- Indices opened 0.30-0.45% lower at the start of the cash session.
- The USD dollar is gaining slightly.
- U.S. bond yields are rising.
- Quantum companies continue their upward momentum.
The second session of this week on Wall Street begins with a slight sell-off on the major U.S. indices. The declines may partly stem from investors' profit-taking after recent dynamic gains. On the US100, historical highs were broken, and the index climbed to 22,100 points. Today, the index is undergoing a slight correction, losing 0.60% at the open and breaking below the 22,000-point level.
US500 also drops 0.50% to 6,050 points, while US2000 sees the largest decline of 1.10% to 2,335 points. The drops in the stock market are supported by the strong dollar and rising U.S. bond yields. Uncertainty may also partially stem from the upcoming Federal Reserve decision on interest rates tomorrow. However, a 25 basis point cut is already almost fully expected and priced in.
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Create account Try a demo Download mobile app Download mobile appGains are observed today only in a handful of stocks. Alphabet (GOOGL.US) continues its upward move on the breakthrough Willow chip, based on quantum technology, while Tesla (TSLA.US) rises 3.2%, adding to yesterday's gains driven by Trump Trade optimism.
US100
At the time of publication, US100 deepens its decline to 0.65%, falling back below the 22,000-point barrier that was breached in yesterday's session. Optimism surrounding technology companies remains high, with investors focusing on quantum computing and AI.
Source: xStation 5
Company news
Verizon (VZ.US) and Nvidia (NVDA.US) have teamed up to launch an AI-powered private 5G platform designed to streamline enterprise connectivity and AI applications. The plug-and-play Verizon 5G Private Network with Enterprise AI solution supports multi-tenancy, scalability, and remote services via a portable 5G setup. It can handle intensive applications such as generative AI models, video streaming, AR/VR, robotics, and IoT. Verizon plans to begin demonstrations of the solution in early 2025, positioning the offering as a versatile infrastructure for businesses seeking advanced AI and connectivity solutions.
Tesla (TSLA.US) gains 3.2% after Mizuho Securities upgraded the stock to Outperform from Neutral, citing potential benefits from relaxed autonomous driving regulations and Tesla's cost advantage under a Trump administration. The $515 target implies 11% upside.
Teva (TEVA.US) gained 20% and Sanofi (SNY.US) 5% after their antibody therapy met Phase 3 trial goals for ulcerative colitis and Crohn’s disease, showing strong efficacy and no safety issues.
EVgo (EVGO.US) dips 26% after EVgo Holdings announced a public offering of 23M Class A shares, with LS Power retaining all proceeds.
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