Market Recap and Upcoming Insights
So, it’s that time again—here’s a quick look at what’s been happening in the market, particularly regarding some key stocks and trends. On Wednesday night, Nvidia’s shares jumped over 5% following some solid results. CEO Jensen Huang mentioned that the sales of their graphics processing units were “extraordinary.” The stock hit a peak of $212.19 on October 29 but closed at $186.52 on Wednesday.
Meanwhile, CNBC’s Kristina Partinevelos has been burning the midnight oil to gather the latest on Nvidia, ensuring she’s ready for an early start with the “Squawk Box” crew. Speaking of Nvidia, our own Emily Wilkins will be reporting Thursday on how the White House’s plan for federal standards in artificial intelligence could reshape the industry. There’s definitely a lot of discussion around the definition of AI stocks and who fits the bill, which can feel a bit ambiguous depending on who you ask.
Turning to other stocks, Nvidia is about 10% down from its peak in late October, but AMD has bounced back, rising 16% since October 29. Alphabet had a remarkable day, reaching a new high before pulling back slightly, while Amazon has seen a 14% dip from its recent high two weeks ago. Notably, Tesla has climbed 17% since its December peak last year, and Microsoft has increased by 12% since the end of July.
The stock for Palo Alto Networks is off 10% from its high in late October, despite beating profit and sales expectations. In a recent appearance on “Mad Money,” CEO Nikesh Arora talked about two new acquisitions aimed at positioning the company well in the evolving AI landscape. He suggested that the emerging wave of AI computing is prompting firms to rethink their future software and infrastructure strategies.
Retail giant Walmart is set to report results on Thursday, with its stock remaining flat over the past few months but still up 8% from mid-October. This contrasts sharply with Target, which is down 36% year-to-date.
Looking ahead, tomorrow morning’s “Squawk Box” will provide immediate updates on stock price reactions and share the latest employment figures. The consensus expects to see an increase of 50,000 jobs, with the unemployment rate hovering around 4.3%. For those following the bond market, the yields on various bonds are worth noting, with the 10-year bond yielding 4.1% and shorter-term options around 3.9%.
Lastly, private equity firms have generally faced declines, with many down double digits from their all-time highs. Ares Management and KKR have fared better, seeing significant gains since earlier this year, while Blue Owl hit a 52-week low recently.
