MMR

Dow Poised to Snap Skid, Pops Over 300 Points

Oil prices are the story on Wall Street today

Managing Editor
Oct 28, 2024 at 11:48 AM
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Stocks are soaring today, as Wall Street finds footing ahead of a busy week of earnings. The Dow Jones Industrial Average (DJIA) is up 331 points midday, poised to halt a five-day skid. The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are also firmly higher, the latter a chip shot from another record high. Amid geopolitical tensions, oil prices are in focus today, with West Texas Intermediate (WTI) December-dated crude down 5% at $67.95 per barrel, at last check. 

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

  • Semiconductor stock makes surprising post-earnings move.
  • Nio stock gets rare upgrade.
  • Plus, Reddit puts spike; ALB shrugs off bear note; and oil stocks in the red. 

MMC Stats Oct 28

Reddit Inc (NYSE:RDDT) is seeing an uptick in options volume today, just ahead of the company's third-quarter earnings, slated for after the close tomorrow. At last check, over 22,400 puts have changed hands volume that's five times the average intraday amount. The weekly 11/1 78-strike put is the most popular, while the 84-strike call from the same series is also seeing a surge in activity. The social media stock is up 23.6% in 2024, and today's jump pushed the shares to a record $82.52, before pulling back to their current price of $82.07, up 0.9% on the day.

Albemarle Corporation (NYSE:ALB) stock is near the top of the SPX today, last seen up 5.2% to trade at $98.41. The lithium manufacturer is shrugging off Friday's price-target cut from RBC to $108 from $111, and is instead cutting into its 31% year-to-date deficit, despite staring up at the $100 ceiling. 

APA Corp. (NASDAQ:APA) stock is weighing on the SPX today, last seen down 4% to trade at $23.81, moving lower with oil. The entire energy sector is sitting out today's rally, with APA adding to its 33.7% year-to-date deficit, carving a channel of lower lows in the last 12 months. 

MMC Stock Chart APA

 

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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