S&P 500, Nasdaq retreat from records, bitcoin marches closer to new highs

Reside15 updates

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  Mon, March 4, 2024 at 2:05 PM MST

  S&P 500, Nasdaq dip, bitcoin approaches new highs

  The key averages retreated from final week’s file closes whereas bitcoin inched nearer to new highs on Monday.

  The S&P 500 (^GSPC) fell just under the flatline whereas the Dow Jones Industrial Common (^DJI) declined 0.3%. The Nasdaq Composite (^IXIC) fell 0.4%, weighed by a drop in shares of Apple (AAPL) and Tesla (TSLA).

  The EV maker’s inventory dropped to new multi-week lows as slowing China shipments and new worth cuts trace at troubles for the EV stalwart on the planet’s largest automotive market.

  Apple shares slid about 3% after the iPhone maker was hit with a $2 billion European Commission (EC) fine for allegedly breaking competitors legal guidelines abroad. The tech large can be bracing for a sweeping lawsuit from the Justice Division within the US.

  Nvidia (NVDA) inventory touched new highs amid continued enthusiasm for semiconductors and synthetic intelligence. Superior Micro Gadgets (AMD) shares additionally rose greater than 1%.

  In the meantime Tremendous Micro Laptop (SMCI) inventory popped 18% after surging greater than 26% throughout buying and selling forward of the AI server maker’s entry on the S&P 500.

  Traders had been preserving a detailed eye on bitcoin (BTC-US) on Monday because the cryptocurrency rose as a lot as 7% to hover above $67,000 per token, inching nearer to all-time highs.

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  Mon, March 4, 2024 at 1:33 PM MST

  Tesla inventory falls amid cargo stoop, new worth cuts in China

  Tesla (TSLA) shares dropped to new multi-week lows as slowing China shipments and new worth cuts there trace at troubles for the EV stalwart on the planet’s largest automotive market.

  Tesla shipped 60,365 automobiles from its Giga Shanghai manufacturing facility in February, based on preliminary information from China’s PCA (Passenger Automotive Affiliation) through Bloomberg. The February shipments signify a 16% drop from a month in the past, and a few 19% drop from a 12 months in the past.

  Tesla shares are down roughly 7% in late afternoon buying and selling, hitting ranges not seen since late January.

  Read more here from Yahoo Finance’s Pras Subramanian.

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  Mon, March 4, 2024 at 1:15 PM MST

  Nvidia rallies to new highs, semis acquire

  Nvidia inventory (NVDA) hit new all-time highs on Monday amid continued enthusiasm for semiconductors and synthetic intelligence. The chipmaker was presenting at a Morgan Stanley convention on Monday. Shares gained greater than 6% to the touch an intraday file of $876.95 every.

  Superior Micro Gadgets (AMD) additionally rose greater than 4% to the touch file ranges of $211.01.

  In the meantime, Tremendous Micro Laptop (SMCI) popped as a lot as 26% to hit new highs forward of the AI server maker’s entry on the S&P 500. Tremendous Micro Laptop shares have surged greater than 290% because the begin of the 12 months amid an ongoing craze over synthetic intelligence.

  Positive aspects within the semiconductor house helped keep the Nasdaq Composite (^IXIC) across the flatline in afternoon buying and selling.

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  Mon, March 4, 2024 at 12:25 PM MST

  Apple will get squeezed by antitrust regulators on each side of the Atlantic

  Apple is getting squeezed by antitrust regulators on each side of the Atlantic.

  Yahoo Finance’s Alexis Keenan studies the iPhone maker was hit Monday with a $2 billion European Commission (EC) fine for allegedly breaking competitors legal guidelines abroad — simply because it was bracing for a sweeping lawsuit from the Justice Division within the US.

  Apple intends to combat the choice from the European Union’s antitrust regulator. It additionally has been attempting to persuade Justice Division officers to not file their go well with, based on media studies.

  The corporate and its attorneys even met with Assistant Attorney General Jonathan Kanter in late February to make a last-ditch argument, based on these studies.

  Apple shares had been down 3% on Monday.

  Learn more here.

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  Mon, March 4, 2024 at 12:07 PM MST

  Fuel costs: ‘Stark will increase’ anticipated amid ‘stunted’ refineries, greater oil

  Gasoline costs have seen sharp will increase amid current refinery constraints and better oil costs.

  The nationwide common on the pump sat at $3.35 per gallon on Monday, up $0.09 from every week in the past, however nonetheless $0.05 decrease from precisely one 12 months in the past, based on AAA data.

