Nov 22nd, 2023 – On Wednesday, Dow Jones gained 0.53%. The S&P 500 climbed 0.41%. Nasdaq composite increased by 0.46%.
Yield rates fell to the lowest level since September! On Wednesday morning, the yield on the 10-year Treasury dropped to 4.369%. Later on, it bounced back and was last trading at 4.433%.
The investors remained optimistic about FED not raising the interest rates in December. However, the FED indicated that they are decisive on keeping the restrictive monetary policy, which means that a rate cut is not expected any time soon.
One of our Portfolio holdings, NVIDIA (NVDA) (0.215 @467.57) reported their quarterly earnings which beat Wall Street’s expectations. They announced $4.02 earnings per share compared to expected $3.37. They also topped revenue expectations with $18.12 billion announced vs $16.18 expected. Following their disclosure, the price dropped by more than 1%, and closed Wednesday down 2.46%. The decrease was a result of their announcement of the forthcoming negative effects stemming from export restrictions in the next quarter.
Changpeng Zhao, the CEO and founder of Binance, resigned from his position on Tuesday following his admission of guilt to federal charges related to breaking the Bank Secrecy Act. Binance faced multiple charges and consented to a payment of $4.3 billion in fines and forfeiture, as confirmed by the U.S. Department of Justice. Richard Teng, who was the global head of regional markets, was assigned as the new CEO.
In OpenAI, Sam Altman has returned as the CEO. The company introduced a new board, led by Bret Taylor and including Larry Summers and Adam D’Angelo. Analysts predict that Altman will gain from the reorganization and that OpenAI’s relationship with Microsoft, which has made significant investments in the firm and intends to take its technology worldwide, will improve. Microsoft CEO, Satya Nadella, welcomed the changes, emphasizing the move towards more stable and informed governance.
Author: Kaan Pinar