MMR

Dow Pushes Higher as Tech Sector Slumps

Earnings and higher-than-expected import prices are in focus today

Managing Editor
Oct 16, 2024 at 11:56 AM
facebook X logo linkedin


The Dow Jones Industrial Average (DJI) is making another run at record highs today, up over 200 points at last check. The S&P 500 Index (SPX), after spending the morning in the red, has clawed its way into positive territory, while the Nasdaq Composite (IXIC) remains modestly lower amid a broader tech sector pullback. Earnings and import prices are holding investor attention today, with Morgan Stanley's (MS) report in focus and the latter falling 0.4% in September, steeper than estimates. 

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

  • ASML stock selloff is steepening. 
  • Airline stock stays hot thanks to top-line beat. 
  • Plus, bulls target Cameco; United lifts sector peers; and Intel's China headwinds. 

MMC Stats Oct 16

Cameco Corp (NYSE:CCJ) stock is seeing unusual options activity today. At last check, over 75,000 calls have changed hands, volume that's 5 times the average intraday amount and 3 times the number of puts traded. The November 60 call leads the way, while the 55-strike in the same standard series is also popular. CJJ is up 4.5% to trade at $54.04, trading at its highest level since June after bottoming out at $35.43 on Aug. 5.  

Delta Air Lines, Inc. (NYSE:DAL) is up 4.4% to trade at $55.05 today, one of the best stocks on the SPX. Airline stocks across the board are getting a halo lift from United Airlines' (UAL) outstanding earnings report. Delta stock earlier hit a four-year high of $55.98, and is now up 36.6% in 2024. 

Intel Corp (NASDAQ:INTC) is down 3.3% to trade at $21.90 today, near the bottom of the SPX, after China's Cybersecurity Association recommended a review of Intel's products sold in China. Intel stock is down 56.3% year-to-date, carving a channel of lower lows despite recent consolidation below $24.

MMC Stock Chart INTC

 

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.
 (ad)