TradeUP Thursday
May 23, 2024
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• What were the key highlights of Nvidia's recent earnings report?
• What concerns did Dimon raise regarding bank interest rates?
• What signal did the SEC send regarding Ethereum spot ETFs?
Dow Jones S&P 500 Nasdaq
39,620.70(-0.13%) 5,332.00(+0.47%) 16,968.10(+0.99%)
Opening price as of 05/23/2024 compared to last close
Nvidia's Earnings Soar as AI Leader Announces 600% Surge in Profits and 10-For-1 Stock Split
Nvidia surpassed expectations in its latest earnings report, with record-high sales and profits. For the quarter ending April 30, Nvidia reported earnings per share of $6.12 and $26 billion in sales, far exceeding analyst forecasts. Profits and revenues surged by 628% and 268% respectively compared to the same period last year, driven by Nvidia's AI-focused datacenter division, which saw a 427% year-over-year revenue increase. Additionally, Nvidia announced a 10-for-1 stock split set for June 7. After the report, Nvidia's stock rose by 4%, maintaining its strong performance in the AI industry. Analysts remain bullish, with no sell ratings and an average price target suggesting further upside. Read more

Jamie Dimon Warns of Bank Interest Rate Risks
JPMorgan Chase CEO Jamie Dimon cautions about the persistence of inflation and high interest rates, citing rising costs, increased defense spending, and high fiscal deficits as contributing factors. Dimon warns of potential stagflation, which could negatively impact real estate and leveraged companies. He also highlights geopolitical risks, including conflicts in Ukraine and the Middle East, and US-China tensions, which could exacerbate inflation. Despite recent positive market performance and cooling inflation indicators, Dimon remains cautious, urging preparation for potential economic challenges ahead. Read more

SEC Signals Possible Approval of Ethereum Spot ETFs
The SEC's recent request for Nasdaq, CBOE, and NYSE to refine their applications to list spot ether exchange-traded funds (ETFs) suggests potential approval. This unexpected move prompted an 18% increase in ether's price, reaching $3,802 before stabilizing. Typically, the SEC's request for revisions precedes approval, indicating a significant victory for the cryptocurrency industry, which had anticipated rejection. The SEC is expected to decide on CBOE's ether ETF applications from VanEck and ARK Investments/21Shares by the end of the week, although final approval and trading may take months. This development follows the SEC's prior approval of ether futures ETFs and a court-mandated acceptance of spot bitcoin ETFs. Read more

GameStop Stock Soars More Than 100% Premarket: Is 2021 Meme Stock Rally Ban

Recently, GameStop and AMC Entertainment witnessed their stock prices surge by 147% and 121% in pre-market trading, evoking memories of the 2021 meme stock rally fueled by Reddit's WallStreetBets. Analysts attribute this surge to speculative trading by retail investors. The resurgence has rekindled market volatility and influenced related stocks and ETFs. Additionally, AMC capitalized on the momentum by raising $250 million through an equity offering.
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