Beat the street: Chips post Intel; American Express sees strong 2024 profit; December inflation data; EVs
Traders continue to digest Intel’s revenue forecast and bang-in-line December inflation data, mixed in with a strong profit outlook from American Express.
EV-related stocks eyed as LG Energy Solution forecasts a temporary slowing of 2024 EV battery demand growth.
(AI Video Summary)
S&P 500 on a significant rise
In today's edition of "Beat the street," Angeline Ong gives us a rundown of the latest trading news just before the Wall Street market opens. It's like a sneak peek at what's happening in the trading world.
She starts off by mentioning that the S&P 500 is going through what we call a "melt-up." This is a skyrocketing rise in prices. Traders are really interested in the index because there's data on PPE (which stands for Personal Protective Equipment), personal income, and pending home sales. These are all important factors that can affect how traders make their decisions.
Global EV demand may slow down in 2024
American Express, a big company, has reported some really good profits for the year 2024. On the other hand, LG Energy Solution, which makes batteries for electric vehicles, expects some slowdown in the growth of demand for their batteries. So, it might not be as hot of a product as before.
There's also something called the core PCE price index figures that have come out. They matched what people were expecting for the month of December. This is important because it gives us a sense of how prices are changing.
Intel reports dissappinting earnings
The S&P 500, as mentioned earlier, keeps going up, and experts think it could even go all the way to 5,000 points - a big milestone. But, not everything is going so well. Intel, a famous company, had disappointing earnings and expects to make less profit in the first quarter of the year. American Express also has mixed results: their profits are higher than what was expected, but they've increased the amount of money set aside for potential loan losses.
Levi Strauss reveals disappointing financial news
Levi Strauss, the famous clothing company, is cutting some of its employees and the outlook for their business in 2024 isn't as good as people thought it would be. Finally, Tesla, the electric car company, has seen a drop in its value recently. And the price of oil is being influenced by different things, one being some attacks in the Red Sea and also economic data from the US.
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