Nov 29th, 2023 – On Wednesday, markets closed the day with a decrease in the S&P500 and Nasdaq by 0.09% and 0.16% whereas Dow Jones closed near flat with an increase of 0.04%.
Fed Governor Christopher Waller, who is known as a hawkish figure expressed his confidence in the current policy’s ability to bring back the inflation the the 2% target.
The third quarter’s gross domestic product increased at a faster rate than anticipated, rising to 5.2% annualized growth, according to figures released on Wednesday. Changes to government expenditure and investments in nonresidential structures were the main sources of the increase.
New chips have been released by Amazon Web Service’s cloud division, which enables users to create and execute artificial intelligence (AI) apps. There are plans in the announcement to make Nvidia’s most recent chips accessible. The move strengthens the relationship between AWS and one of our portfolio holdings, Nvidia (0.2773 units @471.73), with AWS operating over 16,000 Nvidia GH200 Grace Hopper Superchips.
Eli Lilly’s (0.2 units @582.99) Mounjaro turned out to be more effective for weight loss than NVO Nordisk’s (1 unit @100.88) Ozempic in overweight or obese adults, based on an examination of real data.
Disney CEO Bob Iger shared his optimism about the upcoming year by announcing that the company is planning to invest $60 billion in expanding theme parks and launching an ESPN platform. Disney did 7.000 job cuts and they had a mission to cut spending, leading to an estimated saving of $7.5 billion.
General Motors, the automaker company that experienced some challenges of labor strikes this year, announced their investor-focused plans. The automaker plans to increase its quarterly dividend next year by 33% to 12 cents per share and also start an accelerated $10 billion share repurchase program. The market reacted positively to those announcements which led to a 10% increase in the price of the stock. The company also announced that the UAW agreement will increase the costs by $9.3 billion.
Author: Kaan Pinar