MMR

Dow, S&P 500 Heading for 3rd-Straight Loss

Bond yields remain elevated, while home prices hit 14-year lows

Managing Editor
Oct 23, 2024 at 11:53 AM
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Stocks are deep in the red once more today. The Dow Jones Industrial Average (DJIA) is off by 330 points at last check and heading for a third-straight loss, weighed down by McDonald's (MCD) latest health scare. The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are both lower as well, the former heading for a third-straight loss of its own and the latter set to snap a five-day win streak. Investor anxiety about bond yields remain elevated. as the 10-year Treasury yield climbs to five-month highs and existing home sales posted a fall to their lowest level since 2010.   

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

  • 2 stocks bucking the broad market selloff.
  • Alternative energy stock at 12-month lows.
  • Plus, Magnite-Disney deal draws buzz; SPX's best stands tall; and WBA resumes trek lower. 

MMC Stats Oct 23

Magnite Inc (NASDAQ:MGNI) stock is seeing a surge in the options pits today. At last check, over 8,500 calls have changed hands, 6 times the average intraday amount and number of puts traded. The January 17, 2025 18-strike call is where the action is, with new positions being bought to open. The advertising tech stock is up 4.2% to trade at $12.58 at last check, after renewing a two-year deal with Walt Disney (DIS). Year-to-date, MGNI is 35% higher. 

Vistra Corp (NYSE:VST) stock is up 2.4%, although there's no specific catalyst. The utility stock is one of the top performers on the SPX this year, up over 232% and scoring a record high of $143.86 on Oct. 7. The shares have consolidated since that peak, with support in place at their ascending 20-day moving average. 

MMC Stock Chart VST

Walgreens Boots Alliance Inc (NASDAQ:WBA) is resuming its place near the bottom of the SPX today, last seen down 3.6% to trade at $9.38, after Jefferies trimmed its price target to $9 from $19 earlier this morning. WBA has added 9.5% in the last month after bottoming out at $8.22 on Sept. 25. Year-to-date though, the pharmacy stock is down 64%. 

 

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 …

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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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