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Investors are unpacking bank earnings, inflation data, and consumer sentiment today

Managing Editor
Oct 11, 2024 at 12:10 PM
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The Dow Jones Industrial Average (DJI) is surging into the weekend, up over 300 points at last check, earlier touching a fresh all-time high. Not to be outdone, the S&P 500 Index (SPX) nabbed its second record high of the week, as bank stocks -- particularly JPMorgan Chase's (JPM) upbeat earnings report -- power Wall Street. All three major indexes are heading for weekly wins, with investors encouraged by a flat producer price index (PPI), even as consumer sentiment data moved lower in September. 

Continue reading for more on today's market, including:

  • Another bank stock pops after earnings.
  • Tesla stock sits out today's rally.
  • Plus, RKT puts popular; UBER jumps Tesla; and Broadcom stock backs off. 

MMC Stats Oct 11

Rocket Companies Inc (NYSE:RKT) is getting attention from options bears today. At last check, over 7,000 puts have changed hands, volume that's triple times the average intraday amount and more than double the number of calls exchanged. The October 17.50- and 17-strike puts are popular, with new positions being bought to open at each. The fintech stock is up 1.5% to trade at $17.80, and is 23% higher year-to-date. 

Uber Technologies Inc (NYSE:UBER) stock is near the top of the SPX today, last seen 8% higher to trade at $85.57 and earlier hitting a record high of $84.92. The ridesharing company got a boost from Tesla's disastrous Robotaxi reveal, with the lack of details offering some clarity about Uber's suddenly safe market share. UBER is up 36.6% year-to-date, and 83.2% year-over-year.

MMC Stock Chart UBER

Broadcom Inc (NASDAQ:AVGO) is near the bottom of the SPX, down 3.8% to trade at $178.62, though there's no specific catalyst. The semiconductor powerhouse -- and historical fourth-quarter outperformer -- hit a record high of $186.42 on Wednesday, and is still up 60% in 2024. AVGO was nearing overbought territory heading into today, with a 14-Day Relative Strength Index (RSI) of 68. 

 

AI has exploded ever since ChatGPT set the world on fire near the end of 2022.

Numerous companies with connections to artificial intelligence have seen their stocks soar.

That includes Nvidia, the poster boy of AI.

Its stock has skyrocketed 716% since ChatGPT’s debut. But here’s the thing …

While everyone’s still counting their money from this first AI boom … Nvidia and countless others have moved on to the next stage.

That includes Big Tech, which is currently making a series of peculiar investments in a few strange companies. This has nothing to do with tech. At least on the surface …

Yet, these strange investments could be the early ripples of a massive wave …Without them, ChatGPT could stop operating … Amazon, Google, Microsoft and more could see profits drop drastically.

In fact, Elon Musk says these investments are critical when it comes to solving the number one problem facing AI.

Now, Silicon Valley legend Michael Robinson has identified two companies that could play a significant role in the solution.

Their stocks just may be the key to AI 2.0.

Find out more about these two companies today.
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