  “US refining has been stunted by extreme climate and a few energy losses at key crops. We could within the subsequent few days see US retail gasoline costs at the next quantity than year-ago,” Tom Kloza, world head of vitality evaluation at OPIS, advised Yahoo Finance.

  West Texas Intermediate (CL=F) futures had been buying and selling just under the $79 stage on Monday whereas Brent (BZ=F) fell to commerce beneath $83 per barrel.

  Crude dipped regardless of an settlement by oil alliance OPEC+ to extend output cuts of 2.2 million per day into the second quarter. Expectations that the cartel would proceed with the reductions had lifted contract prices in prior classes.

  On Friday US crude futures surged above $80 per barrel for the primary time since November.

  Learn extra here.

• 

  Mon, March 4, 2024 at 12:00 PM MST

  Bitcoin approaches all-time highs

  Traders had been preserving a detailed eye on Bitcoin (BTC-US) on Monday because the cryptocurrency rose as a lot as 7% prior to now 24 hours, inching nearer to all-time highs.

  Sizable quantities of new investor money has poured into spot bitcoin exchange-traded funds since they had been approved by the Securities and Exchange Commission in January.

  The token was buying and selling at simply round $54,000 one week in the past. It has rallied greater than 20% since then to hover above $66,500 on Monday afternoon.

  Bitcoin’s all-time file excessive of $68,789.63 was reached in November 2021.

  Different corners of the crypto market have additionally rallied. Ethereum (ETH-USD) was up greater than 2% on Monday to commerce above $3,500.

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  Mon, March 4, 2024 at 11:15 AM MST

  Ford inventory rises as US gross sales soar 10.5% in February

  Ford (F) inventory rose greater than 3% on Monday after an increase within the automaker’s February gross sales, making the Dearborn-based automaker the No. 1 vendor in America for the second straight month.

  As Yahoo Finance’s Pras Subramanian reports, Ford additionally famous hybrid and EV gross sales features, highlighting the significance of its electrified powertrains.

  Ford reported February sales were up 10.5% to 174,192 automobiles, topping Toyota’s complete of 159,262.

  Apparently, hybrid gross sales jumped 31.5%, to barely over 12,000 models, powered by file gross sales of the Maverick hybrid compact pickup and the Ford Escape small SUV hybrid.

  Learn more here.

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  Mon, March 4, 2024 at 10:30 AM MST

  Trending tickers on Monday

  Tesla (TSLA)

  Shares of Tesla slid roughly 6% on Monday following a decline within the EV maker’s February automobile shipments out of its Shanghai manufacturing facility together with current reports of an escalating price war in China. Tesla shares are down 23% 12 months so far.

  Tremendous Micro Laptop (SMCI)

  Tremendous Micro Laptop inventory popped as a lot as 26% on Monday forward of the AI server maker’s entry on the S&P 500. Shares of San Jose, Calif.-based IT firm have surged greater than 290% because the begin of the 12 months amid an ongoing AI craze.

  Bitcoin (BTC-US)

  The token topped $67,000 on Monday because it inched nearer to all-time highs. Bitcoin has rallied greater than 20% in only one week.

  The cryptocurrency is lower than a number of proportion factors away from reaching its November 2021 all-time excessive of $68,789.63.

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  Mon, March 4, 2024 at 9:46 AM MST

  Bitcoin hovers above $66,000, inches in the direction of file excessive

  Bitcoin (BTC-USD) topped $66,000 on Monday because the cryptocurrency inches nearer in the direction of a file excessive. The token has rallied roughly 50% because the begin of the 12 months.

  US-listed bitcoin exchange-traded funds had been approved by the Securities and Exchange Commission in January and have attracted sizable amounts of new investor money over the past month.

  The token has moved up by greater than 20% in only one week.

  Bitcoin’s final all-time file excessive of $68,789.63 was reached in November 2021.

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  Mon, March 4, 2024 at 9:00 AM MST

  Good level on shares and financial system by UBS

  Honest level by UBS’s Jason Draho in a brand new notice that simply crossed my inbox.

  Perhaps shares are going up for causes past simply AI hype. Perhaps, simply perhaps, the financial system is stronger than anticipated and by extension, income for firms will probably be stronger than anticipated for all of this 12 months.

  Good chart beneath from Draho.

  

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  Mon, March 4, 2024 at 8:33 AM MST

  Financial institution of America newest agency to see bullish consequence for shares in 2024

  Another Wall Avenue technique crew is out with an optimistic projection on how far shares will run this 12 months.

  In a notice to shoppers on Sunday, Financial institution of America’s US fairness and quantitive technique crew led by Savita Subramanian boosted its year-end goal for the S&P 500 (^GSPC) to five,400 from 5,000. This projection together with a recent call from UBS are probably the most bullish predictions for the benchmark common this 12 months amongst strategists tracked by Yahoo Finance.

