"After swinging in red just yesterday, the major indices are regaining lost momentum. In fact, the S&P 500 is up about 37. The SPDR S&P 500 ETF ( SPY) is up about $2.73. The Dow Jones is up 276 points, with the Nasdaq up 155. All after the Federal Reserve President John Williams suggested that the central bank cut rates in December. He believes the central bank can lower its key interest rate from here, as labor market weakness poses a bigger economic threat than higher inflation."
"AI stocks are also pushing higher this morning, despite more talk of a bubble, which doesn't exist. Remember, according to Goldman Sachs, the AI story is just getting started. Also, according to Wolfe Research, as quoted by CNBC, "We continue to believe that concerns over an AI bubble bursting are overblown." Even Nvidia CEO Jensen Huang dispelled bubble fears."
""There's been a lot of talk about an AI bubble. From our vantage point, we see something very different," the Nvidia CEO told analysts on the quarter's earnings call as he walked through $57 billion in quarterly revenue, a $65 billion forecast, and sold-out cloud GPUs, as reported by QZ.com. Again, there's no bubble."
Major U.S. equity indices regained momentum with the S&P 500, SPY, the Dow and the Nasdaq all advancing. Federal Reserve President John Williams suggested the Fed could cut rates in December, citing labor market weakness as a larger economic threat than higher inflation, which pushed rate-cut odds higher. AI-related stocks climbed amid optimism from Goldman Sachs and Wolfe Research and strong guidance from Nvidia. Nvidia reported substantial quarterly revenue and an elevated forecast for cloud GPUs. Bitcoin traded around $83,882, weighed by ETF outflows and uncertainty about future Fed rate decisions.
Read at 24/7 Wall St.
Unable to calculate read time
Collection
[
|
...
]