Wall Street rallies on Powell's rate cut signal. Intel calls in advisors for activist defense. Boeing's Starliner to return without astronauts.
Traders work on the floor of the New York Stock Exchange during morning trading in New York on August 23, 2024.This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Like what you see? You can subscribeclimbed 1.47% and 1.15%, respectively. For the week, the Dow gained 1.3%, the Nasdaq 1.4% and the S&P 500 rose 1.45%. Meanwhile, the yield on the 10-year.
On Wednesday, Nvidia — the undisputed leader in AI — will deliver its second-quarter earnings after the closing bell. The stock has soared 161% this year, despite plunging to a low of $90.69 on Aug. 5, as markets capitulated on economic concerns.report. Enthusiasm for the stock appears undiminished, even in light of the delay for its Blackwell chip — a project CEO Jensen Huang said cost the company $10 billion to develop.
As footnotes go, while Nvidia continues to dominate the AI chip market, its competitor Intel has fallen significantly behind. Not only did Intel miss the smartphone revolution, but it's also lagging in the AI race. Nvidia has overtaken Intel as the largest chipmaker by revenue, with Intel now roughly 35 times smaller in market capitalization.
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