  “Bull markets finish with euphoria — we’re not there but,” Subramanian wrote. “Sentiment has improved, however areas of euphoria are restricted (AI, GLP-1).”

  BofA’s transfer is the fifth boosted worth goal from strategists tracked by Yahoo Finance within the final month. The extra optimistic outlooks come as shares have ripped higher to start out the 12 months. The S&P 500 and Nasdaq Composite just closed out their finest February since 2015, supported by a second straight quarter of earnings development and an increased confidence within the trajectory of the US financial system.

  Subramanian famous that fourth quarter earnings grew 4% in comparison with the 12 months prior and analysts aren’t cutting their forecasts for the present quarter at their regular price. This comes as Financial institution of America’s economics analysis crew just boosted their outlook for growth this year too. That mixture of an elevated earnings outlook and a extra bullish outlook for the US financial system has been a common thread within the current S&P 500 year-end goal boosts throughout Wall Avenue.

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  Mon, March 4, 2024 at 8:15 AM MST

  Macy’s inventory jumps as non-public fairness agency ups bid to $6.6 billion amid buyout battle

  Macy’s (M) inventory jumped as a lot as 16% on Monday after activist shareholder Arkhouse Administration upped its buyout bid to $6.6 billion for the long-lasting retailer. Macy’s had rejected a prior $5.8 billion offer from the non-public fairness agency and its companion, Brigade Capital, in late January.

  As Yahoo Finance’s Brooke DiPalma reports, Macy’s (M) is trying to flip over a brand new leaf, however a battle to take it non-public is rising and doubts linger on whether or not the corporate can engineer a comeback with its present plans.

  Tony Spring, freshly minted as CEO a month in the past, acknowledges that the enterprise wants to alter.

  “We aren’t going to go away Macy’s as it’s at the moment. It is foolhardy to assume that leaving the enterprise because it exists at the moment is a recipe for fulfillment sooner or later,” Spring advised Yahoo Finance.

  Spring mentioned the model will “evolve,” modify its product providing, and combine its bodily and digital presence “thoughtfully,” however will accomplish that “with the suitable motion, … time, and assist of our group.”

  Arkhouse Administration’s new bid launched on Sunday reveals the activist investor is not ready for the outcomes.

  Learn more here.

• 

  Mon, March 4, 2024 at 7:35 AM MST

  Shares pause rally, bitcoin tops $65,000

  Shares opened decrease on Monday, pausing their current rally because the market prepares for testimony from Federal Reserve Chair Jerome Powell this week and a month-to-month jobs report that could put equity gains to the test.

  The S&P 500 (^GSPC) shed about 0.2% whereas the Dow Jones Industrial Common (^DJI) fell 0.5%. The tech-heavy Nasdaq Composit (^IXIC) was little modified.

  Additionally on Monday, bitcoin (BTC-USD) rose to top $65,000, inching nearer to a file excessive.

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  Mon, March 4, 2024 at 7:19 AM MST

  Spirit inventory sinks on termination of JetBlue merger settlement

  Spirit Airways (SAVE) inventory plunged as a lot as 16% in pre-market buying and selling on Monday after its $3.8 billion merger settlement with JetBlue (JBLU), blocked by a court in January, was terminated by the low-cost carriers.

  “After discussing our choices with our advisors and JetBlue, we concluded that present regulatory obstacles is not going to allow us to shut this transaction in a well timed vogue underneath the merger settlement,” Spirit’s CEO Ted Christie mentioned in an organization assertion.

  JetBlue’s proposed acquisition of Spirit fell aside after a federal decide blocked the deal on Jan. 16 amid antitrust issues.

  Shares of JetBlue gained greater than 5% in pre-market buying and selling after the announcement. Spirit shares are down roughly 60% 12 months so far.

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  Mon, March 4, 2024 at 5:30 AM MST

  The pinnacle-shaking stats round Nvidia

  Among the hottest trending tickers on Yahoo Finance this morning are crypto-related. No shock as bitcoin has busted by $65,000 and pleasure builds for a possible halving occasion in April.

  However to me, the main story in markets stays the frenzied commerce round AI sweetheart Nvidia (NVDA). As this inventory goes, so too will go the market in 2024 (and 2025, 2026, 2027…).

  A number of stats on Nvidia to get you pondering:

  • Nvidia is now third most dear US firm: $2.05 trillion market cap.

  • It solely took 180 buying and selling days for Nvidia’s market cap to go from $1 trillion to $2 trillion.

  • The inventory is rated “uy” by 92% of the analysts overlaying it.