OPEC expands production cuts, Nvidia displays new chips | Wilnesh News

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OPEC+ extends production cuts
OPEC and its allies agree Extend official crude oil production cuts Entering 2025, demand is sluggish. Smaller groups in the alliance, including Saudi Arabia and Russia, will also voluntarily cut production by 1.7 million barrels per day. Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman said that OPEC+ hopes Specific interest rate cut before considering the potential impact on energy demand. In addition, oil giant Saudi Aramco has also begun Selling stocks in large quantities Raise approximately $12 billion to fund the country’s continued economic diversification.

New AI chip Rubin
Nvidia revealed its Next generation artificial intelligence chip, Rubin, launched the Blackwell model just three months later. The acceleration of development is accompanied by intensified competition. AMD and Intel Like the tech giants Microsoft, Google and Amazon Invest in your own AI chip design. Rubin is expected to be launched in 2026 and will be equipped with a new graphics processing unit, central processing unit and network chip.

Dow Jones records best one-day performance of 2024
this Dow Jones Industrial Average used to be Up more than 550 points After the Fed Preferred measures to cool inflation. sales force and UnitedHealth Provided upward momentum for the Dow Jones Index. this S&P 500 Index 0.8% was added, while Nasdaq Index Reduce to Nvidia Tesla refused. The S&P 500 and Nasdaq fell this week, snapping a five-week winning streak. For the month, the Dow Jones rose 2.3%, the S&P rose 4.8%, and the Nasdaq rose 6.8%. With inflation in line with economists’ expectations, the 10-year Treasury yield Ministry of Finance Dropped to 4.501%.

Ackman raises $1 billion
billionaire investor bill ackman Sale of 10% equity His hedge fund, Pershing Square, is valued at $10.5 billion. The company hopes to raise $1.05 billion through the sale. The move is intended to pave the way for an initial public offering. The sale is expected to attract new investors and provide liquidity to existing investors. Pershing Square had $18.6 billion in total assets under management as of the end of April.

Moderna gets RSV approval
U.S. Food and Drug Administration officially recognized modern respiratory fusion virus Vaccine suitable for people over 60 years old. This is Moderna’s second product to enter the U.S. market and the first mRNA vaccine approved for a disease other than Covid-19. The vaccine is expected to compete with similar vaccines from GlaxoSmithKline and Pfizer. It’s an important new revenue stream for Moderna amid declining demand for a COVID-19 vaccine.

(PRO) Buy Volatility

Have you ever wondered when institutional investors say “Buy Volatility” or “Sell volatility?” Is this something retail investors can do? CNBC’s Michael Khouw explains it all.

Indian Prime Minister Modi is about to Wins rare third termwhile the South African ruling African National Congress defeated Its 30-year parliamentary majority. British Prime Minister Rishi Sunak looks set to lose next month’s election.

As significant as these elections are, there is one that will have real global resonance: the election of the leader of the free world in the world’s largest economy. Last Thursday, a New York jury convicted the former president Donald Trump Committed all 34 felonies and falsifying business records in his criminal hush-money trial.

The jury’s decision immediately caused shock Trump Media Technology Group shares, among which Down 15% in after-hours trading. Trump owns about 65% of the company, with the stake worth about $5.7 billion. Friday, Share price closed down 5%, valuing the owners of Truth Social at $8.7 billion. This valuation is based solely on Trump’s brand and personal following.

According to the company, the majority of its 621,000 shareholders are retail investors. The company’s first filing as a public company showed a first-quarter loss of $327.6 million on revenue of less than $1 million.

“This is a meme stock with no fundamentals,” Art Hogan, chief market strategist at B Riley Wealth, told Reuters. “The valuation of the stock has always been a question mark. It certainly hasn’t made any money and is trading at almost At an unfathomable level.”

Big Trump donors dismissive of verdict. Ahead of his decision, Blackstone Group CEO Steve Schwarzman told Axios he plans to vote for Trump, hedge fund executive and billionaire Bill Ackman may also support TrumpAccording to people familiar with the matter.

While the verdict had little impact on the wider market, it did make global headlines and spark heated discussions on social media. After all, Trump’s legal troubles won’t stop him from running for president, and if his first term is any indication, world leaders will be wary.

During his presidency, a trade war broke out with China Turkish lira unstable and tweeted warning OPEC “Oil prices are getting higher and higher“His comments are often market-moving events.

As earnings season ends, attention will turn to May non-farm employment data Friday’s report will shed light on the health of the labor market and economy.

But strategists expect volatility to intensify in the coming months as the 2024 election approaches and could be a significant mover for the market. “Without near-term catalysts, stocks will continue to be ‘choppy,'” Wells Fargo equity analyst Christopher Harvey wrote in a note Friday. “Politics remains an unknown factor.”

— CNBC’s Ruxandra Iordache, Natasha Turak, Brian Schwartz, Alex Harring, Sarah Min, Rebecca Picciotto and Annika Kim Constantino contributed to this report.