| | | | DOW 37,385.97 | -0.05% | | | | S&P 4,754.63 | +0.17% | | | | NASDAQ 14,992.97 | +0.19% | | | | *As of market close | | • | Stocks closed mixed on Friday, in light holiday trading. | | • | Oil declined 0.5 percent, closing at $73.55 per barrel. | | • | Gold rose 0.6 percent, ending trading at $2,064 per ounce. | | • | Cryptocurrencies traded flat, with Bitcoin trading at $43,701 at the stock market close. | | | | | | | | | | Smaller Companies Still Have Room to Run in the Great AI Buildout | | | | 2023 has been a great year for big-cap tech companies, particularly those investing heavily in artificial intelligence (AI). That's especially true for hardware companies that can provide the tools necessary to run today's latest AI programs. Most of these massive companies are priced for perfection, however. Smaller companies, which haven't had the investor interest yet, could be better players in the AI space, as they catch up to the big names that moved first on the AI news. » FULL STORY | | | | | | Insider Activity Report: Enterprise Products Partners (EPD) | | | | Aj Teague, Co-CEO of Enterprise Products Partners (EPD), recently bought 2,410 shares. The buy increased his stake by less than 1 percent, and came to a total cost of $63,076.
This is the first buy at the company in just over a month, following a 10,000 share pickup from a company director, at a cost just under $260,000. Other company directors have been steady buyers over the past two years, with no insider sales. » FULL STORY | | | | | | Unusual Options Activity: Sea Limited (SE) | | | | Asia-based ecommerce platform Sea Limited (SE) has dropped 30 percent in the last year. One trader is betting on shares to start the year trending higher. That's based on the January 19, 2024 $42.00 calls. With 25 days until expiration, 6,065 contracts traded compared to a prior open interest of 196, for a 31-fold rise in volume on the trade. The buyer of the calls paid $1.20 to make the bullish bet.
» FULL STORY | | | | | | • | U.S. Economy Grew Less Than Expected
The U.S. economy grew at 4.9 percent annualized rate in the third quarter of 2023, slower than the 5.2 percent reported in the second estimate. While still slower than expected, the overall growth is still robust, especially with the continued drop in inflation and inflation expectations over the summer. | | | | • | Biden Admin Considers Increasing Tariffs on EVs From China
The Biden administration is considering the impact of increasing tariffs on electric vehicles exported from China. Doing so would improve clean energy standards in the United States, as EV production in China is more energy intensive and pollutive. Such an increase would also make U.S. EVs less expensive by comparison. | | | | • | Angola to Leave OPEC Cartel
The nation of Angola states that it's leaving the Organization of Petroleum Exporting Countries (OPEC). The country first joined in 2007, and produces about 1.1 million barrels per day, out of the cartel's 28 million total. The nation's oil minister states that being a member of the cartel has not served the country's interests. | | | | • | AI Specialty Jobs Have Yet to Arrive
The rise in artificial intelligence programs over the past year has yet to lead to a boom in AI-focused jobs. The number of marketing jobs mentioning AI in their descriptions has even decreased by 8 percent compared to last year. Many companies are working to integrate AI usage into existing roles. | | | | • | Vestwell Raises $125 Million
Startup firm Vestwell, which provides infrastructure for employers to increase workplace savings, has raised $125 million. The company describes the funding as "preempted," rather than as a series. The company has declined to reveal its valuation, and has now raised $227.5 million since inception in 2016. | | | | | | TOP | | ANSS | 18.429% | | | MRNA | 4.276% | | | ALB | 3.451% | | | ALLE | 2.413% | | | DISH | 2.045% | | | BOTTOM | | NTES | 15.468% | | | NKE | 11.789% | | | SNPS | 5.985% | | | VFC | 2.918% | | | CMI | 2.617% | | | | | | | | | We expect the recent rise in oil prices to prove temporary, goods shortages should be avoided, and shipping costs do not look set to surge. Even if shipping disruption did cause a significant increase in firms' input costs, soft demand and replenished stocks have weakened their pricing power to pass them onto end consumers. | | - Simon MacAdam, senior global economist at Capital Economics, on the recent shutdown of shipping in the Red Sea, an area particularly important for exporting oil out of the Middle East. | | |
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