Thursday, February 22, 2024
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Thursday’s Stock Market Opening

To begin their trading day, investors should be aware of the following key news items:

1. Taking a wild ride

The S&P 500 has experienced its longest winning run in the previous two years. Although the broad market index only added 0.1% on Wednesday, it has now been rising for eight straight days. That was the last time it occurred in November 2021. With nine straight days of gains, the Nasdaq Composite saw its greatest run in two years, despite its meagre 0.08% session gain.

2. Disney’s finest

Disney reported fourth-quarter earnings after market close on Wednesday, above estimates, although revenue fell short of projections. Disney’s ABC Network and other owned TV stations were the main source of the entertainment conglomerate’s reported drop in ad revenue. Additionally, it intends to contribute $2 billion to its cost-cutting initiatives. ESPN, though, was a plus.

3. The GOP debate.

For the third GOP presidential debate, five Republicans convened in Miami. And for the third time, the most well-known candidate on the next 2024 ballot—former President Donald Trump—selected not to run. Sen. Tim Scott of South Carolina, former UN ambassador Nikki Haley, former governor Chris Christie of New Jersey, businessman Vivek Ramaswamy, and Governor Ron DeSantis of Florida all took the platform. Abortion rights emerged victorious in this week’s elections, despite the candidates’ differing positions on the topic. When it came to abortion, Haley sounded more reasonable than her competitors. They also talked about Israel and Hamas, Warren Buffett, and TikTok.

4. Take it out

The walkout by Hollywood stars has ended as of early Thursday morning. A tentative labour agreement between the actors’ union and the studios could finally revive the industry. In mid-July, 118 days ago, actors, who are represented by the Screen Actors Guild-American Federation of Television and Radio Artists, went on strike in protest of their pay, working conditions, and access to health and pension benefits. Additionally, they want to impose more stringent regulations on the use of AI in upcoming motion picture and television projects. Notification: The parent company of CNBC and NBCUniversal is Comcast. The Alliance of Motion Picture and Television Producers, of which NBCUniversal is a member, was in negotiations with SAG-AFTRA.

5. Heavy arms

Following its first public offering (IPO) in September, Arm published its first earnings report. The semiconductor technology company’s sales exceeded Wall Street’s projections, and in the last year, its profitable licencing business more than doubled. However, Arm’s sales outlook fell short of forecasts, and the company’s shares dropped 5% in premarket trade. According to Arm, it anticipates earnings per share for the current quarter of between 21 and 28 cents on revenues of between $720 million and $800 million. Wall Street had anticipated somewhat higher earnings per share, ranging from 27 cents to $805 million on revenue.

Source (CNBC)

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