan Stanley (MS) due on Wednesday.

    At the same time, there is still uncertainty about whether the Federal Reserve will cut interest rates again. A favorable jobs report and data showing consumer and wholesale inflation are “tenacious” make the case for no interest rate cuts in November, some analysts argue. Retail sales data will add to the debate later this week about whether the economy has held up despite the Fed’s policy — the preferable soft landing.

    Read more: What the Fed’s interest rate cut means for bank accounts, CDs, loans and credit cards

    On the corporate front, shares of Boeing (BA) fell almost 3% on questions about the future of the crisis-hit aircraft manufacturer. The company, which suffered a record $5 billion loss in the third quarter, has cut 17,000 jobs after a month-long strike hits production.

    Elsewhere, Chinese shares initially faltered as investors picked on Beijing’s latest stimulus promise, but managed to rise and revive their recent historic rally.

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    • TSMC shares hit record highs, rejoining the $1 trillion club

      Nvidia (NVDA) supplier TSMC (TSM) saw shares of its US-listed stock rise more than 1% in early trading, with the stock hitting a new record intraday price of $193.96 per share and rebounding joined the $1 trillion club.

      Shares of TSMC previously hit a record high above $193 in July after the company reported second-quarter earnings, briefly pushing its market cap above $1 trillion before paring gains. The stock fell back to earth as investors weighed high valuation multiples, geopolitical risks and concerns about demand for AI.

      TSMC last week posted third-quarter revenue of 759.7 billion new Taiwan dollars ($23.6 billion), surpassing Bloomberg’s NT$748.3 ($23.3 billion) consensus estimates as well as the company’s previous expectations. company from $22.4 billion to $23.2 billion.

      About 23 Wall Street analysts covering the stocks covered by Bloomberg recommend buying TSMC stock, while only one analyst has a Hold rating. Analysts see the stock rising to $216.59 over the next 12 months, according to Bloomberg data.

    • Boeing drops more than 2% as aircraft manufacturers plan to cut 10% of workforce, strike enters fifth week

      Shares of Boeing ( BA ) fell more than 2% as investors question the future of the crisis-hit aircraft maker amid job cuts and a strike now in its fifth week.

      On Friday, the company said it will cut 17,000 jobs, or about 10% of its workforce.

      “In addition to navigating our current environment, recovering our business will require difficult decisions and we will need to implement structural changes to ensure we can remain competitive and provide for our customers in the long term,” CEO Kelly Ortberg said in a release to employees on Boeing’s website. website on Friday.

      An ongoing strike by Boeing’s largest union, the International Association of Machinists and Aerospace Workers (IAM), is proving costly for the company on several fronts.

      S&P Global estimates the cost of the strike that began on September 1 at about $1 billion per month. Last week, talks between Boeing and IAM broke down, with the company withdrawing its contract proposal.

    • Nvidia is up 2% and hovering near a record

      Nvidia (NVDA) stock rose more than 2% at the open on Monday, surpassing its June high of $135.58.

      The stock was a few dollars away from its all-time intraday high, just past $140.76.

    • S&P 500 looks for new record, Dow falls as focus shifts to earnings figures

      The major averages got off to a mixed start Monday as investors shifted their focus to major banks’ upcoming earnings and other major company quarterly results.

      The S&P 500 (^GSPC) rose about 0.3% to hit a new record high. On Friday, the broader index ended above 5,800 for the first time.

      The tech-heavy Nasdaq Composite (^IXIC) rose 0.5% shortly after Monday’s bell, while the Dow Jones Industrial Average (^DJI) fell 0.2% from Friday’s close.

      Earnings season is in full swing this week, with Citi (C), United Airlines (UAL), AI chip equipment maker ASML (ASML), Netflix (NFLX) and American Express (AXP) expected to report.

      Oil futures fell more than 2% after OPEC cut its demand forecast for 2024 and 2025. Traders also reacted this weekend to a lack of details from China’s finance minister on any major new stimulus spending.

    • Nvidia’s stock ranks high and ranks first as the most valuable company, ahead of Apple

      Shares of Nvidia ( NVDA ) rose 1% in premarket trading to $136.22, putting the chip giant on track to surpass its previous record closing price of $135.58, posted in June.

      The AI ​​chipmaker’s shares posted significant gains in October following a massive $6.6 billion funding round for ChatGPT maker OpenAI, much of which will be funneled back to Nvidia. AI leaders, including Nvidia CEO Jensen Huang, have cited furious demand for the company’s latest Blackwell chips. The stock is up 8% in the past week.

      Thanks to Nvidia’s gains, the company is on track to reclaim the rankings as the world’s most valuable company, in terms of market capitalization. It currently holds the second position, behind Apple (AAPL). The chipmaker’s market capitalization was $3.3 trillion on Monday, while Apple’s was $3.46 trillion. Apple, Microsoft (MSFT) and Nvidia have swapped places as the three largest companies over the past year.

      Nvidia will announce its earnings figures on November 19. Wall Street analysts expect the company to report revenue of $33 billion, up 82% from the previous year, according to Bloomberg consensus estimates. About 90% of those who cover the stock and are followed by Bloomberg recommend buying Nvidia stock.

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