Author: starbpo

Take that, Apple and Tesla. Nvidia may be the new favorite stock of regular people. Many people are excited about AI, which has helped Nvidia NVDA, +0.86%’s share price grow a lot since the beginning of the year. Nvidia makes hardware and software that helps train and build AI models, so the company is in a great position to cash in on the AI craze. And the most recent earnings call from the company showed that it was doing just that. Nvidia said on its earnings call on Wednesday that it had done even better than expected. Its Q1 sales…

Elon Musk has denied a report that the privately held aerospace company SpaceX is thinking about selling shares. Bloomberg reported late Thursday that sources said there might be a tender offer for those shares in June. If successful, it would value the company at around $200 billion. Sources say that the offer would let employees and investors sell SpaceX shares for about $108 to $110 each. Bloomberg reported at the end of last year that SpaceX was the subject of another tender offer worth about $180 billion. Musk, the CEO and founder of SpaceX, said on the social media site…

The numbers: The Commerce Department said Friday that orders for durable goods went up 0.7% in April, making it the third month in a row that they have gone up. The Wall Street Journal polled economists and found that they thought orders for durable goods would drop by 0.5%. Since the spring of 2023, this is the first time that prices for durable goods have gone up for three months in a row. If you take out transportation, orders were up 0.4%. When volatile industries like transportation and defense are taken out of the picture, core capital goods orders went…

The amounts: A survey released Friday found that consumer sentiment in the U.S. dropped to its lowest level in six months in May because people were expecting prices to go up. The University of Michigan said that the second level of the consumer sentiment index, which was 69.1 in May, was much lower than the first level, which was 77.2 in April. The final reading was a little higher than the 67.4 reading that was predicted at first. According to economists polled by the Wall Street Journal, the final reading for May would be 67.6. The survey found that Americans…

In the past year, Nvidia Corp. has had a big impact on the stock market. But on Thursday, its strength wasn’t enough as the chip stock went up a lot while major indexes went down a lot. The S&P 500 SPX fell 39.17 points, or 0.7%, while Nvidia shares NVDA, 0.48% went up 9.3% on the day. By a number of standards, that was a big difference. It’s been eight years since Nvidia’s stock went up more than 7% while the S&P 500 went down at least 0.5%. Dow Jones Market Data says that the last time that happened was…

Tesla has stopped making the Model Y at its gigafactory in Shanghai because Chinese companies that make cheap cars are making fewer people want to buy Tesla’s electric cars. Nikkei reported that the Texan car company has also told its suppliers to start making parts for Tesla cars outside of China and Taiwan because it is worried that the U.S. elections could lead to higher geopolitical tensions. The China Association of Automobile Manufacturers show that Tesla’s Chinese factory made 17.7% fewer cars than the same time last year, or 36,610 cars, in March and April. The company opened its gigafactory…

Thursday, U.S. regulators took a big step toward approving spot ether exchange-traded funds. This could help the world’s second-most popular cryptocurrency become more widely used. The New York Stock Exchange, Nasdaq, and a Cboe subsidiary exchange asked the Securities and Exchange Commission to change the rules so they could list spot ether ETFs. The SEC agreed to the changes. The SEC approved the 19b-4 filings, but issuers like VanEck, Fidelity, BlackRock, Grayscale, Franklin Templeton, Ark/21Shares, and Invesco/Galaxy still need to get their registration statements approved before the products can be sold to the public. Investment advisor and president of the…

Investors have been keeping an eye on changes in gasoline demand in the U.S., since the summer driving season starts over the three-day Memorial Day weekend. So far, demand has been surprisingly low. For drivers who are filling up for family road trips, that may be good news. But there are some longer-term, maybe permanent, and somewhat worrying factors that have been changing how much gas Americans use. “Fears of inflation have caused U.S. gasoline demand to drop in early 2024, as people look for ways to cut back on spending as they expect the prices of other household goods…

Wednesday, the House of Representatives passed landmark crypto legislation with strong support from both parties. This could mean a big change in how Washington feels about the digital-asset sector. The Financial Innovation and Technology for the 21st Century Act was passed by a vote of 279 to 136 in the lower chamber. Almost all Republicans voted in favor of the bill, and 71 Democrats did too. Former Speaker of the House Nancy Pelosi of California and House Minority Whip Katherine Clark of Massachusetts were two well-known Democrats who voted for the bill. Heard from Pelosi: The bill was just a…

Consumers were cautious again in the latest quarter report from Target Corp. on Wednesday. At least the company has pickleball, advertisers, and Taylor Swift. During the big-box store’s earnings call, managers tried to focus on the smaller areas where things were still going well. With the help of an exclusive edition of Taylor Swift’s new album “The Tortured Poets Department,” sales in its entertainment category went up by “high-single digits.” The business TGT, -0.60% also said that its partnership with Prince, a maker of sports gear, “delivered incredible sales momentum in all things pickleball.” This is because pickleball courts have…