• What drove Tesla’s stock to a record high?
• How did the CPI and PPI data influence Fed rate cut expectations?
• How will Apple’s new genAI features impact OpenAI’s growth?
MARKET MOVEMENTS
Dow Jones
S&P 500
Nasdaq
44,171.04(+0.05%)
6,073.04(-0.17%)
19,947.77(-0.43%)
Opening price as of 12/12/2024 compared to last close
IN THE HEADLINES
Tesla Stock Soars to Record High, Boosted by Trump Support and AI Optimism
Tesla shares reached a record high of $424.77, marking a 71% increase in 2024, with the majority of gains occurring after Donald Trump’s election victory. Elon Musk’s vocal support for Trump helped broaden Tesla’s fan base and enhance its credibility, driving investor enthusiasm. Wall Street analysts raised their price targets, highlighting Tesla’s AI potential and expected growth in autonomous vehicles. Read more
Fed Poised for Rate Cut as CPI and PPI Signal Cooling Inflation
November’s PPI rose 0.4% overall and 0.2% excluding food and energy, while CPI increased 0.3% for both the overall and core measures, keeping core inflation at 3.3% year-over-year. A lower-than-expected core PCE inflation of 2.8% signaled easing price pressures, strengthening expectations for a Federal Reserve rate cut on Dec. 18. Despite concerns about persistent inflation, the Nasdaq surged past 20,000, and the S&P 500 rallied near record highs. Read more
OpenAI Set to Benefit from Apple’s Latest genAI Integration
Apple’s iOS 18.2 update introduces generative AI features like Visual Intelligence, Image Playground, Genmoji, and ChatGPT integration to select iPhones, iPads, and Macs. This update, launched during the holiday season, embeds ChatGPT in Siri and other apps, increasing accessibility for users. OpenAI’s collaboration with Apple enhances its mobile presence, potentially reducing the need for dedicated AI hardware. Read more
The U.S. economy is performing well with steady GDP growth, strong productivity, and a rising stock market, according to Mark Zandi, chief economist at Moody’s Analytics. However, Zandi warns of potential challenges ahead, particularly from immigration policies and tariffs. These could create business uncertainty, drive up consumer prices, and impact job growth. Tariffs, in particular, are expected to raise costs on items like clothing and household goods, putting additional pressure on consumer budgets, especially for lower-income households.
A growth stock is a share in a company expected to grow at a rate significantly higher than the overall market. These stocks typically reinvest their profits into the company rather than paying dividends, and they are often characterized by high price-to-earnings (P/E) ratios.
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