Wall Street extends winning streak | Wilnesh News

This report comes from today’s CNBC Daily Open, our international markets newsletter. CNBC Daily Open keeps investors updated on everything they need to know, no matter where they are. Like what you see? You can subscribe here.

winning run
this S&P 500 Index and Nasdaq Index Gains for eighth consecutive dayThey rose 0.97% and 1.39% respectively, setting the longest winning streak so far this year. this Dow Jones Industrial Average up 0.58%. Meanwhile, the 10-year Treasury bond yield Ministry of Finance was Little change Investors are awaiting minutes from the Federal Reserve meeting and Chairman Jerome Powell’s speech in Jackson Hole on Friday. US oil prices Down nearly 3% U.S. pushes for Middle East ceasefire agreement.

AMD deals
AMD yes get Server maker ZT Systems spent $4.9 billion to strengthen its artificial intelligence chip and hardware product portfolio. This move enables AMD to launch AI chips to large-scale customers, such as Microsoft demand and compete more effectively with NVIDIA. As of the second quarter, AMD had $5.34 billion in cash and short-term investments, and planned to pay 75% of the acquisition funds in cash and the rest in stocks. The company also plans to spin off and sell its server manufacturing business as it does not want to compete with other companies super microcomputer” CEO Su Zifeng said.

General Motors layoffs
General Motors yes Laying off more than 1,000 salaried employees According to CNBC, its software and services divisions have seen changes globally following a review to streamline operations. The layoffs include about 600 jobs in a technology park near Detroit. The layoffs, which account for 1.3% of GM’s global salaried workforce, come as automakers including General Motors focus on Reducing costs amid industry challenges It is also investing heavily in electric vehicles and so-called software-defined cars.

Boeing 777X grounded
boeing company have Suspension of 777X flight tests After discovering damage to structural components. Three 777-9 test aircraft were also grounded due to damage. Boeing has informed the Federal Aviation Administration and its customers that it has ordered 481 777Xs. The impact on certification and delivery is unclear, but the issue could further delay the 777X program, which is already behind schedule. when the news comes New CEO Kelly Ortberg Trying to get the company out of a security crisis.

Asian stocks mostly higher
Asia Pacific market Region mostly higher, led by Japan Nikkei 225 Indexwhich rose 2%, driven by utility and health care stocks. Australian S&P/ASX 200 Index It edged up 0.17%, while the Reserve Bank of Australia said a rate cut was “unlikely” in the short term as inflation remains “above target” and “proves persistent”. Hong Kong Hang Seng Index Real estate companies fell 0.36% Kaisa Announced a debt restructuring agreement. The CSI 300 Index fell 0.7% as the central bank kept the benchmark lending rate unchanged. Korean Cospi up 0.89%.

(PRO) Metrics Worth Watching
Veteran investor Mark Mobius focuses on what he believes is “historic“This could be detrimental to U.S. stocks at a time when markets are reeling from volatility.

AMD estimate Artificial intelligence chip market By 2027, this number will reach $400 billion. However, it must be combined with NVIDIAan industry leader. Analysts predict that Nvidia’s AI revenue from data centers will reach $105.9 billion this year, with AMD trailing by $4.5 billion.

It’s like Microsoft’s Bing challenging Google’s search business. However, AMD is winning customers including Microsoft and meta platform. and strives to strengthen its products Acquire ZK server To better compete with Nvidia.

“I don’t think it’s going to change anything in the next 1 to 2 years,” Doug Clinton, managing partner at Deepwater Asset Management, said on CNBC’s “Closing Bell.” He emphasized that AMD’s focus is on becoming better at training clusters. Be more competitive and support very large-scale enterprises in building data centers. However, Nvidia already excels in this area. “It’s not a big threat,” Clinton added.

CNBC’s Sarah Min says Nvidia’s dominance is so strong that Bank of America expects its Aug. 28 earnings report to be a bigger market catalyst than Powell’s Aug. 23 speech in Jackson Hole More thoughts on banks.

This comes despite investor concerns about a recession earlier this month, which led to the sell-off. Goldman Sachs lowers chance of recession to 20% That followed more favorable employment and retail sales data.

Goldman Sachs chief economist Jan Hatzius told CNBC’s “Squawk on the Street” that the investment could further reduce that possibility based on the next jobs report in September. At the same time, Hatzius did not believe Powell would allow himself to “finalize“On the next steps for the Fed.

“I don’t think he’s going to be specific about what moves are coming and I’m sure his comments will be consistent with the idea that the risks are more of a two-sided thing and there are some signs of softening in some areas more importantly, or equally. Importantly, inflation has come down and I don’t think he’s going to allow himself to be identified in some way,” Hatzius said.

“If the data supports 50 (basis points), they should cut rates by 50, and I think they will cut rates by 50, but I think it’s more likely that things are looking good enough to do the job with a series of 25 basis point cuts.”

— CNBC’s Alex Harring, Kevin Breuninger, Samantha Subin, Jenni Reid, Rohan Goswami, Michael Wayland and Spencer Kimball contributed to this report.