- US stock indices see slight gains at the open.
- A strong dollar puts pressure on the stock market.
- Bond yields are rising.
- Alphabet (GOOGL.US) shares gain 5.8% following a breakthrough in quantum chip research.
The start of the second cash session of the week brings little turmoil to the market. Stock indices open with minor changes, with the tech-heavy US100 up 0.40%, the US500 trading 0.10% higher, and the US2000 losing 0.60%. A strengthening dollar is weighing on the stock market, as the USDIDX index rises 0.34% today to 106.5000 points, continuing its upward rebound after testing key support levels. Early in the day, US bond yields are also gaining, with 10-year yields increasing to 4.21% and 2-year yields rising to 4.14%.
US100
Both the US500 and US100 are consolidating near historic highs. The tech-heavy index gains 0.50% to 21,580 points, supported almost exclusively by the largest tech companies.
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Source: xStation 5
Gains in the tech sector today are driven by Alphabet (+5.8%), Nvidia (+1.8%), Meta (+1.5%), Tesla (+3.7%). Source: xStation 5
Company News
Alphabet (GOOGL.US) gains almost 6% after CEO Sundar Pichai unveiled the revolutionary Willow quantum computing chip. The chip drastically reduces computational errors and completed a benchmark task in under five minutes, which would take today’s fastest supercomputers over 10 septillion years. Pichai highlighted its transformative potential in fields like drug discovery, fusion energy, and battery design, marking a major step toward practical quantum computing.
C3.ai (AI.US) dips over 7% despite raising its FY2025 revenue guidance to $378M-$398M, up from $370M-$395M, exceeding the $382.6M consensus. Strong AI-related spending drove better-than-expected Q2 results. For Q3, revenue is forecasted at $95.5M-$100.5M, with a midpoint slightly above the $97.5M consensus.
Vail Resorts (MTN.US) surpassed FQ1 expectations and increasing FY2025 net income guidance to $240M-$316M, up from $224M-$300M. The improved outlook reflects real estate sales and assumes stable conditions across ski seasons and foreign exchange rates.
Alaska Air Group (ALK.US) surged 13% after raising its Q4 earnings outlook to $0.40-$0.50 per share, up from $0.20-$0.40. Stronger bookings and November revenue boosted confidence. The company plans $1B profit growth by 2027, targeting 11%-13% pretax margins and EPS above $10.
Oracle (ORCL.US) fell over 7% after Q2 results missed expectations. The company forecasts 7%-9% revenue growth for the current quarter, below the 10.33% consensus, and adjusted EPS of $1.50-$1.54, aligning with estimates.
MongoDB (MDB.US) dips 10% despite beating FQ3 expectations and issuing a positive outlook. The decline followed news that CFO/COO Michael Gordon will retire in January 2025, raising concerns about leadership continuity.
