Stock Market Inches Higher, AI Race Heats Up, Jamie Dimon Slams Bitcoin: The Week In The Markets

Benzinga ·  Dec 8, 2023 17:09

The U.S. stock market managed to close its sixth straight week of gains, with the S&P 500 Index closing the week at highest level since January 2022.

Market sentiment continues to be shaped by the anticipation of Federal Reserve interest rate cuts in 2024. Yet the euphoria surrounding these rate cuts was slightly dampened on Friday by a stronger-than-expected labor market report and an unexpected surge in the University of Michigan consumer sentiment for December.

Investors now eagerly await the release of November's inflation data on Tuesday next week and the Federal Reserve Open Market Committee meeting on Wednesday.

The best-performing sector of the week was consumer discretionary, driven by rallies in travel-related stocks like Carnival Corp. (NYSE:CCL), Norwegian Cruise Line Holdings Ltd. (NYSE:NCLH) and Royal Caribbean Cruises Ltd. (NYSE:RCL).

The worst-performing sector was energy, as oil recorded its fifth consecutive week in the red, the worst streak in five years.

Chart Of The Week: S&P 500 Closes At The Highest Level Since Early 2022

Google Unveils Gemini, A New AI Challenger To OpenAI's Dominance: Alphabet Inc. (NASDAQ:GOOG)(NASDAQ:GOOGL)'s Google introduced Gemini, aiming to outshine OpenAI's ChatGPT. TikTok parent ByteDance is ready to unveil an AI model that could be even more powerful, intensifying the AI technology race.

Apple's iPhone SE 4 Set For a 60% Battery Boost: Apple Inc. (NASDAQ:AAPL) plans a significant leap in battery performance for the iPhone SE 4, potentially increasing battery capacity by 60%, driven by advanced technology and design enhancements.

GTA 6 Trailer Shatters Records With Over 108 Million Views: The highly anticipated trailer for Rockstar Games' Grand Theft Auto 6 smashed viewing records, achieving over 108 million views within 48 hours, surpassing its predecessors and showcasing the game's massive popularity.

JP Morgan CEO Advocates For Bitcoin, Crypto Shutdown: JPMorgan CEO Jamie Dimon spoke in favor of a halt to Bitcoin and the cryptocurrency industry, triggering a wave of varied reactions and discussions across social media platforms. Dimon's remarks came after the cryptocurrency reached $44,000 and a total market value of over $860 billion this week.

AMD Gains Edge In AI Chips: Meta Platforms Inc. (NASDAQ:META) and Microsoft Corp. (NASDAQ:MSFT) selected Advanced Micro Devices Inc. (NASDAQ:AMD) for their advanced artificial intelligence chip requirements, marking a pivotal moment in the competitive AI technology sector and challenging Nvidia's longstanding market supremacy.

Musk Escalates Disney Feud: Elon Musk sharply criticized Walt Disney Co. (NYSE:DIS)'s trajectory, asserting that company founder Walt Disney would be dismayed by the direction it has taken, adding a new chapter to their ongoing dispute.

Public Misunderstanding Bidenomics? A recent survey highlighted significant public misunderstandings about wealth distribution, income and job creation under the Biden administration, pointing to a concerning gap in economic perceptions.

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