Here are five key points investors should be aware of to begin the trading day:
Bouncing Back
The Dow Jones Industrial Average reached a new record close on Wednesday, rebounding from a previous downturn. The 30-stock index advanced 337.28 points, or 0.79%, while the S&P 500 rose by 0.47% and the Nasdaq Composite increased by 0.28%. The earnings season commenced positively, bolstering market conditions, with 79% of approximately 50 S&P 500 stocks surpassing third-quarter earnings expectations. Moreover, shares of Morgan Stanley gained 6.5%, and United Airlines’ stock surged 12.4% after the companies announced their earnings.Nuclear Option
Amazon is venturing into nuclear energy, announcing a $500 million investment to develop small modular nuclear reactors. Amazon’s cloud computing subsidiary, AWS, is partnering with Dominion Energy, Virginia’s utility company, to explore the development of advanced nuclear reactors near Dominion’s North Anna nuclear power station. With Virginia being pivotal in internet traffic and housing nearly half of the U.S. data centers, Amazon joins the latest large tech enterprises supporting nuclear power in its quest to achieve net-zero carbon emissions.Chip Craze
Demand for AI chips continues to be strong. Taiwan Semiconductor Manufacturing Company’s U.S. shares increased by over 8% in premarket trading on Thursday, following a reported 54% rise in third-quarter net profit, exceeding analyst projections. The chipmaker has also predicted revenue growth for the fourth quarter. TSMC, a leading producer of advanced chips, counts Apple and Nvidia among its clients.Where There’s a WLFI
"WLFI," the cryptocurrency supported by former President Donald Trump, initially experienced a slow start. After more than a day into the token sale conducted by crypto bank World Liberty Financial, less than 4% of the 20 billion tokens, equivalent to approximately $11.8 million, were sold. The fundraising goal stood at $300 million. Challenges included prolonged website outages serving as the marketplace and the exclusion of retail investors due to the token’s registration method.- Change Up
Diamond Sports has entered a naming rights agreement with sports betting company FanDuel to rebrand the Bally Sports channels. Upon Diamond’s emergence from bankruptcy, FanDuel will have the option to acquire equity in the reorganized company. This development follows closely after the beginning of the NHL season and with the NBA season approaching. It’s the latest significant change for Diamond, which previously announced intentions to drop all its MLB teams amid bankruptcy discussions. Concurrently, MLB playoff viewership on TNT Sports and Fox Sports has seen an increase this year.
