On March 18, 2024, NVIDIA founder and CEO Jensen Huang delivered a keynote speech on the latest innovations in artificial intelligence at the Developer Conference held at the SAP Center in San Jose, California.
Josh Adelson | AFP | Getty Images
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.
What you need to know today
Dow Jones drops 600 points
this Dow Jones Industrial Average After the worst day of the year, Dropped by more than 600 points Thursday. boeing company led the Dow Jones index lower. Despite hitting record intraday highs earlier, both S&P 500 Index and Nasdaq Index The day ended in negative territory. NvidiaBig profits and guidance failed to lift the market, with more than 400 stocks in the S&P 500 lower. Treasury bond yield The gains widened as the Fed delayed a rate cut, while oil price The rebound comes after three days of declines.
NVIDIA POPULAR
shares Nvidia The AI chip maker’s stock price soared 11% after the company reported earnings. Exceeded Wall Street’s expectations. The company also issued strong guidance as demand for its artificial intelligence accelerator remains strong. Shares broke above $1,000 for the first time, hitting an all-time high of $1,063.20 in intraday trading, up about 111% this year.
Musk disagrees with China’s electric car tariffs
Tesla CEO Musk say he is Disapprove of tariffs U.S. President Joe Biden last week imposed enforcement measures on Chinese electric vehicles. “Neither Tesla nor I asked for these tariffs,” Musk said in response to a question from CNBC reporter Karen Tso. “Tesla competes quite well in the Chinese market, with no tariffs and no preferential support. I am in favor of no tariffs.”
boeing company sinks
shares boeing company Chief Financial Officer Brian West said the company will Continue to burn money This year. New aircraft deliveries, the main source of revenue, will not improve in the second quarter. Boeing has faced a series of production issues related to safety concerns. The company burned through nearly $4 billion in cash in the first quarter, and West believes the second-quarter number could be similar or “potentially worse.”
US sues Live Nation
The U.S. Department of Justice teamed up with 30 states to File a lawsuit separate live countryTicketmaster’s parent company, alleging monopolistic behavior. Attorney General Merrick Garland said Live Nation’s anti-competitive conduct harmed fans, artists and small promoters, resulting in higher fees and fewer opportunities. Live Nation disputed the “ridiculous” claim, blaming factors such as production costs and online reselling for the rise in ticket prices. Live Nation shares fell 7.8%.
(PRO) What’s next for Nvidia?
Wall Street analysts are Modify price target for Nvidia The gains came on the heels of its blowout earnings and guidance. Some worry demand will slow Amazon and Microsoft Waiting for Nvidia’s more powerful AI chips. Nvidia’s decision split its stock It can provide investors with more room for upside.
bottom line
NVIDIA Breaking Earnings and Forecasts There’s no stopping Wall Street’s evening dive. Nvidia The company’s shares performed well, closing above $1,000, up 9% on the day, after the company assured investors that sales of its graphics chips that power artificial intelligence were not a flash in the pan.
NVIDIA will next conduct a 10-for-1 stock split; the post-split shares will begin trading on June 10. Nvidia shares are up more than 240% in the past 12 months.
CNBC’s Ryan Ermey explains more action psychology and how stock splits work.
So, what is a crazy market? According to the Charles Schwab Trader Sentiment Survey, Traders’ bullish outlook drops It rose to 46% from 53% in the second quarter.
“Traders started the year feeling very confident that the economy was improving and that the Fed would cut interest rates soon,” said James Kostulias, head of trading services at Charles Schwab. “But there are concerns about inflation. Increased substantially.”
Before Minutes of the latest Federal Reserve meeting Some strategists expressed concerns about stubborn inflation at conference Have estimated As prices cool, the Fed is likely to cut interest rates at least three times this year. Now, traders lower their expectations Only one cut, probably in September or November.
As the first-quarter earnings season comes to an end, investors are turning their attention to geopolitical concerns.
“The Fed has made it very clear that they’re not going to cut rates, so there’s not going to be a ‘will they cut rates’ (scenario) that has everybody on edge. We’re going to start to see a shift towards some of the geopolitical issues, whether Is it the election or are there two ongoing wars,” said Melissa Brown, general manager of applied research at SimCorp.
Brown noted that while events such as the US and UK elections do not necessarily have an economic impact, they do increase uncertainty.
“People may move from saying ‘I’ll buy now’ to ‘Look, I’ll wait and see the results before I decide to put more money into the market,'” Brown said.
—CNBC’s Hakyung Kim, Samantha Subin, Ryan Ermey, Jeff Cox, Sophie Kinderlin, Spencer Kimball, Ece Yildirim, Sarah Whitton and Ryan Browne contributed to this report.
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