MMR

Surging Bond Yields Drag Dow; Nasdaq Reverses Losses

Oil managed to erase some of last week's losses

Managing Editor
Oct 21, 2024 at 4:25 PM
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The Dow shed over 344 points on Monday, while the S&P 500 marked a slim loss of its own, as both indexes took a breather from last week's record highs. Meanwhile, the Nasdaq managed to reverse earlier losses to extend its daily win streak to four. Driving negative sentiment was a rising 10-year Treasury yield, as well as the continuation of earnings season, with homebuilding and consumer goods stocks bearing the brunt of today's losses.

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

Closing Index Summary October 212024

NYSE and Nasdaq Stats October 212024

5 Things to Know Today 

  1. Amid the search for a new Walt Disney (DIS) CEO, the company's board named James Gorman as its new chairman, succeeding Mark Parker. (MarketWatch)
  2. The U.S. Department of Education shared the Biden Administration will be extending the pause on student loan payments by at least six months for those in the SAVE program. (CNBC)
  3. Merger buzz shaking up 2 healthcare stocks.
  4. Warby Parker stock receives analyst praise.
  5. Tesla stock options pop before earnings.

There were no earnings of note today.

Unusual Options Activity October 212024

Oil Carves Out Modest Gains After Rough Week

On the back of last week's lowered benchmark lending rates in China, oil recovered some of these losses today. November-dated West Texas Intermediate (WTI) crude added $1.34, or 1.9%, to settle at $70.56 per barrel for the session.

Cooling off from last week's notable performance, gold futures logged a more modest win for the session. Amid rising Treasury yields and U.S. dollar, gold for December delivery added 0.3% to trade at $2,738.90 at last check.

 

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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