Wall Street Today | Saudi Arabia and UAE Race to Buy Nvidia Chips to Power AI Ambitions
Biggest Treasury ETF Sees Largest Exodus Since 2020 Meltdown
Investors are bailing out of the biggest exchange-traded fund devoted to Treasuries at the fastest pace since markets were hammered during the early months of the pandemic.
More than $1.8 billion came out of the $39 billion $iShares 20+ Year Treasury Bond ETF(TLT.US)$ last week, the most since March 2020, data compiled by Bloomberg show. The fund’s price had dropped more than 3% the week prior and another 1.2% in the five-day stretch ending Friday.
US Real Yield Climbs to 14-Year High, Stoking Demand for Dollar
Traders betting that interest rates in the US will remain higher than inflation far into the future drove 10-year real yields to a 14-year high and spurred gains for the dollar against some of its major peers Monday.
The real — or inflation-protected — yield on 10-year Treasury debt climbed more than 6 basis points to 1.84% in late New York trading, the highest level since 2009. The allure of positive returns is drawing investors to the greenback, which has rallied about 3% from a more than one-year low last month.
Oil prices edge lower after 7th straight weekly gain
Oil futures edged lower Monday, consolidating after scoring a seventh straight weekly gain on concerns about tightening crude supplies.
Gold Settles at 1-Month Low After Worst Week in Nearly 2 Months
Gold futures finished at their lowest in over a month on Monday, following their worst weekly pullback in nearly two months as U.S. dollar strength continued to sap the value of the yellow metal.
Saudi Arabia and UAE Race to Buy Nvidia Chips to Power AI Ambitions
Saudi Arabia and the United Arab Emirates are buying up thousands of thehigh-performance $NVIDIA(NVDA.US)$ chips crucial for building artificial intelligence software, joining a global AI arms race that is squeezing the supply of SiliconValley's hottest commodity.
U.S. Steel Rejects Cleveland-Cliffs Bid. The Stock Soars
Investors should brace for volatile trading in steel stocks to start a new week. The steel company built by Andrew Carnegie and J.P. Morgan might not be independent for much longer.
$United States Steel(X.US)$ announced Sunday it was exploring strategic alternatives after receiving “multiple unsolicited proposals.” Many organizations are looking to invest in or take over the steel maker.
Berkshire Buys Stake in D.R. Horton, Cuts GM Holding
Tesla Is Cutting Prices Again in China
Tesla is discounting in China, and cutting prices—again. New reductions will lead to more questions about price wars and demand for electric vehicles in the world’s largest market for new cars even though the cuts looked more targeted that some investors fear.
Court Ruling That Could Save AMC Is Bad for the Stock, But Great for APE Units
AMC plunged 35% in trading Monday as investors reacted to a late-Friday court ruling that will allow the movie-theater chain to convert its preferred equity units, known as APEs, to common shares. APE units jumped 16% in the trading session.
Intel and Synopsys Expand Partnership to Help Foundry Customers Build Chips Faster
Source: Bloomberg, Dow Jones, CNBC, Financial Times
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only. Read more